Social Security Payments increase by 3.6% for 2012!
The amount taken (withholding) from your taxes for 2011 is down 2%. For employees, it is down from 6.2% to 4.2%.
For self-employed it is down from 12.4% to 10.4%.
Unless the law is changed, the tax rates will revert for 2012 to 6.2 percent and 12.4 percent.
This site was created as a response to the many questions that retirement age people, as well as younger people, have about their future.
The series of questions and answers will hopefully resolve many of the problematic issues about Social Security, and give you the information that you are looking for.
In 2017 Social Security
Will be in trouble paying out more than is coming in from taxes.
By 2033 our Social Security funds
The Social Security Trust Funds will run out for disability and retirement income programs, although the payments to people can continue at approximately three-quarters of the full amount.
That is as it stands now unless something drastic is done.
In the past people felt secure in the knowledge that our government's social security plan would protect us as we grew older and needed to retire or if we became disabled.
It was/is the bulwark against financial disaster for your spouse and children if you die.
The picture is not always so rosy now that the economy has taken a turn for the worse.
So as, we answer your most often asked questions here about the current situation with social security and the future of it all we certainly hope you will be able to rest easy...for now.
The current thinking for most people approaching retirement age is that they should have saved a nest egg for the future.
Younger people are the ones most in peril because the future might not be able to sustain the program that would sustain them in retirement or disability.
The younger you are the better off you will be as far as planning to create a more secure future because you have more time to prepare.
It's a good idea to be informed about taxes, and what you earn, and what credits and programs of which you can take advantage.
For starters, you can learn about tax advantages at Taxman123.com