Essay: Social Security Act of the 1935; Basic Amendments

15 Oct

Essay: Social Security Act of the 1935; Basic Amendments

Sample Essay

Amendments in 1957 extended benefits to the insured workers who were aged over 50 and those who became permanently and totally disabled. The eligibility age for retirement was also lowered to 62 from 65 although there a lowering in the benefits for individuals who retired at the age less than 65. The congress enacted in 1965 the Medicare program which provided the people aged over 65 with the medical benefits. There was also an accompanying Medicaid program which was meant for the indigent regardless of the individuals’ age. The 1972 amendment tied escalation of the retirement benefits of Social Security to the Consumer Price Index increases. The 1974 saw the taking over of the Social Security insurance by the Social Security Administration and in 1983, partial taxation of benefits provided to the recipients in the upper income was allowed by an amendment. Payroll deductions for Social Security were then set to 6.2 percent of the annual wages less than $72,600 in 1999 (Randal, 2008). An additional of payroll deduction of 1.43 percent of annual wages was made from the Medicare with the employers donating the matching amounts.

 

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