SOCIAL SECURITY ESSENTIALS

About 45 million beneficiaries and rising.

Benefits take about 23% of federal budget

Over 65 population is increasing

1940 65+ 6.8 % of population

  1. 9.8
  1. 11.3
  1. 12.5
  1. about 14.0
Social Security is funded by a tax on wages paid. Currently the tax is 6.2% paid on the first $76,200. Next year this base increases to 80,200. The tax is paid by both employee and employer.

Self employed pay the whole 12.4%. Over half of taxpayers pay more social security tax than income tax.

Average benefit is about $800 a month. This year the maximum benefit is $1433.00

Originally, employee to beneficiary ratio was 16 to 1. Now it is 3 to 1. In 30 years it will be 2 to 1. Remember, employees support beneficiaries.

Social security trust fund empty about 2037.

What to do?