Social Security Write for Us
Social Security Write for Us – The income foundation provided by Social Security gives workers a base to build their retirement plans. Additionally, it provides workers who become incapacitated and families whose primary breadwinner passes away crucial social insurance protection.
President Franklin D. Roosevelt enacted the Social Security Act on August 14, 1935, and it has been one of the country’s most well-known, successful, and well-liked programs for eighty-seven years.
Social Security Provides a Guaranteed, Progressive Benefit That Keeps Pace With Increases in the Cost Of Living.
The earnings on which persons pay Social Security payroll taxes are the basis for Social Security payments. Their benefits increase proportionately to their income (up to the maximum taxable amount of $160,200 in 2023).
Social Security benefits are progressive: They represent a higher percentage of former worker earnings for workers with lower income levels. For example, benefits provide low-income earners (at 45 percent of median wages) who retire at age 65 in 2023 $14,824 annually, replacing about half of their previous earnings. But the benefits for the higher earner (with 160 percent of median wages) provide $32,345, replacing about 30 percent of the last gain. However, they are more prominent in dollar terms than those for lower-paid workers.
Many employers have shifted from offering traditionally defined benefit pension plans, which guarantee certain benefits at retirement, to defined contribution plans (such as 401(k)), which pay a benefit based on a worker’s contributions and the rate of return they earn. Thus, Social Security will be the only source for most workers of a guaranteed retirement income that is not subject to investment risks or the vagaries of the financial market.
Once someone starts receiving Social Security, their benefits increase to keep pace with inflation, which helps ensure that people don’t fall into poverty as they age. In contrast, most annuities and private pensions are not (or are only partially) adjusted for inflation.
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