PSYC 5571 Lecture Notes - Lecture 8: Collegehumor, Supplemental Security Income, Federal Insurance Contributions Act Tax
Document Summary
Each year that you wait to collect social security, your check goes up by 8% a year until you turn 70 (so no one should start collecting later than 70) Ss replacement rates: if you make the maximum taxable income, you will only get 26% replaced, at the lowest end, half of your income will be replaced. The current amount of total asset reserves in the social security trust fund is . 8 trillion: this money is invested in the us government bonds, and this is required. Aka social security lends money to the us government. The rest of the federal government"s budget money comes from selling government bonds to people and businesses all over the world and domestically. Some people think that the trust fund is a fraud because it is all tied up in government bonds, but it is not a fraud: assets are owned by another wing of the government.
