Rich And Poor Skews Social Security Gap Analysis
How Life Expectancy Gap for Rich and Poor Skews Social Security
I have always known that there was a gap in the life expectancy between the rich and the poor, but have never really looked into it. This article was very interesting to read. The article focused on the difference between the average life expectancy for men earning $20,000 annually and men earning $80,000 annually and the typical life expectancy between the two.
Social Security is based on the average U.S life expectancy and does not take into account low or high income. Research shows “that life expectancy differed for the top 1% and bottom 1% of the income distribution by 15 years for men and by 10 years for women” (Zumbrun, 2016, para. 1). This is a huge gap. So this means …show more content…
Everyone should have a fair shot at receiving what they put into social security based on their average life expectancy and typical life expectancy based on their income. If you are wealthy you have more funds to purchase better health care. You also have more money available to purchase healthier food, gym memberships, and personal trainers. These all contribute to living longer. Some individuals cannot afford these things and thus it lowers their life expectancy. Take my local McDonalds for example, it cost 99 cents for a cheeseburger and $1.79 for a side salad. I could see how the cheeseburger would be an easier and cheaper choice for some individuals. There should be a better way of determining social security payouts.
Based on age alone, there is no way to resolve the issue. There is no way to guess how long an individual is going to live. Social security is simple. The more you make, the more you pay into social security. But the more you pay into social security the more you get back. The only way to ensure you have a greater payout is by being healthy and living longer.
Living longer and receiving your social security has an effect on the local, U.S., and global economy. Living longer allows you to work longer and when the time comes receive a larger social security payout. This allows you to spend more locally and nationally. This in turn increases the GDP for the United States. Living longer should not just be a
I have always known that there was a gap in the life expectancy between the rich and the poor, but have never really looked into it. This article was very interesting to read. The article focused on the difference between the average life expectancy for men earning $20,000 annually and men earning $80,000 annually and the typical life expectancy between the two.
Social Security is based on the average U.S life expectancy and does not take into account low or high income. Research shows “that life expectancy differed for the top 1% and bottom 1% of the income distribution by 15 years for men and by 10 years for women” (Zumbrun, 2016, para. 1). This is a huge gap. So this means …show more content…
Everyone should have a fair shot at receiving what they put into social security based on their average life expectancy and typical life expectancy based on their income. If you are wealthy you have more funds to purchase better health care. You also have more money available to purchase healthier food, gym memberships, and personal trainers. These all contribute to living longer. Some individuals cannot afford these things and thus it lowers their life expectancy. Take my local McDonalds for example, it cost 99 cents for a cheeseburger and $1.79 for a side salad. I could see how the cheeseburger would be an easier and cheaper choice for some individuals. There should be a better way of determining social security payouts.
Based on age alone, there is no way to resolve the issue. There is no way to guess how long an individual is going to live. Social security is simple. The more you make, the more you pay into social security. But the more you pay into social security the more you get back. The only way to ensure you have a greater payout is by being healthy and living longer.
Living longer and receiving your social security has an effect on the local, U.S., and global economy. Living longer allows you to work longer and when the time comes receive a larger social security payout. This allows you to spend more locally and nationally. This in turn increases the GDP for the United States. Living longer should not just be a