The history and future of social security are one of the most discussed issues currently. For several years, the United States of America has implemented various policies to ensure that social security is enhanced. Several issues need to be discussed when talking about the history of social security. One of the most common issues that need to be considered is the reasons the government initiated the policies to ensure that social security is state managed. In essence, four crucial issues happened to lead to the economic instability is some groups. The changes occurred in the 1880’s. These changes are an industrial revolution, the urbanization of America, the disappearance of extended family, and increased longevity. In that connection, there was a substantial need for the government to respond with effective policies.

It is imperative to note that several issues led to the response of the government. The significant incidence that occurred is the Great Recession of the 1930’s. This is the main issue that led the action from government necessary. During the great recession period, there was a great growth from the people of the United States of America. This is the period whereby the financial capabilities of the state, communication, and private sectors could not support the needs of the people.

In 1929, the laws of compensating employees were already taking effect across the nation. One of the major issues that led to the need to solve the challenge of economic insecurity is the solution that was embraced from Europe. In Europe, these policies were referred to as social insurance. There are several features of social insurance. The principle of social insurance is that it enables the insurance of two or more groups of people. In essence, the insurance is meant to secure these people from a specified risk. However, there is no certainty whether the risk will occur at any point in life. When social insurance was introduced, the first country to embrace it was Germany in 1889. The most surprising fact is that 34 European nations adopted the social insurance policies before the United States of Americans.

The main issue that commenced the social insurance is employee’s compensation. The federal policies that were implemented mainly focused on ensuring that employees working in hazardous sectors are protected. For instance, there were numerous issues whereby before 1908 people working in industries such as the mining industries were injured without being compensated by their employees. This is a clear indication that social insurance policies worked to ensure that the safety of the employee is enhanced.

The social security act was signed in 1935 by the Federal government. One of the main concepts that this policy contained is the retirement policy. The retirement benefits system was mainly aimed at ensuring that the primary employees. There are several social security interesting facts. In the past, the social security requirement was hard to meet. The individual had to be of the age 62 years. As well, the individual should have worked and paid social security taxes. Finally, these individuals should have worked for at least ten years and also must apply for social security benefits.

The spouse benefits were designed for the one-earner household. This is a family whereby one member of a family is employed. In this case, the spouse will be entitled to benefits if they are married to an employee at the retirement age. As well they should have been in the marriage relationship for more than ten years. The survivor benefits were meant for the one-earner benefits. The partner should be married to the worker at death.

Currently, financing social security is an issue of concern. One of the most crucial issues that need to be clarified is that social security is not facing crises now or even in the future. The current structures and plans can pay benefits for the next 30 years. It is profound to note that there are crucial policies about social security that needs to be known. One of the major issues is that social security is not about retirement benefits alone. It also provides employees with the life insurance programs. As such, the individual is protected for a lifetime. In addition to the above, it provides disability benefits that play a crucial role in the society.

In conclusion, the other fundamental issue that is worth noting about social security is that it increases with the increasing cost of living. In that connection, people should focus on ensuring that they have registered themselves to be beneficiaries of social security. The main issue that commenced the social insurance is employee’s compensation. The federal policies that were implemented mainly focused on ensuring that employees working in hazardous sectors are protected. This is a clear indication that social insurance policies worked to make sure that the safety of the employee is enhanced. One of the major issues is that social security is not about retirement benefits alone. It also provides employees with the life insurance programs. As such, the individual is protected for a lifetime. In addition to the above, it provides disability benefits that play a crucial role in the society. This is a clear indication that the policies governing the social security issue have substantially changed. These changes are also expected to the reflected in the future mainly to ensure that people are comfortable despite the rising cost of living.