Category Archives: Social Security
Will it or won’t it be around when you retire? That is the question that millions of Americans ask themselves everyday when they see a percentage of their pay checks heading to FICA, or Social Security.
In 1935 President Franklin D. Roosevelt signed into law OASDI (Old Age Survivors and Disability Insurance) or sometimes better known back then as RSDI (Retirement, Survivors and Disability Insurance). Initially when signed into law, Social Security even covered unemployment insurance.
Through a deduction of payroll taxes, FICA, which stands for Federal Insurance Contributions Act, are set aside for when individuals reach a certain age to receive benefits, which comes in the form of retirement, survivorship, death and disability.
In 2010, 54 million people were receiving Social Security benefits, while 157 million people were paying into the fund; of those receiving benefits, 44 million were receiving retirement benefits and 10 million disability benefits.
By dollars paid, the U.S. Social Security program is the largest government program in the world and the single greatest expenditure in the federal budget, with 20.8% for social security, compared to 20.5% for discretionary defense and 20.1% for Medicare/Medicaid.
For all of you who have contributed to this fund for so many years, let us keep the ongoing success of this program in our prayers.
Top 25 Questions asked about Social Security
Social Security Top 25 Questions Social Security benefits are calculated on the amount of money you earn during your lifetime. 1. I am about to turn 62 and plan to file for Social Security. How do I get started? You … Continue reading →
Tips for Baby Boomers in 2012 with Social Security
Tips for Baby Boomers Reaching Retirement Age in 2012 In 2012, the oldest baby boomers will turn 66, an important age for Social Security eligibility. At 66, boomers can claim the full amount of Social Security they have earned, and … Continue reading →
Starting Your Benefits
When to start your benefits You can start your Social Security retirement benefits as early as age 62 or as late as age 70. Your monthly benefit amount will be different depending on the age you start receiving … Continue reading →
Social Security for Self Employed
If You Are Self Employed Most people who pay into Social Security work for an employer. Their employer deducts Social Security taxes from their paycheck, matches that contribution and sends taxes to the Internal Revenue Service (IRS) and reports wages … Continue reading →
Social Security Facts
Social Security Basic Facts · In 2011, nearly 55 million Americans will receive $727 billion in Social Security benefits. December 2010 Beneficiary Data Retired workers 35 million $40.7 billion $1,175 average monthly benefit dependents 2.9 million $ 1.7 billion Disabled workers 8 million $ … Continue reading →
Social Security and Your Retirement
Social Security and your retirement plans Social Security is part of the retirement plan of almost every American worker. If you are among the 96 percent of workers who are covered under Social Security, you should know how the system … Continue reading →
Retiring from Your Own Business
When You Retire From Your Own Business: What You Need To Know If you own and operate a business, are younger than full retirement age and are getting ready to retire, Social Security needs to know whether you will retire … Continue reading →
What is Medicare? Medicare is our country’s health insurance program for people age 65 or older. Certain people younger than age 65 can qualify for Medicare, too, including those who have disabilities, permanent kidney failure or amyotrophic lateral sclerosis (Lou … Continue reading →
Info for Medicare Beneficiaries
Retirement Information for Medicare Beneficiaries When to start receiving retirement benefits You already are receiving your Medicare benefits. At some point you will need to decide when to start receiving your Social Security retirement benefits. We hope the following information … Continue reading →
Important Social Security Issues
IMPORTANT SOCIAL SECURITY ISSUES About one-fourth of public employees do not pay Social Security taxes on the earnings from their government jobs. Historically, Social Security did not require coverage of government employment because some government employers had their own retirement … Continue reading →