Social Security

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Social Security

A program of the United States federal government that provides income to disabled and (especially) elderly people. That is, persons who have paid into the Social Security system for a certain period of time are eligible to receive what amounts to a government pension in retirement or in the event of disability. It is paid out of the Social Security trust fund and is financed through FICA taxes. Because Social Security is the single largest expense of the federal budget, periodic attempts are made to wholly or partly privatize Social Security, though opponents claim that doing so would make the American social safety net less secure. See also: SSI, TANF, SCHIP.

Social Security.

Social Security is a federal government program designed to provide income for qualifying retired people, their dependents, and disabled people who meet the Social Security test for disability.

You qualify for retirement benefits if you have had at least the minimum required payroll tax withheld from your wages for 40 quarters, the equivalent of 10 years.

The minimum for each quarter is set by Congress and increases slightly each year. You earn credits toward disability coverage in the same way.

The amount you receive in Social Security retirement benefits, up to the annual cap, is determined by the payroll taxes you paid during your working life, which were matched by an equal tax paid by your employers. Some of your benefit may be subject to income tax if your income plus half your benefit is higher than the ceiling Congress sets.

References in periodicals archive ?
Their contribution highlighted the important role employers' organizations play in policy-making, governance and implementation of social security systems.
Here we would like to highlight the social security system prevalent in some of the developed/ under developed countries.
A great strength of the Social Security system is that it's self-funded.
Additionally, A Truly New Income Tax and Social Security System can be ordered by retailers or wholesalers for the maximum trade discount price set by the author in quantities of ten or more from the Outskirts Press Direct bookstore at www.
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They encourage alternatives, such as direct contact between the relevant authorities of the member state of affiliation and the hospital providing the treatment or payment by the social security systems of the member states responsible, pursuant to Regulation 883/2004/EC [regulation coordinating social security systems].
The Commission considers that the situation infringes EU law on the coordination of social security systems.
PRINCETON, NJ -- Of six possible ways to address concerns with the Social Security system in a recent USA Today/Gallup poll, a majority of Americans favor two, both of which would affect only wealthy Americans.
Can't that number of people support the Social Security system to keep it from failing?
The missing alternative, ignored by both major parties, is to phase out the Social Security System over time while honoring commitments to retirees and near-retirees.
Proponents of privatizing the Social Security system have run into difficulty with public fears that such a move puts at risk one of the most successful social programs of the 20th century, and rightfully so.
The politics of social security, presidential influences, and new realities are the focus of "Financial Security & Personal Wealth", which blends a history of the social security system with insights on social policy and public finance.

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