Over the past 70 years Social Security has been a part of the American life. Social Security brings a value to society with the availability of retirement, disability and survivors insurance. Close to 49 million Americans receive Social Security Benefits.
Social Security is set up in such a way to account for the amount workers
and employers pay into the system and how much each employee will receive.
The amount paid is determined by a
formula,
paying higher wage earners more, but also paying a higher percentage for
low wage earners.
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