Social Security in the 21st Century

Social security is one of the successes gotten by the Americans. The program provides a foundation of economics security for more than 47 million Americans and their families. The reason for the built in protections, we have come close to eliminating poverty among seniors. It also helps in the provision of basic income to millions of families who have suffered the death or disability of a wage earner.

The financial security of social security is very strong. In 2003, it took in the rate of $161 billion more than it paid out in benefits. These programs have the resources to provide benefits for the baby boomers and their children and grandchildren. The security trustees predict that it will pay ever -increasing benefits through at least many more years to come when a surviving baby boomer will be mostly in his/her 80s and 90s. If the US economy long-term growth rate falls to half the level of the past 50 years, the trust fund may be depleted after 2042, but social security payroll taxes alone would still cover benefits worth an estimated $1000 more after inflation than today’s senior receive.

Using less -pessimistic assumptions, the trustees low – cost long term forecast predicts that it will continue to provide each generation of retirees with more generous benefits than their predecessors through the entire 21st century. If social security finances are really in good shape why have so many politicians, policy analysts,and reporters warned us that something must be done to save it? How we have so many Americans become convinced that it won’t be there for them.

Misconceptions about social security are widespread because predictions about the distant future based on multiples assumptions are reported as facts”, frequently distorted,and almost always considered out of context. In addition, some organizations and individuals committed to privatizing it are driven by ideology or hope of profiting from the billions of dollars in investments fees that a privatized system could generate.

The majority of American would be worse off financially under a privatized system, all would be far less secure,and creating a new system would cost trillions of new tax dollars. Therefore, undermining faith in the existing program has been a major strategy private organizations have used to promote their agenda.

This report provides background information on how social security works, explains how it is that Americans can easily afford it in the long run even as our population ages, and points out fundamental problems with proposals to privatize the program.

Finally, it recommends ways we should improve social security to serve Americans better. While we most often see it as a retirement program, 30% of beneficiaries collect survivors of disability insurance. Social security survivors insurance provides benefits to the families of deceased workers, including children under 18, 18 and 19 years -olds in high school, disabled sons or daughters of any age, elderly dependent parents, and surviving spouses who are elderly, disabled, or caring for eligible children.

The social security trust fund & the trustees report is based on the projects of income and expenses of social security for 75 years into the future. The projections require numerous assumptions about birth rates, immigration rates, unemployment, average wages, life expectancy, and the like over. Over 75 years, small differences in assumptions can result in large differences in outcomes. The trustees make three different projections based on different assumptions. These three scenarios are called the low cost, intermediate, and high -cost projections:

The trustees intermediate projection: the trustees intermediate projection predicts that social security payroll taxes will continue to exceed benefits until 2018, and the combination of taxes and interest on the trust fund will cover benefits until 2028.

Usability, Accessibility, and Configurability in a SaaS-Based Portal Package

Insurers who resist change and continue to depend on their aged Policy Administration Systems are missing out on the amazing advantages offered to them by the new age SaaS-based PAS which offer amazing advantages and enhanced usability, accessibility and configurability. This article addresses these aspects and lists the advantages offered by a PAS to enhance the competitive edge of an insurer. All PAS systems do not offer such advantages and some actually fail to replace the legacy system, wasting the time and resources of an insurer and setting them back. Hence, it is important for an insurer to be well-informed and aware of the capabilities of a PAS and the benefits offered by adopting it.

Insurers who stay dedicated to their timeworn Policy Administration Systems fail to realize that their devotion is affecting their competitiveness in the market by slowing their services down and restricting their ability to introduce new products to the market.

One way to reverse this slow and steady deterioration is to adopt a Saas-based portal which will be your new Policy Administration System. Enjoy its support across the value chain, from product development to the payment of benefits and administer the insurance products with unsurpassed agility. This is possible with a well-designed SaaS-based product because of its usability, accessibility and configurability. Let’s explore each of these advantages in detail, so that you will have clarity on creating that business case to suggest its immediate adoption:


1. The program offers framework modules, which can be licensed independently or together, offering unlimited flexibility and cost savings to a discerning user.
2. Offers flexibility in customization and deployment, and supports multiple clients, currencies and languages.
3. Its modules are extremely intuitive to use as it requires no coding.
4. Allows you to administer all types of insurance products, like P&C, Auto, Life, Health, Specialty, Warranty, Pension, Annuity, etc. without having to code anything; saving significantly on time and costs.


1. Available and hosted as a Web application or can be hosted on the cloud.
2. The Agent portal is integrated into the Policy Administration System to support Agents and Direct customers.
3. Allows data upload and import of Excel files
4. Makes integration with third party and payment processes easy and flexible.
5. No Programming is needed for attaching forms and printing data on forms.
6. Generates policy data as tokens and prints the real-time policy data on forms.
7. Easily uploads rule-based forms.
8. Maintains a repository of Base forms, Coverage forms, ACORD forms, exclusion forms for various product lines and maintains them separately in different file subnets for ease of access.
9. Can integrate with multiple policy processing systems primarily through APIs or XMLs.
10. Organizes forms according to the form type.
11. Allows configuration of forms for the printing of policy data as per the existing (customer’s) templates.
12. Generates placeholders or tokens to be placed on the forms for policy data at the time of form generation/printing.
13. Attaches forms based on the user-defined sequence.


1. It is a self-service product, which uses role-based configuration, and standard workflows which can be configured by users to their unique business needs.
2. Issues and stores all policy data and documentation as per the product model and enables changes and modification to be completed in a matter of hours, instead of days.
3. Product versioning allows a single product to be maintained using state-specific, agency-specific and customer-specific screens, with the workflows being defined by user’s role.
4. Business users can easily configure changes, without intervention from DB administrators.
5. Users can build new products from scratch easily, and without much effort or loss of time.
6. Users can define Carriers, Agents, Brokers, Distributors and their business information along with mapping their producers and products.
7. Supports all policy transactions from Quick Quote, Policy Submission and Bind, Account creation, Quotes, Policy Administration, Endorsements, Renewals, Cancellations, Reinstatements and Rewrites.
8. Standard Policy Statuses and next Actions allow customers to configure the workflows as per their need and bypass the policy statuses which do not match their business need. Automated out-of-sequence endorsement comes as an additional feature.
9. Its rating module allows the maintenance of multiple rating tables without duplication, delivering faster response and improved performance due to the execution of rule-based rating steps, increasing the hit rate and ensuring better performance.,
10. Integration with inbuilt underwriting module, rating module and forms module delivers fast responses from each supporting module and complete the quote/policy transaction in no time.
11. Its underwriting module integrates with multiple systems, allowing the business rules, regulatory rules, and user-specific rules to be configured in a single location and makes its maintenance easy. It supports searching of existing rules, decision tables, and scorecards and defines assignment rules and sets due dates.
12. Its reporting module allows users to generate the reports manually and also to trigger reports by defining the frequency of reports automatically. It also offers many standard reports and enables users to configure customized reports.
13. Offers role-driven dashboards for Carriers, Agencies, Brokers and other Distributors.
14. Provides flexibility to integrate with any external system as well.
15. Supports both manual and automated policy processing.

Visualizing the benefits in time, money and resources from adopting such a system must be really easy after this detailed explanation. Talk to us to set up a demonstration of these capabilities and benefits to understand how they can help to improve your business processes and flexibility. That would help you to make an informed choice and avoid paying an exorbitant price for an ineffective product meant to replace your legacy system, but offers no return on investment and may even affect your business continuity.

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