“I was too old for a paper route, too young for Social Security and too tired for an affair.”
Social Security is largely a pay-as-you-go program. This means that today's workers pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries. As a pay-as-you-go system, Social Security differs from company pensions, which are “per-funded.” In per-funded retirement programs, the money is accumulated in advance so that it will be available to be paid out to today's workers when they retire. The private plans need to be funded in advance to protect employees in case the company enters bankruptcy or goes out of business.
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** What is social security retirement information
** How to update social security information
** How do I replace my Social Security card?
** How do I notify Social Security that I changed my address?
** When does Social Security pay benefits?
** What are taxes on social security
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