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Payroll Taxes, and How Social Security Works

In this article appearing at a CFP (Certified Financial Planner) informational website for professionals, CFP Ken Frank discusses the recent “payroll tax holiday” and how it may affect Social Security, but goes on to provide a very good overview of how the Social Security program works. Among other things, he describes the payroll tax, what full retirement age is, how benefits are reduced for claiming early and increased for waiting beyond full retirement age, as well as how spousal and survivor benefits are determined. The article is a good description of Social Security’s most fundamental rules. Click here to read more.

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