Explain How the Social Security System Works

question 73

Essay

Explain how the Social security system works. What are some of the biggest concerns with the Social Security system? When did the system start to deteriorate and what milestones are coming up that may test its solvency? What are some alternatives for retirees?

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Definitions:

Percentage

A proportion or share expressed as a fraction of 100, used to denote the relative size or magnitude of a part compared to the whole.

Symmetrical

In statistics, it describes a situation where the data distribution is evenly spread around the mean, having a balanced shape on either side.

Normal Curve

A bell-shaped curve that represents the distribution of many types of data where most values cluster around a mean.

Z Score

A numerical indicator showing how a specific value compares to the average of a set of values, given as the number of standard deviations away from that average.