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Social Security in a Nut Shell

Social Security in a Nut Shell. What is it?. Contributory social insurance program providing benefits to millions of Americans Flat Tax, pay-as-you go on wages (4.2%) Benefits based on average earnings during a thirty-five year career. . Trust Fund.

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Social Security in a Nut Shell

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  1. Social Security in a Nut Shell

  2. What is it? • Contributory social insurance program providing benefits to millions of Americans • Flat Tax, pay-as-you go on wages (4.2%) • Benefits based on average earnings during a thirty-five year career.

  3. Trust Fund • Any money left over after paying benefits is put into the Trust Funds, which are invested in U.S. government securities to provide funds for future use

  4. Progressive & Regressive Progressive Benefits: • Lower wage earners receive benefits that represent a higher percent of their income. Regressive Taxation: • Earnings over $110,000, interest and capital gains are not taxed. • Lower wage earners pay a larger percent of their income to SS.

  5. The Future of Social Security

  6. This means … Less funds for you and me

  7. Reform Options Raise Revenue: • Raise taxes • Remove or raise cap Lower Costs: • Increase retirement age • Lower benefits paid Privatize System: • Invest individual funds in stock market

  8. What Do You Think?

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