Social Security is a government benefit countless people depend on. This is true for those who have already retired, are approaching retirement, or are just starting out in the work force. Those who are fully retired depend on Social Security payments to help sustain their livelihood. Unfortunately, future generations may not have this luxury.
The price of living continues to rise as incomes and Social Security benefits remains relatively the same. This means the general population will need to find other ways of supplementing their bank accounts. In the future, the framework of Social Security may resemble a combination of a 401(K) plan and a safety net for those in need.
Another factor which influences Social Security is commonly known as the payroll tax cut. The payroll tax cut was passed in the year 2010. For lower wage-earners, the tax cut does not make that much of a difference when it comes to take home pay. Individuals who earn considerably more do notice a difference. Congress recently extended the tax cut which, as usual, causes conflicting views in the political world as well as the general public.
Politics tends to be a topic where a lot of varying laws are involved that are not fully understood. People have a tendency to hypothesize and evaluate when all of the facts are not clearly understood. The topic of Social Security benefits is one that hits home with nearly everyone. This is part of the reason why so much attention is given to the payroll tax cut.
Social Security Benefits And The Payroll Tax Cut