It’s a scary projection, but the Social Security Administration’s website claims the Social Security Fund will be depleted by 2033! This basically leaves only twenty years for the system to change and everyone knows these kinds of changes moves at a snails pace. One thing is for certain and that’s the probable influx of career shifts from rock star to social security attorney. Imagine, in twenty years everyone will be needing one as much as they’ll be needing a tattoo removal surgeon for that Kermit the frog they got years prior on Spring Break in Cabo!
It has been documented 20% of the U.S. population received benefits in 2012, that’s roughly 61.9 million people! In this frame, the elderly rely almost solely on Social Security for their income and in a battle of the sexes spectrum, 55% of Social Security goes to women due to their increase in life expectancy.
American’s get 6.2 percent of their income taxed for Social Security. The system becomes a little wonky when after $113,700 of earnings you are not taxed for income received after that. Hence, the Kardashians and the Hiltons just keep accumulating wealth, while the burger flipper at Mickey D’s is living below the poverty line. Reformers of the system are trying to alter this amendment to eliminate the harsh divide between taxing of the rich versus the poor.
Social Security reform is crucial to the well being of U.S. citizens because its function isn’t just for retired folk. Social Security disability was awarded to 17% of American workers in 2012 with the other portions of the pie being awarded to 48% for retired workers and 35% to dependents of deceased workers. Educate yourself on the benefits of Social Security on USA Today.
|Kenneth G. Marks has been practicing personal injury law since he was admitted to the California Bar in 1981. www.KmarksLaw.com|