Social security is the most common source of income for older women and men and the largest source of income for most older americans figure 1 shows the share of women and men aged 65 and older receiving income from each income. Retirement income security is a subject that regularly occupies the public debate, and president bush's proposal to privatize social security by using a substantial portion of the program's contributions to create private accounts has only increased the attention on retirement income in the. Social security is of particular importance to hispanic americans in fact, research demonstrates that hispanics benefit more from the social security system than does the rest of the population specifically, hispanics receive higher average returns on the taxes they have paid into the system than.
Your social security benefits are calculated based on a bunch of different factors some vary depending on your circumstances -- such as how much you earn -- and others are simply fixed. With social security making up the foundation of the average retiree's income, it is important to look at the options available to potentially maximize this income you have worked hard to create this savings and we can potentially help you get the most out of your social security benefit. Social security: a fundamental human right the development of social security programmes and systems is one of the most significant social policy achievements of the 20th century nonetheless, the enhancement and extension of social security will remain major challenges for the decades to come.
The (un)importance of social security full retirement age a reader writes in, asking: i read over and over that it's ideal to wait until 70 to file for social security but that it's important to wait until at least full retirement age. The role of social security, defined benefits, and private retirement accounts in the face of the retirement crisis, by jack vanderhei, phd, ebri for years, ebri research has documented and quantified the role of social security, defined benefit and private. Social security is the only source of retirement income for 40% of african american seniors the social security administration estimates that the poverty rate for elderly blacks would more than double, from 24% to 65%, without social security.
Social security is based on a sliding scale depending on your income, how long you work and at what age you retire social security benefits automatically increases each year based on increases in the consumer price index. The importance of social security in the incomes of older americans: differences by gender, age, race/ethnicity, and marital status january 26, 2011 report , retirement & social security , women and asset-building. Social security, medicare, and federal insurance contributions act (fica) tax fica is a federal payroll (employment) tax used to fund social security and medicare, and both employees and employers are required to contribute to these funds. Use local crime statistics to illustrate the importance of following physical security procedures for example, businesses that handle money are vulnerable to robbery attempts, which might entail.
Given longer life spans for asians and latinos, the annual cost of living adjustment (cola) is an especially important social security feature that maintains the purchasing power of social security dollars for those who are very long lived. Social security act, (aug 14, 1935), original us legislation establishing a permanent national old-age pension system through employer and employee contributions the system was later extended to include dependents, the disabled, and other groups. In additional to retirement income, social security provides two other important benefits for the worker: income if you become disabled, and medical coverage if you become disabled: social security provides income to those who are unable to work due to disability. Washington - to mark the end of black history month, social security works and seiu have teamed up to release a new report on the importance of social security to african-americans.