The Social Security Administration (SSA) administers two applications that provide advantages based mostly on disability: the Social Security incapacity insurance coverage program (title II of the Social Security Act (the Act) and the supplemental safety earnings (SSI) program (title XVI of the Act). This can be achieved over the telephone, on SSA’s website (for SSDI claims solely) or, preferably, in individual on the local Social Safety Administration District Workplace. Solely the highest fifth of seniors, with incomes above $fifty seven,960, do not depend on Social Security as their largest source of income; most of them are still working.
When individuals cease working, they cease stop producing (meaning there are fewer goods being produced for the rest of us to purchase) but they’re also not making any cash that the federal government can tax. The Social Safety Administration admits on its Web site that advantages will possible be lowered after that, barring adjustments that enhance the financial strength of the system.
The money was “borrowed” by Bush and the Congress as a result of an enormous tax minimize for the richest Individuals, to pay for an unfunded Medicare drug program written by the pharmaceutical firms and to finance two very long, pricey, pointless wars.
2. As Rochelle Frank pointed out, people are dwelling fairly a bit longer than they have been when Social Security was passed. It’s not a wants-primarily based program and is treated by the federal authorities as a form of insurance. My ultimate query is with the present federal tax system how can any wage earner grow to be wealthy, without utilizing the many loopholes of the IRC.
Now, for a personal notice: I will never accumulate Social Security, that is unless my husband dies and I inherit his. Clever recommendation to these looking for any tax rebates in any year is to be sincere and ask the Federal Authorities for help in the event that they haven’t been paying their taxes.