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Things you should know!
UCIrvine, learn.uci.edu
How is the money for Social Security collected?
-- From employees as a payroll tax on wages at the rate of
6.2% for Social Security and
1.45% for Medicare
-- From employers as a payroll tax on wages at the rate of
6.2% for Social Security and
1.45% for Medicare
What does that add up to anyways, after a lifetime of hard work and toil?
Will You Get Back Your Social Security Taxes in Retirement?
by Emily Brandon, money.usnews.com -- Jan 6, 2011
Consider a single man who earns the average wage throughout his career ($43,100 in 2010 dollars), works every year from age 22 to 64, and then retires at age 65 in 2010. Over his lifetime he has paid $345,000 into the system.
[...]
Almost all American workers paid 7.65 percent of their taxable income into the Social Security and Medicare trust funds in 2010, up to $106,800 annually for Social Security. That amount will temporarily drop to 5.65 percent in 2011. Employers pay a matching 7.65 percent for each worker.
Tell me again why do Republicans think OUR Lifetime of Investments into these Safety Net Programs, are 'THEIRS' to take away as they please -- to give away as EVEN MORE Tax Cuts to the super wealthy, as Paul Ryan's Plan would do?
And why do so many Conservadems want to agree with them?
Over $300K ... over a lifetime?
Sounds like a serious Retirement Investment to me.
OUR Investments. We Earned it. Hands Off, Congress-fools!
[As noted in the Comments, we should Double that Lifetime Investment when we consider the Employers contributions, too.]