The Academy Road

The Academy Road

The Academy Road

Recent Recent Stories Stories

Get to Know Jenn Fredrickson Hutchins

January 6, 2024

For the last 25 years, Jenn Fredrickson Hutchins has been an integral part of The Albany Academies. Her tenure started with a paper copy of her resume sent to the address...

The Road to Success of our Middle School Robotics Teams

January 5, 2024

  Both of our middle school robotics teams competed this weekend at the FLL Masterpiece Challenge at Shenendehowa High School. “The Coding Turtles” and “The...

Throwback Thursday

January 4, 2024

Adam Penrose '02, played baseball for The Albany Academies under esteemed Coach Dorwardlt. Now, he follows in his mentor's footsteps as the Varsity baseball head coach, marking...

Snack Shack is Back!

January 3, 2024

Visit the Snack Shack and support the 9th grade's fundraising. Ms. Marchetti's Room (AAG 50-06) E Block Lunch H Block 3:00-3:30

Albany Academy Cadets Suffer Narrow 2-3 Loss to Voorheesville

Albany Academy Cadets Suffer Narrow 2-3 Loss to Voorheesville

September 29, 2023

*Albany, NY* – The Albany Academy Cadets soccer team faced a tough challenge against Voorheesville, resulting in a narrow 2-3 loss. Despite the setback, the team showed...

Social Security: Will It Be There For You?

Social Security: Will It Be There For You?

Mired in a worldwide economic downturn, countries around the world are struggling to keep their respective governments solvent. The United States is no exception. With unemployment hovering around 10% and state governments facing record deficits, previously sacred institutions are now being critically looked at as possible sources of cost-cutting. Here at home one particular institution has stirred up tremendous debate: the rising cost of maintaining the status quo regarding the social security program.

On August 14, 1935, President Franklin D. Roosevelt signed into law the Social Security Act as part of his New Deal. The devastating effect of the Great Depression revealed America’s inability to provide many of the basic necessities for its neediest citizens. Its intent was to provide a financial safety net for society’s most vulnerable, including the elderly, widows, and orphans.

In the years to follow there were numerous challenges to the constitutionality of this Act, as well as passionate debate as to whether or not it discriminates against the poor and middle class, who generally don’t live as long as wealthier individuals, and are therefore less likely to receive benefits despite years of paying Social Security Tax. While some of these debates still continue, the fact remains that this oft-criticized and much tinkered with Act has proven to be of immeasurable worth to millions of Americans over the years.

It behooves the youth of today to follow this issue with genuine interest. For those of us who have already experienced the disappointment of examining the different taxes carved out of our first paycheck, it is even more disheartening to think that this program may not even exist when we are at retirement age. Among the suggestions being considered is once again raising the age at which benefits can be received from the current age of 62 to as high as 67. In addition, there is talk of a “needs test” by which individuals deemed financially well off will have their social security benefits withheld. Cost of living increases have already been withheld over the past several years, angering many senior citizens whose only source of income is their social security check.

Currently each person pays 6.25% of his gross wages toward a FICA (social security) tax and each employer must pay the same 6.25% as well. This, of course, is in addition to the federal and state income taxes. Over the course of one’s working life, this is a great deal of money and many are understandably worried and upset to think that money paid into this program for decades might never come back to them. It seems that as our population grows and ages, the cost of supporting social security recipients is outstripping the money coming in. Just determining when the system will actually bankrupt is much debated, but it would appear to be sometime within the next 50 years or just about the time current teenagers will be hoping to retire. Others are talking of privatizing or in some way essentially diverting payroll taxes into private investment accounts. The idea was promoted by President George W. Bush and intended to allow younger workers the ability to manage their retirement nest eggs without government interference. Many see this as a threat to Social Security, but one thing is for sure—change is afoot.