Money Girl Should I Be Worried About Social Security?
May 17, 2024
Exploring the implications of Social Security taxes on various income levels, historical development and challenges facing the program, wage base limit and future projections for the tax system, factors influencing benefits and eligibility, and potential changes in taxation and benefits for younger workers.
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Social Security Concerns
- Many are concerned about Social Security's solvency.
- Laura Adams discusses how it works and potential changes.
Social Security Eligibility
- Working and paying into the system for 10 years qualifies you for benefits.
- Funding comes from payroll and self-employment taxes.
Social Security Tax
- The Social Security tax applies up to an annual income limit, called the wage base.
- This wage base is subject to change over time.