The Social Security Act Research Paper Example | Topics and Well Written Essays - 1000 words

The Social Security Act - Research Paper Example The Social Security Act was first released on August 14, 1935. Since then, there have been a number of adaptions made to the Act to ensure that every provided with every necessity. E.g., originally this act just provided necessities for employees who worked in the nonagricultural and commerce sectors. Now, however, almost all kinds of works are covered by this program.The Old-Age, Survivors, and Disability Insurance (OASDI) is considered to be every American’s social right regardless of their financial need. In 1995, social security comprised of around one-fifth of the federal government expenses. The funding is done through payroll tax which is divided equally between the boss and the worker. These benefits are also adjusted as the living costs rise. To gain the benefits of social insurance, the individual must have made a contribution through payroll taxes when employed. Persons who contribute in this manner for at least ten years may be ensured that they will always be prov ided for by the government. The number and kind of benefits an individual receives depends on the amount of money that he earned and at what age he retired.The government provides aid for the disabled as well. These are adults aged between the years of 18 and 64 who are not fit enough to have a well earning job. Disability is defined as â€Å"inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death.