Final answer:
Government social policy for retired and elderly individuals includes Social Security for financial support and Medicare for healthcare, among other programs. The increasing elderly population concerns funding strains and societal changes. Together, these policies aim to secure the well-being and financial stability of the aging populace.
Step-by-step explanation:
Government social policy aims to assist retired and elderly individuals through various strategies and programs that support their well-being, financial security, and healthcare needs. The cornerstone program, Social Security, is a social insurance program that provides monthly retirement benefits based on previous earnings and offers a measure of poverty relief amongst the elder population. It originally provided benefits to a small portion of workers but has significantly expanded over time. The program ensures that lower-income earners receive a higher percentage of their past wages compared to higher-income earners.
With the aging population increasing, two significant US federal programs, Social Security and Medicare, service the elderly. Medicare is essential as it provides health insurance to those over 65, while Military veterans and children in low-income families also have specific government-funded healthcare programs. These increasing demographic trends indicate a strain on the existing payroll taxes funding these programs. Alongside these, private insurance and retirement savings accounts also exist, and need-based programs like Medicaid provide aid funded by overall tax dollars.
The growing senior population and the retirement of the baby boomer generation are changing social institutions and increasing demands for housing, elder care, and specialized services. Additionally, concerns over labor shortages and financial stability, with shifts in tax income and pressure on pension and retirement plans, are imminent as senior experts exit the workforce.