Running Head: SOCIAL SECURITY 1

Social Security

Student’s Name

Institutional Affiliation
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Social Security

Introduction

The older people's economic well-being is a crucial concern to the social security

policymakers as it plays a significant role in providing income support to the elderly. There

has been an irrevocable global trend where there has been an increase in the number of older

people due to a decline in fertility and rising life expectancy, which has further triggered

socio-economic consequences (Herd, et al. 2018). Due to these adverse effects, there has

been a need to develop appropriate social security policies that will aid in meeting the needs

of older people.

Social Security Policies

Raising the retirement age is one of the critical aspects of the social security policies that

should change as it benefits both the economy and the elderly. This strategy can be

implemented by allowing older individuals to work fewer hours than their young counterparts

and pay taxes until later.

Phased-in retirement, which is a strategy that involves the prolonging of the older people

stay in an organization even after retirement, also assists in meeting the needs of the older

people (Herd, et al. 2018). This is because it provides older people with financial satisfaction

and reduces dependency hence, improving their well-being.

In scenarios where phased-in retirement may not be viable due to family obligations,

health issues, or mismatched skills, the government should encourage volunteer, artistic, and

care work among the older people to improve the social fabric quality. Unpaid activities such

as these assist the participants' well-being in contributing to the economy, therefore

facilitating the reduction of welfare and healthcare costs (Herd, et al. 2018). Furthermore, this
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type of volunteering by the elderly improves their physical health and lowers their mental

deterioration.

Additionally, encouraging the elderly to participate in creative works such as painting or

creative writing by financing arts and crafts courses can benefit them as it prevents social

isolation.
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References

Herd, P., Favreault, M., Meyer, M. H., & Smeeding, T. M. (2018). A Targeted Minimum

Benefit Plan: A New Proposal to Reduce Poverty Among Older Social Security Recipients

A Targeted Minimum Benefit Plan. RSF: The Russell Sage Foundation Journal of the

Social Sciences, 4(2), 74-90.