CHFD 3710 - CHFD 3710 The U.S. government offers the...

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CHFD 3710 The U.S. government offers the OASDI(The Federal Old-Age, Survivors,and Disability Insurance) program, better known as Social Security, to retired workers, disabled workers, and surviving spouses of workers who have paid into the program Benefits get paid out to people today from payments made by current workers(economists call this a pay-as-you-go plan) If current payroll tax rates stay the same, the shortfall will begin in 2012 and the trust fund will be exhausted by 2041 Social security serves as a financial safety net for most retired workers and their families The full-retirement age increases for those born after 1938 because people live longer today than in the past Workers can begin to get benefits as early as age 62 The social security program bases benefits on a person’s highest earnings of all years worked after 1950 Social Security also provides a pension for workers’ spouses A person entitled to social security benefits also gets Medicare(part A) hospital insurance
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CHFD 3710 - CHFD 3710 The U.S. government offers the...

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