Baby-Boomer Retirement Essay Example | Topics and Well Written Essays - 750 words

Baby-Boomer Retirement - Essay Example Therefore the longer the working duration and the larger the number of earnings made, the higher the benefits received. Social security is, therefore, a vital part of a workers retirement plan. Â  After World War II, birth rates in the world tremendously increased. Statistics show that about 64million American children were born in the US during this period. The kids that were born between the years 1946 and 1964 were referred to as baby boomers. The large economic growth in the 90s is attributed to the boomers. In 2004, U.K boomers controlled 80% of U.K’s wealth. The majority of the workforce today is represented by this group (Walker, 2004). Â  Social security fund is designed in such a way that the benefits retirees of today get are paid from the contributions received from today’s working population. Over the years, the beneficiary to working population has been sustained because fewer people were retiring as compared to the number of people entering the workforce; thus the system was able to accumulate more revenues. Increase in life expectancy and the decrease in birth rates has posed a threat to the beneficiary-worker ratio; few people are now joining the workforce as compared to the many who are almost retiring. Â  In 1935, the year when social security funding was formulated, the life expectancy of a 65-year-old was 12.5years; in 2012 it had risen to 17.9 years and is projected to rise to 19.5 by the year 2030.The National Academy for Social Insurance projects that the beneficiary to worker ratio will rise to 46 percent by 2030. Â  There are fears that the massive onset of the boomer's retirement may bankrupt the system. This is because the surplus contributions made over the years will be used in paying out their benefits.

Student Loan Crisis Essay Example | Topics and Well Written Essays - 1000 words - 11

Student Loan Crisis - Essay Example Student loans have become the main source of indebtedness in America. Notably, the U.S government is not doing much in ensuring that students get their degree from college without struggling so much. Personally, I think it is the government’s responsibility to ensure that every American child has an easy access to quality education and this should extends to higher learning. The government should forgive students loans because Americans have a right to achieve their dreams. This paper presents an argument that the U.S government should do more to relieve the student loan burden. Arguably, the U.S government needs to cover tuition payments for students or make higher education free. It should set rules and establish unbreakable laws that enable individuals to obtain the college education. This is necessary because offering free education for students without appropriate conditions will facilitate the emergence of careless generation. That is, if college education is free, there should be fully implemented laws that make it difficult to get college education. For instance, when applying for any major in the University of Kuwait, GPA must be more than 2.50. More so, when applying for government scholarship, GPA above 3.00 is needed. Apart from these strict rules, there is a warning for students in the scholarship program if they get GPA below 2.00, and after getting many warnings during college, the student is suspended and must pay the government all the college costs. Indeed, such rules motivate the students to study harder and try their best to graduate suc cessfully so as to avoid the consequences of these rules. Therefore, the U.S government should establish rules that ensure that students take their studies serious. Moreover, the government should give students free interest loans to enable them overcome struggles they face during loan repayment.  That is, it should help American students to get loans to pay their tuition fees with no benefits. This will make it easier for college graduates to pay back their loan and escape the loan burden. After college, it is very hard to get a good paying job immediately they finish college as most of them are graduating from college into the worst jobs and they have records of student debt, and this makes it hard for them to pay their debts in a shorter time (Jackson).