Social Security Table » Payroll http://social-security-table.com Mon, 28 Dec 2009 03:53:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Social Security Records – Why It’s So Important to Protect Them http://social-security-table.com/social-security-records-why-its-so-important-to-protect-them/ http://social-security-table.com/social-security-records-why-its-so-important-to-protect-them/#comments Mon, 28 Dec 2009 03:53:48 +0000 admin http://social-security-table.com/social-security-records-why-its-so-important-to-protect-them/
Amit Mehta asked:


People who are gainfully employed have Social Security records. Through tax deducted from your monthly payroll, you make a contribution to a social insurance program, forming the basis of these documents. These records contain your Social Security number as well as other relevant information such as your full name, date of birth, contact numbers, dependents, and others.

Social Security documents enable you to obtain benefits for three major instances. The first is for disability, where you are temporarily or permanently unable to return to work because you became physically or mentally impaired. The second area for claiming benefits is for retirement from employment. The third and final incidence would be for death, wherein your dependents will be able to make a claim.

The Importance of Social Security Records

Familiarity with your own Social Security documents is crucial for the obvious reason that you are mandated by law to make contributions to the government through salary deductions. And the way to maximize these contributions is by becoming aware of the benefits that you are entitled to at any time in your work life.

For instance, your retirement age is dependent on the year that you were born and if you retire earlier than the required age, then you will get a smaller benefit package. The reverse is also true since if you delay retirement, then you will be entitled to a much larger benefit package.

In recent years, Social Security documents have had to be placed under tighter control and protection because of incidents of identity theft and fraud. Some people acquire the records of other people so that they can claim benefits that are not rightfully theirs. Indeed, there have been many instances where people diligently make their contributions only to find out that somebody else has robbed them of their benefits.

A worse scenario is when one’s records have been used by others to open bank accounts and obtain credit cards. In this case, the unwitting victim is accumulating debt and his credit record is being tarnished by others. All of these point to one thing – it is important that you regularly get a copy of your Social Security documents so that you can monitor your records and report any false entries immediately.

So how do you access your records?

Your Social Security records can easily be asked for online. You can apply for your benefits online too in addition to being able to update your records, and block access of your information to others. It is undeniably cheaper, faster and more efficient to transact online. Another advantage of accessing these online documents is that they are ideal for people who are disabled or incapacitated and cannot go to a nearby Social Security office.

Your Social Security information is one of the most important records you have so use it and protect it wisely.



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Joseph Kenny asked:


In order to address the routine concerns of many, regarding the payment of bills post-retirement or disability, a federal benefits program was designed in the United States, in 1935, known as the Social Securities Act. The program known as the social security program provides disability, retirement, unemployment and survivor benefits and Medicare. The benefits offered aim at providing financial support to the citizens of the U.S., who fall under the categories specified within the paradigms of the program.

The Social Security Act of 1935 introduced the social security system in the US. The system caters to the financial needs of the retired citizens, who have contributed to the social security trust fund for at least 10 years. It also provides benefits to the survivors, in event of the employee’s death. The other benefits offered cover disability and unemployment.

It is essential for the person to make the regular required contribution to the Social Security Trust Funds through the payroll taxes, to be eligible. By virtue of the provisions of the Federal Insurance Contributions Act or FICA, every worker’s income is subject to a tax payment of 12.4% on the first $94,200 earned during the year. Half of this amount or 6.2% is paid by the employer, while the other 6.2% is deducted from the salary of the employee. The amount is given to the government. Self-employed people are responsible for paying the full 12.4%. This amount is used fund the social security system.

The system has been designed to benefit those who make the necessary contributions for a period of ten years. There is a credit system incorporated in the scheme and you can earn a maximum of four credits per year. This means that irrespective of the higher limit of your actual earnings and consequently the quantum of your contribution to the fund, your earnings would entitle you to receive four credits.

The amount of the monthly social security check that you would receive after retirement would be calculated on the basis of your 35 highest income-generating years. You need to apply, to start receiving you social security benefits. The best time to do this would be a few months before your actual retirement date.

The social security program attempts to pay the retired citizens a pre-determined sum of money, to cover their basic needs. It works as a kind of insurance for the retired people, helping them to cope with financial difficulties, post-retirement.

It is a form of insurance that covers the surviving spouse and children, in case of the employee’s death. If the spouse is between 62 to 65 years, 70 to 99 percent of the benefits are payable. Dependent parents and unmarried children under 18 years are entitled to receive the benefits too.

Disability that prevents employment opportunity is also considered for benefits under the social security system. Physical and mental disabilities are also covered and the payment starts five months after proving the disability to the authorities.

Under the social security system, unemployment benefits are available to those whose unemployment is due to circumstances beyond their control. The program is designed to provide financial relief to the citizens of the U.S. at crucial times.



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]]> http://social-security-table.com/introduction-to-social-security/feed/ 0 Saving Social Security-The Future Of A Historical Piece Of Legislation http://social-security-table.com/saving-social-security-the-future-of-a-historical-piece-of-legislation/ http://social-security-table.com/saving-social-security-the-future-of-a-historical-piece-of-legislation/#comments Tue, 01 Sep 2009 16:02:52 +0000 admin http://social-security-table.com/saving-social-security-the-future-of-a-historical-piece-of-legislation/ G. White asked: socialsecurity

Social security and its future are one of the most controversial issues discussed in politics today, with many different views and outlooks taking center stage. The law that was designed by Franklin D. Roosevelt to protect the elderly and provide services and compensation to them in retirement finds itself in a completely different context today than it was seventy years ago.

Yet, change is nothing new-it is a daily occurrence that has affected social security before, and that will continue to affect social security in the future. Understanding both sides of the issue of social security is vital to ensuring a positive future for this country.

Briefings On The Beginning

The beginnings of social security can be traced back to the tragedy of the nineteen thirties-the Great Depression. It was passed as part of the New Deal, and was very controversial at the time because it was believed that it would lead to a loss of jobs. Yet, the program prevailed. Payroll taxes were first collected in 1937, and retirement benefits were paid that same year.

Changes Throughout The Years

The Social Security Act has proven to be a very flexible program, as it has been altered and changed several times over the years. This is not surprising when taking into consideration the dramatic changes that have occurred in the workforce since its original implementation. The act was expanded in 1939 to encompass farmers and to provide benefits to spouses. Medicare was added in the 1960s. More changes were made in the seventies and eighties. If it was changed in the past, what is stopping it from being changed to meet the needs of the future?

The Problem Of People

Currently, 163 million workers are earning Social Security protection, and Social Security provides benefits to about 50 million people. The future problems associated with Social Security revolve around changing demographics. While the average remaining life span of a 65 year old in 1935 was about 12 years, it is currently 18 years. This increase in average life span is one of the major factors contributing to the uncertainty of the future of Social Security.

Another factor is the retirement of the baby boomer’s. The fifties and early sixties saw a huge increase in reproduction, and it is these offspring who will be retiring beginning in the next several years. At the same time that Social Security will need to accommodate more retirees, the amount of people paying taxes on Social Security will decrease from 3.3 people per retiree today to 2.1 people per retiree in 2032. It is the combination of these problems that is causing the panic regarding Social Security’s future.

Solving The Problem

There are many solutions being discussed regarding the Social Security program, and each of them would mean a trade off for Americans. Two of the solutions are somewhat obvious: increase the payroll tax, and decrease the amount of services provided to beneficiaries. These solutions would have obvious ramifications, and might only cause more problems for the future of Social Security than they would solve.

Another possible solution is to allow for early investment in Social Security in the form of a “pre funding” voluntary Social Security savings account. Although workers are currently unable to contribute to their Social Security funds before they retire, this proposal would allow them to do so. Critics say this plan would be expensive to manage, and it would be risky for beneficiaries as well.

A Middle Ground

Just as with any important issue, it would be nearly impossible to find a solution that would please everyone. Yet, the past of Social Security gives some hope for its future. If Social Security was fluid enough to be changed in the past, then we can have faith that it will be strong enough to handle any future changes.

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