Thoughts on the national retirement plan that ALL conservs hate. chuq
The idea of a national retirement plan is a sound idea but over the decades it has been bastardize to it resembles nothing of the original intent.
Social Security is the term used for the Old-Age, Survivors, and Disability Insurance (OASDI) program in the United States, run by the Social Security Administration (SSA), which is a federal agency. While best known for retirement benefits, it also provides survivor benefits and disability income. It is independent of a lump-sum pension.
Social Security is an insurance program. Workers pay into the program, typically through payroll withholding where they work. They can earn up to four credits each year.
For 2020, every time someone earns $1,410, he or she receives one credit until hitting $5,640, or four credits.2 That money goes into two Social Security trust funds—the OASI Trust Fund for retirees and the DI Trust Fund for disability beneficiaries—where it is used to…
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