Trump has said he would close Social Security’s long-term shortfall by increasing oil and gas drilling and growing the economy, rather than by raising taxes
Tag: Taxes
Social Security, your wages and FICA
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.
Investing Social Security trust funds
Especially with this administration and who knows what may come next.
