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Millions of Americans currently receive Social Security benefits, and millions more are counting on it to help fund their retirement. Here are 17 facts about Social Security that you may not know.
If Social Security benefits were reduced by 3% to 5% for new retirees, about 18% to 30% percent of the funding gap would be eliminated. [citation needed] Average in more working years. Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if there are fewer than 35 years of ...
Social Security benefits can be a bit tricky for couples, but the SSA allows ample ways for married two-income couples to benefit. Instead of making each individual married person rely on his or ...
Once the fund runs dry, Social Security will have to rely solely on payroll taxes — and those cover only about 77% of current retirement benefits. Check Out: 8 States To Move to If You Don’t ...
Under the 1983 amendments to Social Security, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full-benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income. [67] [68]
The first Social Security office opened in Austin, Texas, on October 14, 1936. [10] Social Security taxes were first collected in January 1937, along with the first one-time, lump-sum payments. [8] The first person to receive monthly retirement benefits was Ida May Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940, was in ...