Social security entails schemes and initiatives by government agencies to provide specific services such as free healthcare to people who are either aged or physically impaired to cater for their own needs. According to Feldstein & Liebman (2002), it is through social security plans that people can ensure an effective transition from the working environment to retirement. The authors argue out that continuous saving programs are effected to enable the employed individuals to secure some amount of funds to allow a reliable and achievable retirement plan. Social security is promoted through the enacting of policies and acts seeking to protect people from extravagant and irresponsible spending but instead, channel the available resources for their future sustenance. The reading is logical because it explains the different stakeholders or bodies entitled with the responsibilities of establishing measures to control unnecessary wastages of unpromising and less profiting activities as well as educate and train people on how to create retirement schemes suitable for their future development.
Different schemes and programs have been put in place as the fundamental tenets of social security. Such programs seek to promote and enhance the welfare and well-being of an individual from the uncertainties of life. Gruber and Wise (2000) explore the crucial social security forms such as the Medicare that has been in existence to ensure availability of an affordable health system to the aged people and the less disadvantaged groups in the community. As such, through the scheme, the registered members can acquire subsidized healthcare from different health centers. I find it of significance that the Gruber and Wise (2000) highlight the critical point of the establishment of the social security system, the number of people accessing the government services and how the number has increased considering the disparities in incomes between those who can afford to cater for their personalized healthcare programs.
Other forms of the social security funds and services may comprise the retirement packages offered to long-term employees from different organizations. The retirement security seeks to ensure that the concerned party can still achieve an enviable status or standards of living despite leaving their occupation. Based on Gruber & Wise (2000), countries have pegged different age limits for retirements when the periods of being productive economically become exhausted for an individual, hence the inception of the time to reap the benefits of the accrued savings. However, Feldstein & Liebman (2002) argue the critical point of the conditions of both work and the total earnings, which have to be met before the payments are implemented. Such states may require an individual to have worked efficiently for a specified period and accumulated the set minimum, in the form of earnings to allow them to benefit from their work. Therefore, the strengths of these arguments at this juncture are that through the budgetary planning and requirements, the governments can establish adequate social securities that provide for the conducive future of the citizens.
Social security systems also cater for the physically challenged entities of the society rendered incapable of meeting their expenses or providing for their basic needs. Such group of people enjoys disability packages that enable the maintenance of the normal and average living standards typical of other people (Feldstein &Liebman, 2002). Additionally, for the disabled groups, the social security caters for their medical expenses since the people are unable to undertake on income generating opportunities.Social security also considers for the provision for a sustainable environment of orphans and deceased spouses to enable their survival and managing of the basic daily needs. Therefore, the authors present an in-depth and concise understanding of the tenets of social security, exploring the mechanisms of the achievement of the benefits associated with each security scheme. The arguments presented by the authors are reliable and concrete on the establishment and principles of social security.
References
Feldstein, M., &Liebman, J. B. (2002). Social security. Handbook of public economics, 4, 2245-2324.
Gruber, J., & Wise, D. (2000). Social security programs and retirement around the world. In Research in Labor Economics (pp. 1-40). Emerald Group Publishing Limited.
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