Oftentimes, individuals refer to Social Security as a “welfare” program. However, they are two very different kinds of programs. Curious about how they differ? Read on to learn more.
Sorting Fact from Fiction
Funding
Social Security is classified as an inter-generational program. This means that the program is funded by today’s workers, allowing today’s retirees to collect their hard-earned benefits. And as time passes, the cycle continues. Today’s workers become retirees with benefits funded by tomorrow’s workers.
Welfare programs, on the other hand, are not supported in this way; instead, these programs are funded entirely by the government through taxes.
Qualifications
Another difference between the two is how people qualify for each.
To qualify for a welfare program, individuals must earn an annual income that is below the poverty line. These programs are for individuals who are in need of assistance and are without other alternatives.
Retirement benefits, on the other hand, are earned through years of working, contributing to the program, and various other qualifications that can be found here.
Demand Change
By continuing to define Social Security as a “welfare” program, individuals are misrepresenting the essential retirement program. The reality is retirees have earned their benefit payments—Social Security is not a welfare program.
To protect seniors from this common misconception, Senior Security Alliance is taking initiative. Our grassroots program created an essential bill that allows for more financial security among retirees.
In this groundbreaking bill are seven rights. The last of these rights forbids the “Federal Government, elected officials, and federal employees” from referring to Social Security as a “welfare” program. With this protection in place, the common misconceptions surrounding Social Security and its recipients will diminish.
For more information on Social Security, rights to allow retirees a more financially secure retirement, and more, follow us on Facebook and Twitter.
