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| He slicked up his style so much that I didn't recognize Joe Maneely at first. My guess is that the client wanted slick and Maneely choked a bit. |
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| Additional Information |
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Your Social Security Card Is Valuable!
- Keep It In A Safe Place ...
- Show It To Your Employer When You Start A New Job.
- If you Change Your Name, Go To The Social Security Office And Get A Card In Your New Name.
- If You Lose Your Card, Gat A Duplicate Right Away.
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| THE STORY OF OLD-AGE AND SURVIVORS INSURANCE |
Twenty years ago only about 1 worker in 10 was covered by any retirement system, and only about 1 worker in 20 by a public retirement program.
TODAY 9 out of 10 people who work for a living can count on retirement benefits for themselves and their dependents under Federal Old-Age and Survivors Insurance, which also assures 9 out of 10 mothers and children of monthly insurance benefits in case of the death of the family breadwinner. |
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| HOW IT WORKS |
| Workers, their employers, and self-employed people pay contributions while they are working, and when the worker reaches 65 (if he is earning no more than a certain amount) or when he reaches 72 (no matter how much he is earning) monthly cash benefits are paid to the worker and his dependents or to his survivors. |
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| 71 MILLION WORKERS INSURED |
| At the beginning of 1956, about 71 million people were insured under the law. About 32 million of them were permanently insured - they will stay insured even if they do no more work. |
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| 8 MILLION BENEFICIARIES |
| Monthly payments were being made in January 1956 to more than 8 million persons. Over half of all aged persons who have no income from employment or self-employment are receiving old-age insurance benefits. Over half of all children whose fathers have died are now getting monthly survivors insurance payments.
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| BENEFIT AMOUNTS |
| The average old-age benefit paid at the end of 1940 (the first year in which monthly payments were made) was S22.60. At the end of 1955, the average monthly payment to a retired worker with no dependents receiving benefits was about $59.50, for a retired aged couple about S104.00, and for aged widows, S48.80. Widowed mothers with 2 children were getting monthly payments averaging $134.00. The figures above are averages for all beneficiaries on the rolls. Payments are higher to those who have more recently come on the rolls and whose benefits are based on the earnings after 1950 of workers who were eligible to have years of low earnings dropped in figuring benefits. Among those now becoming entitled to benefits, the average benefit for a retired worker alone is about $76.00, an aged couple averages over $128.00, an aged widow $65.00, and the average for a young widow with 2 minor children is S180.00. When the 1954 amendments are fully effective, a retired worker may qualify for benefits as high as S108.50 monthly. Total family payments can now be as much as $200 monthly. Lump-sum payments when an insured worker dies can be as much as S255. |
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| FINANCING THE PROGRAM |
| Money to pay for old-age and survivors insurance comes from social security taxes paid by employees, their employers, and self-employed people. These taxes go into a special trust fund and can be used only to pay benefits and the cost of administering the program. The tax rate at present is 2 percent each for employees and employers, and 3 percent for self-employed people, on earnings up to S4,200 per year. These rates are scheduled to increase gradually until 1975, when they will be 4 percent and 6 percent, respectively. Benefit payments were 55 billion in 1955. More than $5.8 billion were received in taxes, and some S475 million were paid to the fund in interest. Administrative costs for the year were about S118 million, or 2 percent of the tax contributions. On December 31, 1955, the trust fund stood at $21.5 billion. Except for a small amount held in cash, the fund is invested in interest-bearing United States Government securities. |
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| A LOOK INTO THE FUTURE |
| The full meaning of old-age and survivors insurance for the American people will not be seen for some years to come. In 1975, there will be more than 20 million Americans 65 and over. Four out of five of them will be eligible for old-age and survivors insurance payments as retired workers, aged wives, dependent husbands, widows or dependent widowers, or parents. The trust fund will continuo to grow. Nearly 90 million people may be in work covered by the law, and 93 million people will be insured. A total of about 16.5 million people will be receiving monthly benefits. |
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| ALL THIS MEANS... |
| greater family security for more people than ever before. |
| The data in the additional content section is courtesy of Galactic Central. |
