We’re Working Together to Secure Today and Tomorrow

man and woman at tableYour first job is a landmark occasion. You’re meeting new people, making professional connections, and probably cashing that first paycheck. You might be a little surprised when you see a portion of your earnings go to a tax called “FICA” for the Federal Insurance Contributions Act. This deduction goes to Social Security and is your way of helping us secure your today and tomorrow. It’s our job to keep the safety net of Social Security strong through your incremental contributions.

Understanding how important your contribution is takes some of the sting away because your taxes are helping millions of Americans. By law, employers must withhold Social Security taxes from workers’ paychecks. While referred to as “Social Security taxes” on an employee’s pay statement, sometimes the deduction is labeled as “FICA.” This stands for Federal Insurance Contributions Act, a reference to the original Social Security Act. Sometimes, you will see “OASDI,” which stands for Old Age, Survivors, and Disability Insurance, the official name for the Social Security Insurance program.

The taxes you pay now mean a lifetime of protection — for retirement in old age or in the event of disability. And when you die, your family (or future family) may be able to receive survivors benefits based on your work.

You probably have family members — grandparents, for example — who already enjoy benefits that your Social Security taxes help provide. Social Security is completely solvent through 2033. At that point, retirement benefits will be reduced to 75 percent, unless changes are made to the law. In the past, Social Security has evolved to meet the needs of a changing population — and you can count on Social security in the future.

Because you’re a long way from retirement, you may have a tough time seeing the value of benefit payments that could be many decades in the future. But keep in mind the Social Security taxes you’re paying can provide valuable disability or survivors benefits, if the unexpected happens. Studies show that of today’s 20-year-olds, about one in four will become disabled, and about one in eight will die before reaching retirement.

To learn more about Social Security and exactly what you’re earning for yourself by paying Social Security taxes, take a look at our online booklet, How You Earn Credits, at www.socialsecurity.gov/pubs/10072.html.

We’re doing this job together. The small amount you contribute with every paycheck allows us to help millions of retired workers, disabled people, and veterans. You can learn more about how we’re with you through life’s journey at www.socialsecurity.gov.

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44 thoughts on “We’re Working Together to Secure Today and Tomorrow

  1. seems he gov. spend more than taking in. no mater
    how much we give – seems never enough for the
    gov. also the return on ss is based on payroll.
    then reaching age to receive ss they don’t pay the
    amount that should be received – if one continues
    to work past 80.
    NEVER ENOUGH

    • well if obama didn’t cut the number of people working ie the obamacare requirement of less than 50 ppl and less than 40 hrs of work there would not be less taxes collected.

      • BUT WHAT ABOUT THE BOATLOADS OF REFUGEES WHO COME IN AS VISITING AND NEVER LEAVE AND IMMEDIATELY GET OUR SOCIAL SECURITY MONEY¿ ? AND WHAT ABPUT MY UNCLE WHO PAID INTO SS BIG AND DIED BEFORE HE COULD COLLECT.
        .WHY SHOULD HIS MONEY GO TO STRANGERS¿?

  2. I have a question how is it that people come from other countries and they are already retired how are they able to received SS benefits when they have not paid a dime into the system?

  3. The SSA provides more services and assistance in many areas than are listed here. Go to their new web site on how to make complicated issues simple. It is a need to know.

  4. The 800 phone number, this web site, and my local SSA office has been very helpful to me when I needed to transition from my spouse’s health plan when she retired to Medicare……each transaction was very pleasant and a credit to the SSA employees…..and, I thank you………..

    • Thank you Mr. Stack! We’re pleased we can help. We will continue our efforts to meet your requirements and expectations in the years to come.

  5. I can not get into my SS account , I have called and had even gone into the office and still can not get into my account. Please help.

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