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How would the distribution of income change if Social Security were privatized?
Privatizing social security would mean that it is no longer a guaranteed system that Americans can depend on. Instead, it would be more like a pension program, and many pension programs have ended because private companies have found them too costly. It is not worth the risk of such an important program ending or being downsized. People are really not going to save for there retirement money..that why we have this program so when we retire we can safely know that we have money.
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Answer No, ordinary creditors can't garnish Social Security benefits. However, the IRS can. This is a relatively recent program. If your Social Security benefi…t is more than $750/month, and you have an IRS obligation that's more than 6 months in arrears, the IRS can garnish 15% of your monthly benefit. As I understand it, this may not apply to Soc. Sec. Disability or perhaps to other types of Soc. sec. benefits, but it definitely applies to S.S. Retirement benefits. (I know, because I was just notifed that they'll be taking $207 from my monthly benefit!) They must notify you in advance, but the notice may arrive just a couple days before they garnish your next payment (mine did). You then have the right to appeal it, based on "hardship," but you should contact the IRS right away or they'll garnish your next payment. Answer NOT SS disability payments. Answer No. All Social Security benefits are totally exempted from creditor action, except by the IRS under the recent program mentioned above.
Answer No. Social Security income is considered a "protected class" and cannot be garnished. Most garnishments would be a result of a court order and n…ot because of some private company got a wild hair. The IRS is the only exception to effecting a garnishment without benefit of a court order that I know of.
How much and what types of other incomes count against me when I am receiving Social Security
is social security considered income?
No. The Social Security benefits would be a part of all of your other Unearned Income for the year. You are not working for the benefits that are paid to you during each year.…
what is maximum income one can make at age 63 without penalty on social security
Dangerous. Privatized Social Security means the contributions would be paid to, and the funds managed by, one or more private investment firms, rather than managed by (and bac…ked by) the federal government. The investment company would be run on a for-profit basis (which the federal government does not do), meaning investors would make money from ordinary workers' contributions, a practice with a built-in conflict of interest detrimental to the worker. If Social Security had been privatized when the stock market crashed in 2008, it would have been disastrous. For more information see Related Questions and Related Links, below.
No. Had this project moved forward the money would likely have gone to firms like AIG, Goldman Sachs, and Lehman Brothers. They have, as a an oligopoly, an extraordinary con…flict of interest in that they can create or cause to be created, paper that appears on the face to have value but ultimately does not. They can then cause your retirement assets to be used to purchase this valueless paper at extraordinary personal profit today while future generations learn that it is worthless long after the fact of the swindle. Privatizing Social Security is the most efficient way to secure retirement in the future. Investments would be restricted to insured municipals.Government Bonds and selected high grade corporation dividends. Ex: I calculated my SS contributions and matching contributions by my employers during my working life and estimated that these contributions invested, as suggested above, would have yielded $750,000 at retirement. Given a very low 3% return during retirement would yield $22,500 per year and my heirs would inherit $750,000 at my death. Our government would subsidize the transition for approximately 25years and then be free of the entitlement forever, similar to a mortgage. This would start at age 40 and all those qualified for SS over 40 would continue to participate in the present system.
No reason for the amount of your social security benefits to change. Some of the SSB could become taxable income to you on your income tax return.
An employee with a employer would have 7.65% withheld from from gross earnings. 21899.77 X .0765 = 1675.33 social security and medicare taxes.
All unearned income interest, dividends, capital gains, etc. would not be used for your social security benefits amount.
When calculating social security income thresholds are pensions from private companies or the military included?
No, not if this is about the earnings test amount of $14,160 before your SSB are reduced. Pension income is NOT earned income for this purpose. Only the amount of income tha…t you have worked for and earned would be used for the earnings test amount of $14,160.
Adam Smith believed in government intervention only to give assistance to emerging industries he would not have approved of the creation of Social Security
make it an easier transition for someone who is receiving social security benefits as a male who decides to change their sex to female. There are no guidelines for such a topi…c at present.This should be addressed so there would be an easier process for such people who are going through this transition.
The answer is no!
la gente es muy tonta para responder estas pregunta [Just call me Tonto, Kimosabe...] Benefits like SS and unemployment checks are usually not taxed like income unless one's… total income for the year reaches a certain limit. If one's sole source of income is SS, it probably will not be taxed. If one also have investment income, like from an IRA, or a pension, some or all of their SS benefit may be subject to income taxes.
Some people believe that anything done by government is going to be less efficient than what private enterprise would do. It is certainly possible for people to arrange to obt…ain pensions from a private source, rather than from the government. Possibly something more efficient than the social security system could be devised.