Did You Know? 5 Fast Facts About Social Security

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Did You Know? 5 Fast Facts About Social Security

  1. In 2014, approximately 59 million Americans received Social Security for retirement, disability or survivors’ benefits.
  2. Social Security is
    an inter-Social security promisegenerational transfer of wealth, it is not a dedicated retirement account and benefit checks do not represent a return on investment.
  3. Today, Social Security has plenty of assets. For years Social Security was a pay as you go system. Then in 1983 to prepare for the baby boomers, payroll taxes were increased so presently it has a surplus.
  1. But since 2010, Social Security’s cash expenses have exceeded its cash receipts.
  2. The fund likely will be fully depleted by 2034. This is combination of disability and retirement benefits. Bottom line unless Congress makes changes to the system to increase taxes or reduce benefits it is in trouble.

For more info visit the Pew Research Center site.

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Authored by Attorney Jennifer Kupiszewski

Here comes the disclaimer: we are lawyers, so this blog offers both legal information and answers to common questions. However, we are not your lawyers, so reading this blog does NOT create an attorney-client relationship; it is information and not advice.


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