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FILE - This February 2005 file photo shows trays of printed social security checks, in Philadelphia, waiting to be mailed from the U.S. Treasury. People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It’s a historic shift that will only get worse for future retirees, according to an analysis by The Associated Press. Previous generations got a much better bargain, mainly because payroll taxes were very low when Social Security was enacted in the 1930s and remained so for decades. (AP Photo/Bradley C. Bower, File)
FILE - In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury's Financial Management services facility in Philadelphia. Social Security recipients will get a raise in January _ their first increase in benefits since 2009. Experts expect the increase will be about 3.5 percent. Some 55 million beneficiaries find out for sure Wednesday when an inflation measure that determines the annual cost-of-living adjustment is released. (AP Photo/Bradley C. Bower, File)
A new prepaid debit card could drastically reduce the number of paper Social Security checks mailed each month, therefore saving trees and putting more crooks out of business, treasury officials say.
NEW YORK - Recent disclosures of massive data leaks at information brokers, banks and retailers have prompted Congress to once again consider tightening access to Social Security numbers, which have evolved into dangerous master keys for fraud.
WASHINGTON (AP) — People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It's a historic shift that will only get worse for future retirees, according to an analysis by The Associated Press.
Dear Debt Adviser: I may have to retire soon for health reasons. If I default on my unsecured credit card debt, can my Social Security benefits or pension be garnished? — David
The letter from Nineva and Jack Salley (Aug. 26) was right on. The Social Security trust fund has been raided for years to balance the out-of-control budget our elected reps have wildly spent. I just wrote a letter to President Obama asking if he had the guts to demand paying back the trillions stolen from Social Security. I received a reply not addressing this issue. The only solution is cutting our benefits even more. Whoa!
There are all kinds of ideas to save Social Security. My question is: Is it worth saving? I read recently the average Social Security check is $1,072 per month. Let’s look at someone 18 years old, making minimum wage, ($7.25 per hour) and use current, constant, dollars (assuming no increases in wages). Assuming 2080 hours per year, he will earn $15,080 annually. The 6.2 percent taken for Social Security amounts to $935 annually. The employer matches that amount for a total $1,870 annually paid into Social Security per year. Now, the question is... What rate of return would he need on the money paid into Social Security for 48 years to collect $1,072 per month? Answer: 4.57 percent.
The cost of living continues to rise, but government officials say Social Security checks (to more than 58 million Americans) in 2011 will not have a Cost of Living Adjustment.
I’ve hated Social Security since 1964, when I made $547 that summer as a rookie stock boy in the warehouse of a Pittsburgh restaurant chain.
WASHINGTON - Social Security and Medicare are fading even faster under the weight of the recession, heading for insolvency years sooner than previously expected, the government warned Tuesday. Social Security will start paying out more in benefits than it collects in taxes in 2016, a year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner, trustees reported.
The Social Security Administration's announcement that next year's monthly checks will contain the largest increase in more than 25 years may have been intended to keep retirees contented. But for many seniors in the Valley, the move is rather meager.
Ken Tabar just wants to work.
WAITING: Ken Tabar, 24, of Mesa is originally from Korea and has been a naturalized citizen since he was a child, but his family lost his original naturalization document and even though he's had a Social Security card and has had jobs in the past he is having difficulty getting a new card.
WASHINGTON - More than 48 million Americans will get a 4.1 percent increase in their monthly Social Security checks next year, the largest increase in more than a decade. For the average retiree, it will mean an increase of $39 a month.
WASHINGTON - Social Security checks for nearly 50 million Americans are going up next year an average of $39 a month, the biggest boost in 15 years, although rising energy bills and higher Medicare premiums will erase a big chunk of the gain for many. The 4.1 percent cost of living adjustment announced Friday by the Social Security Administration is the biggest increase since a 5.4 percent gain in 1991. Last year's increase was 2.7 percent.
WASHINGTON - Social Security checks for nearly 50 million Americans are going up next year an average of $39 a month, the biggest boost in 15 years, although rising energy bills and higher Medicare premiums will erase a big chunk of the gain for many.
A voided roll of social security checks waits to be inspected in a file photo Feb. 11, 2005, at the U.S. Treasury\'s Financial Management services facility in Philadelphia.
April 28, 2005
President Bush waves to the audience after speaking on his energy agenda at the National Small Business Week Conference in Washington Wednesday.
WASHINGTON -- Federal Reserve Chairman Alan Greenspan warned on Thursday that delays in making necessary changes in Social Security and Medicare to handle the impending retirement of baby boomers could mean "abrupt and painful" adjustments later on.