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Wednesday, January 16, 2013

The "tax holiday" which reduced people's Social Security deductions expired at the beginning of the year. I am sure everyone has noticed their pay check has gone down by a couple percent. But what does this working lifetime of 6.2 percent payments to Social Security buy you?



Today's Random Fact:

The first form of the Social Security program began during President Franklin D. Roosevelt's first term during the Great Depression of the 1930s. It was originally intended to protect Americans from the perils of financial strife caused by old age, poverty, unemployment, and the burdens of widows and fatherless children. Primarily this included unemployment insurance, old-age assistance and aid to dependent children.

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Bonus Fact:

In the ensuing 75 years numerous changes and expansions have been made to Social Security. These include; automatic cost of living increases, expanded disability coverage, payment of benefits to disabled workers of any age and to their dependents, survivors benefits paid to the family in the event of the premature death of a covered worker and the creation of tangent benefits programs like Medicare and Supplemental Security Income. As of 2008 more than 50 million Americans are receiving some form of Social Security benefits.