Social Security: It's all about the income replacement rates
retirementrevised.substack.com
Here’s a common misunderstanding about how Social Security benefits work that I hear about often from readers: my benefit amount is determined by the amount I have paid into the system. It sounds sensible enough. If you’re covered by Social Security - and most Americans are - you pay into the system via the Federal Insurance Contributions Act (FICA) - 12.4% of your wages, evenly split between workers and employers. But FICA is the
Social Security: It's all about the income replacement rates
Social Security: It's all about the income…
Social Security: It's all about the income replacement rates
Here’s a common misunderstanding about how Social Security benefits work that I hear about often from readers: my benefit amount is determined by the amount I have paid into the system. It sounds sensible enough. If you’re covered by Social Security - and most Americans are - you pay into the system via the Federal Insurance Contributions Act (FICA) - 12.4% of your wages, evenly split between workers and employers. But FICA is the