The balances in the Trust Fund are projected to be depleted either by 2036 (OASDI Trustees' 2011 projection), or by 2038 (Congressional Budget Office's extended baseline scenario) assuming proper and continuous repayment of the outstanding treasury notes.
At that point, under current law, the system's benefits would have to be paid from the FICA tax alone. Revenues from FICA are projected at that point to be continue to cover about 77% of projected Social Security benefits if no change is made to the current tax and benefit schedules.
These Social Security proponents argue that the correct plan is to fix Medicare, which is the largest underfunded entitlement, repeal the 2001–2004 tax cuts, and balance the budget. They believe a growth trendline will emerge from these steps, and the government can alter the Social Security mix of taxes, benefits, benefit adjustments and retirement age to avoid future deficits.
The age at which one begins to receive Social Security benefits has been raised several times since the program's inception.
You'll need to estimate how much coverage you need, and what type of policy is best for your situation such as term life insurance or whole life insurance.
Again, consider your income, combined debts and future financial goals such as college and home buying. Then, subtract out assets such as Social Security benefits, other life policies, your spouse's income, and retirement plan benefits. The difference should be your minimum coverage to replace your income in the event of your death.
With the assistance of testing, at times it is extremely hard to prove disabling conditions of a person. As a result, in those cases it relies on a disabled person’s representative or legal assist to demonstrate doctor’s health reports correctly & to convince the government that a person is eligible for social security benefits.
At that point, under current law, the system's benefits would have to be paid from the FICA tax alone. Revenues from FICA are projected at that point to be continue to cover about 77% of projected Social Security benefits if no change is made to the current tax and benefit schedules.
These Social Security proponents argue that the correct plan is to fix Medicare, which is the largest underfunded entitlement, repeal the 2001–2004 tax cuts, and balance the budget. They believe a growth trendline will emerge from these steps, and the government can alter the Social Security mix of taxes, benefits, benefit adjustments and retirement age to avoid future deficits.
The age at which one begins to receive Social Security benefits has been raised several times since the program's inception.
You'll need to estimate how much coverage you need, and what type of policy is best for your situation such as term life insurance or whole life insurance.
Again, consider your income, combined debts and future financial goals such as college and home buying. Then, subtract out assets such as Social Security benefits, other life policies, your spouse's income, and retirement plan benefits. The difference should be your minimum coverage to replace your income in the event of your death.
With the assistance of testing, at times it is extremely hard to prove disabling conditions of a person. As a result, in those cases it relies on a disabled person’s representative or legal assist to demonstrate doctor’s health reports correctly & to convince the government that a person is eligible for social security benefits.
from SOCIAL SECURITY BENEFITS EXPLAINED - Blog http://ift.tt/1UKmOA0
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