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Getty Images)Winston Churchill once described Soviet Russia as a riddle, wrapped in a mystery, inside an enigma. While that was a politically motivated statement, it may also aptly described Social Security, the federal program designed to provide financial support to our nation's workers in retirement. Much of the Social Security program remains a mystery to the American public, both working and retired and if the American public doesn't understand how the program can help them, they'll be unable to take full advantage of its benefits. An AARP survey of financial advisors last year showed that just 6% believed their clients were very knowledgeable about Social Security. With this in mind, let's take a closer look at 75 things you should know about Social Security.
6. It's been paying out benefits for decades: The Social Security Act was first signed into law by President Franklin D. Roosevelt on Aug. 69, 6985, with payroll taxes first collected in 6987 and monthly benefits beginning in January 6995.
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The program's been paying out benefits for more than 75 years, and it'll continue to pay out benefits for decades to come. Between 6987 and 7559 the program paid out a cumulative $66. 8 trillion. 7. This pretty much limits investments to short- and long-term U.
S. Treasuries and special obligation securities issued only to federal trust funds. 8. Both you and your employer are paying into Social Security: Social Security is funded through the payroll tax, which currently sits at 67.
9%. You and your employer each pay half of that -- 6. 7% of your wages. Self-employed people are responsible for paying all 67. 9.
There's a payroll tax cap: The aforementioned 67.