Social Security: 1 Outdated Rule That Sorely Needs to Change
The federal government doesn't just magically print money and use it to fund Social Security. Rather, the program is financed primarily through payroll tax revenue.When you collect your paycheck and notice a line item for FICA, that's the money you're paying into Social Security. And while you may not enjoy doing that, you probably will enjoy getting to collect a monthly benefit once you retire.Image source: Getty Images.Continue reading
The federal government doesn't just magically print money and use it to fund Social Security. Rather, the program is financed primarily through payroll tax revenue.
When you collect your paycheck and notice a line item for FICA, that's the money you're paying into Social Security. And while you may not enjoy doing that, you probably will enjoy getting to collect a monthly benefit once you retire.
Image source: Getty Images.
