Social Security Benefits
Many of us in this day and age are familiar with the Social Security Act of 1935 as the roots still bury deep in American history. It was on August 14, 1935, an important day in time, when former President Franklin D. Roosevelt drafted his signature to carry out the Social Security Act (FDR Signs Social Security Act, History). In President Roosevelt’s very own words, "We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family ..." This law did just that. Initially, under the 1935 law, what we now know as Social Security only compensated retirement benefits to
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The means test generally excludes any aid one might receive under the provisions of the Social Security Act and the federal government benefits for state unemployment systems also in conferment to the social security act. A few courts of bankruptcy have made comments that suggest that t that unemployment is a benefit received under the SSA and that therefore you should not include it as income on the means test (Current Monthly Income for the Bankruptcy Means Test?). On the contract other bankruptcy courts, argue that income received for unemployment purposes is not something that falls under the Social Security Benefit and that one must be cognoscente of this fact and include in their means test …show more content…
According to an informative web source, in a streaming article called ‘Few understand that Social Security is already means-tested’, Wages that exist of more than $767 a month but no greater than an amount of $4,624 a month receive credit at a 32 percent rate. This signifies the increase of retirement benefits at an even lower rate. Likewise, to any calculations associated with Social Security or any attribute of it’s realm, earnings is something’s that receives a lot of focus. In addition, we also learn from this web page that contrary to the beliefs, more equates to less for wages that are greater than $4,624. This is a month higher than the wage base maximum which they conclude is $113,700 for 2013. This would mean that the crediting rate would only be 15%. Furthermore, we come to understand that all the wages earned including the employment taxes paid which would also be considered, that are over a certain amount would receive benefits at only a fraction of the rate for the lowest wage earners. As a result, the social security formula of how these benefits are calculated reduces the benefits that accumulates to even greater wage sums by 85 percent. All together this The higher your means, the lower your benefit (Burns, Scott. "Few Understand That Social Security Is Already
The means test generally excludes any aid one might receive under the provisions of the Social Security Act and the federal government benefits for state unemployment systems also in conferment to the social security act. A few courts of bankruptcy have made comments that suggest that t that unemployment is a benefit received under the SSA and that therefore you should not include it as income on the means test (Current Monthly Income for the Bankruptcy Means Test?). On the contract other bankruptcy courts, argue that income received for unemployment purposes is not something that falls under the Social Security Benefit and that one must be cognoscente of this fact and include in their means test …show more content…
According to an informative web source, in a streaming article called ‘Few understand that Social Security is already means-tested’, Wages that exist of more than $767 a month but no greater than an amount of $4,624 a month receive credit at a 32 percent rate. This signifies the increase of retirement benefits at an even lower rate. Likewise, to any calculations associated with Social Security or any attribute of it’s realm, earnings is something’s that receives a lot of focus. In addition, we also learn from this web page that contrary to the beliefs, more equates to less for wages that are greater than $4,624. This is a month higher than the wage base maximum which they conclude is $113,700 for 2013. This would mean that the crediting rate would only be 15%. Furthermore, we come to understand that all the wages earned including the employment taxes paid which would also be considered, that are over a certain amount would receive benefits at only a fraction of the rate for the lowest wage earners. As a result, the social security formula of how these benefits are calculated reduces the benefits that accumulates to even greater wage sums by 85 percent. All together this The higher your means, the lower your benefit (Burns, Scott. "Few Understand That Social Security Is Already