Social Security benefits are determined by your 35 years of earnings, not by the taxes you paid. These benefits are paid for life and may extend to a survivor. The SSA calculates your benefits using your highest 35-year earnings and adjusts them for wage growth. Millions of people receive SS benefits as dependents or spouses, and the system includes provisions for divorced spouses and children.
Tag: Taxes
Investing Social Security trust funds
Especially with this administration and who knows what may come next.
Medicare funding, what your FICA taxes pay and what they don’t.
The Medicare payroll taxes (the 1.45% deducted from your paychecks and matched by your employer) go directly into the Hospital Insurance (HI) Trust Fund, which exclusively
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