Compose a 1500 words assignment on benefits available through social security. Needs to be plagiarism free! Fortunately, the US Census Bureau 2005 report reveals that the largest share of overall income for US population aged 65 years and above comes from social security. In 2001, a report showed that 39% of personal income in the form of money comes from social security. This was followed by earnings accounting for 24 %, 18% from pensions or from social security with 16% derived from asset income (Yuan and State University of New York at Albany, 2007). The survey also showed that of the 20% recipients of social security beneficiaries, their social security payments were found to be their only source of income, while the other 13% of social security recipients had more than 90% of their total income derived from social security benefits. In overall, the survey found out that 65% of recipients depend on social security in the US, which accounts for more than half of their total income (Yuan and State University of New York at Albany, 2007).
A large number of elderly people depending on social security compensation as their source of income implies that there are many benefits associated with it. But what are these benefits? This essay will explore the background of social security compensation and the benefits derived from it in the US.
Berkin et al. (2010) note that the social security program came into being in 1935 after the passage of the Social Security Act. Since its establishment, millions of Americans have benefited from the system. It is for this reason that payment of social security takes 18 percent of the US budget. Nuschler and Siskin (2005) note that under current policy, social security programs in the US provide monthly.
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