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Social Security IDS 1999: Did You Ever Wonder?

Social Security IDS 1999: Did You Ever Wonder?. Sarah Ishill, Rush Kimball, and Kevin O'Halloran. sarahishii@live.com, rushk1030@gmail.com, kevinmohalloran@gmail.com. History. FDR on 8/14/35. 1937 January 1940. Economic Security Act Abraham Epstein: AASS Ida May Fuller: (3) $24.75

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Social Security IDS 1999: Did You Ever Wonder?

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  1. Social Security IDS 1999: Did You Ever Wonder? Sarah Ishill, Rush Kimball, and Kevin O'Halloran sarahishii@live.com, rushk1030@gmail.com, kevinmohalloran@gmail.com

  2. History • FDR on 8/14/35. • 1937 • January 1940. • Economic Security Act • Abraham Epstein: AASS • Ida May Fuller: (3) $24.75 • 1/31/40: $22.54 • 1940-1975: $22,888.92

  3. Current Employee's Wages: 1/2 EE/Employer SS Total 12.4% Medicare Total 2.9% EXCEPT Work Study Self Employed Income: 15.3% replaces SS/Medicare EXCEPT <$400

  4. Statistics • US Budget $755 billion • Social Security Liability $15 Trillion • 90% over 65 receive • 39% elderly income • 94% of workers covered

  5. Galveston System • Opted out of USSS in 1981 • Citizens may Opt out • Employees pay in 13.9% of income • Private Account

  6. Future Outlook By 2033... Elderly pop. 2x from 2.8 Workers:Beneficiaryto 1.9 Workers:Beneficiary • exhausted trust funds by 2038 • 22% GDP- 2022 • 30% GDP- 2030

  7. Sources • http://www.ssa.gov/history/hfaq.html • http://www.ehow.com/facts_5180437_much-security-tax-do-pay_.html • http://www.nytimes.com/2011/09/18/us/how-privatized-social-security-works-in-galveston.html?pagewanted=all&_moc.semityn.www • http://money.usnews.com/money/retirement/slideshows/the-future-of-social-security

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