where do social security benefits come from?
lily asked:
my father died when i as 4 years old, since then we have lived mostly off of social security benefits.
my question is,
my father died when i as 4 years old, since then we have lived mostly off of social security benefits.
my question is,
is that the governments money (like welfare) or is that money that my father once earned?
Social Security Benefits
Social Security Benefits
It comes straight from taxes. Anything iniated by the government is tax driven. Eduation. Infrastructure. Welfare. Homeland Security. Civilian Safety.
Much of our taxes though are sadly wasted for unimportant matters or silly things like “saving the frogs in a stream.” As much as I like wildlife and nature, higher taxes is always a burden.
Social Security Benefits
Our outlandish taxes. When you start working, 18% of your paycheck goes to the Fedreal Government.
Social Security Benefits
yeah the gov pays it out
Social Security Benefits
All workers must pay fed soc sec taxes out of their paychecks and that money goes into the national soc sec fund to be doled out to people who qualify to receive benefits.
Social Security Benefits
Social security is a wealth transfer program. You are consuming the contributions of workers who have been paying into the system in years past. This probably includes your father but you’ll note that your benefits are not directly tied to the amount of money he contributed during his lifetime. The same applies to those people retiring and receiving SS benefits; they could well take out much more than they put in…or far less.
Social Security Benefits
It comes from people that work for a living like your father, and welfare comes from the taxes people pay.
Social Security Benefits
Social Security is one of the line items taken out of your pay check, along with state and federal income tax. In essence, SS is a federally mandated retirement/disability savings account. Everyone pays the same % of their income, I think, and what you get out is based on what you’ve put into it (over time).
Social Security Benefits
your father would have payed into social security as he worked. It basically comes from that. even if you get back more than what he payed in that is why everyone pays out for it. It basically is supposed to cover the money he would have provided for your care as you grew. I’m sorry you lost him so young.
Social Security Benefits
The social security fund is designed like a savings account. NOTE: this is HOW IT IS SUPPOSE TO BE – You pay into as you work and you get out of it later or your spouse or family.
What has happened in modern times is administrations keep robbing it… meaning they keep applying the fund to the deficit. What happens is the current working ppl, instead of their monies going to the fund, are paying the social security checks of ppl alive today.
Anyways if it works like it is suppose to and you, for example get disablied, you get x dollars per month based on what you have contributed.