When Social Security first started paying regular monthly benefits in 1940, males born in that year were expected to live 61.4 years and females 65.7 years. Today, those average numbers have increased to 76.7 and 81.4 respectively, an increase of about 15 years.
Category: Social Security
Benefit changes are a consideration in any discussion of Social Security reform because they can provide a solution, or a partial one, to addressing Social Security’s long-term funding challenge to the extent benefits are reduced.
Almost 90 percent of Social Security’s funding comes from payroll taxes on workers’ earnings. Employees and employers each pay a tax of 6.2 percent of an employee’s wages (Federal Insurance Contributions Act [FICA] tax), while self-employed workers pay the entire 12.4 percent (Self-Employment Contributions Act [SECA] tax).
Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin announced Friday that the U.S. imposed new sanctions on Iran’s metal exports and eight senior Iranian officials. The new penalties came days after Iran fired a barrage of missiles at Iraqi bases that were housing U.S. targets — a move made in retaliation for an…
Americans planning for retirement today face more individual responsibility and risk for their retirement benefits than prior generations experienced.
Social Security is the most significant public program for retirement security in the United States. Ninety percent of Americans who are 65 and older receive benefits from the program, which provides an average of nearly 40 percent of their income. Social Security provides at least 90 percent of income for one in four seniors.