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Social Security’s Costs: Are We Better off Without it?
Social Security payroll deductions consume a large component of workers’ paychecks at 12.4%. This amount is split equally between employee and employer, with self-employed individuals paying the full amount themselves. For many, this is more than they pay in federal income tax. The payroll deduction also offsets one’s own private savings. Therefore, according to The Heritage Foundation, it is important that workers receive a valuable benefit from Social Security that is at least as good as they could obtain from saving on their own. This incredibly comprehensive analysis looks at Social Security and suggests private savings may produce higher incomes, given Social Security’s historically low rates of return. Read more…
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.