It wasn’t long ago that if you fell down and were injured at work that you didn’t have much recourse. You would simply need to rely on friends and family to help you out until you could recover. If you could not recover, you would be a life-long burden on them.
Also, not very long ago in this country, once you were too old to physically work, you would need to exclusively live on your savings or again, rely completely on family and friends to sustain yourself. Leaders of this great nation knew that we needed a system that would act as a safety net. That is essentially what social security is.
Social Security was signed into law in 1935 by President Franklin D. Roosevelt. At this point the program’s main focus was taking care of the elderly when they were too old to work. It would require people to pay into the system their entire life until they needed to reap the benefits of the system. The more money you contributed, the more money you would receive in benefits.
Eventually the program would grow into what it is today. It has become a safety net to not only the old but also the infirm. Anyone who is unable to work is eligible.
Many adjustments and amendments have been made in the 90 years since the program was rolled out. For instance, COLA is the Cost of Living Adjustment which constantly changes depending on factors like inflation.
A social security disability attorney in Melbourne FL said this “I think it’s good to have these programs in place in order for people to have a safety net should they not be able to provide for themselves. The fact that everyone pays into the system from the time they start working makes it fair.”
The system is not without its detractors. The number one complaint from people on the outside looking in is that the program is wasteful. They say that it is being abused by people. Also, there are instances of the government using Social Security funds to pay for other things and leaving the systems in peril.
Others say the Social Security system is a ponzi-like scheme and that it will never be solvent. They complain that way more money needs to be put into the system in order to pay out existing and upcoming claims.
Although these claims are not totally accurate, there is truth in the fact that the program has been mismanaged from the top down and probably will require a reformation at some point in the near future.
Social Security is just as the name implies. It is a security blanket that is available in troubling times. No one wants to be unable to work and provide for themselves but in the event that they are, the system is there to help. A person can file a claim themselves or simply hire an attorney to help. The law states that an attorney is capped on what % they can receive from the claim.