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The Social Security Act was enacted August 14, 1935 (88 years ago). The Act was drafted during President Franklin D. Roosevelt's first term by the President's Committee on Economic Security, under Frances Perkins, and passed by Congress as part of the New Deal.
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of gross ...
The Social Security Administration projects that an increase in payroll taxes equivalent to 1.8% of the payroll tax base or 0.6% of GDP would be necessary to put the Social Security program in fiscal balance for the next 75 years. Over an infinite time horizon, these shortfalls average 3.3% of the payroll tax base and 1.2% of GDP.
Nearly 50% of American retirees underestimated their healthcare costs. Here are 3 ways to protect yourself ... Aside from relying on Social Security, many seniors count on Medicare to help with ...
The Consolidated Omnibus Budget Reconciliation Act of 1985 ( COBRA) is a law passed by the U.S. Congress on a reconciliation basis and signed by President Ronald Reagan that, among other things, mandates an insurance program which gives some employees the ability to continue health insurance coverage after leaving employment.
Challenge #2: Vision issues. As you get older, your eyesight can change. Maybe it’s more difficult to read traffic signs or see clearly at night. It might take you longer to react to things that ...
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