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When are auto deposit social security funds available?
National banks must make funds available for withdrawal on the “payment date.” This is the date on which the funds are actually payable, not the date on which the bank received the deposit.
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See this link from Social Security's Frequently Asked Questions (FAQ) page: http://www.ssa.gov/deposit/DDFAQ898.htm Here is the relevant portion: After I …sign up for direct deposit, do I have to stay with the same bank? No, you can use direct deposit at any federally insured bank, savings and loan or credit union. If you move your account, call Social Security's toll-free number, 1-800-772-1213 (TTY 1-800-325-0778), and a Social Security representative will change your direct deposit information. Open the new account and make sure your deposits are going to the new bank, savings and loan or credit union before you close the old account.
Social Security pays retirement, disability, and survivor benefits.
Legal businesses who employ individuals for work in exchange for money in the USA have a tax ID number that is unique and attached to all finances which is on file by the Inte…rnal Revenue Service (IRS) and the Federal Treasury Department (also known as FMS, Financial Management Services). To be a legal and legitimate employee, an individual employee must have a Social Security Number that is unique and attached to their personal full name, date of birth, city and state of birth and mother's maiden name and is kept on a Master Beneficiary Number file through their lifetime for earnings, taxes, identification, and other references. From each pay check earned for services, work, compensation or tips that an individual receives from their employer it includes a taxation from their gross earning that is set aside into an account for Social Security and Medicare. It is strictly money that comes from the EMPLOYEE only. The taxed funds do not include money from any other source: not the employer, the county, or state. It is from the worker's earned income only. It is not the same as Workers Compensation Fund. A person may have one employer his entire working career or he may have several, dozens, hundreds of different employers until he retires or becomes disabled and unable to do any gainful work. The uniquely identifiable Social Security Number assigned to you, the employee, follows your earning history and the special taxable amounts set aside into the Social Security and Medicare funds are always accruing and kept up to date. Therefore, when you retire from your profession, trade, skilled labor, etc., you notify Social Security Administration and begin to receive back all the moneys you paid into that fund which the Federal government taxed out of your paychecks in monthly benefit checks. So you receive a monthly check, a pension, regularly, from money which YOU EARNED AND SAVED for retirement or should a serious disability arise that forces you to stop working and begin receiving those funds. The funding in Social Security Administration to beneficiaries comes from THEIR paid work. It is not generated by the government itself nor public taxes: the social security administration check I received this month is actually money I saved while I was younger and able to work at my job. This is not to be confused with Social Security Insurance, known as 'SSI'. Social Security INSURANCE recipients receive a monthly stipend that is funded by state and county public taxes. Therefore, a small child can be a recipient of SSI, or a young blind person, or anyone who is ultimately unable to fend for themselves financially and would otherwise be unfed, without a home or the ability to pay for medication and living expenses necessary for survival. Due to our society's economic structure, this social insurance is funded by public taxes and is necessary for the health, safety and welfare of the general public. Without it, those who are unable to have adequate jobs and medical benefits for illness, medicine, hospitalization, childbirth, etc. would be at a total disadvantage, mainly through no fault of their own for whatever reason exists, to survive and would basically resort to desperate crimes to be able to eat, have shelter and live with the rest of the society. However, the beneficiaries of Social Security Administration Retirement are people who are receiving money they earned themselves and are classified different ways. Some are early retirement people, who became disabled and paid enough into their funds to collect it sooner; some are veterans who are retirement age or were injured while serving in the military forces; some are retired that worked for the railroad industry their whole working career, which is a major contributor and factor in our country's economic success. Others are spouses who did not work outside of the home but contributed by raising children and making sure they were educated and fed in a safe home so they could go on and become independent, self sufficient members in society and therefore are entitled to receive a retirement pension of their own from the husband or wife's working fund, because the Federal government and society recognizes that to be the same as being employed full time, even more so. We hope you have a better understanding and answer about how or where the funds come from regarding Social Security Administration's Retirement. It is a good question that many people think about often but is often overlooked when talked about or read in books and newspapers.
Lydon B johnson
Social security benefits is not qualifying earned income that you can use to contribute to a IRA account. There are three categories of qualifying income that can be used to m…ake contributions to a IRA account. Amounts earned as an employee, Self-employment income, and Alimony income.
The $2.5 Trillion of debt obligations held by the SS Trust Fund are most certainly part of the National Debt. The obligations are legally parri passu (equal under the law) wit…h the debt held by the public.
The direct deposit date is based on the date of birth for the person whose earnings record is being used to pay benefits. If your benefits are calculated from your own work re…cord, then your date of birth is used; if the benefits are calculated on a spouse's or (for children) parent's work record, then his or her date of birth is used. If the birthday occurred on the: 1st through 10th, your deposit will be on the second Wednesday of each month 11th through 20th, your deposit will be on the third Wednesday of each month 21st through 31st, your deposit will be on the fourth Wednesday of each month If you receive Supplemental Security Income (SSI) checks only, your deposit will be on the first day of the month If benefits began prior to May 1997 or you receive both SSDI and SSI benefits, your deposit will be on third day of the month If the scheduled date falls on a holiday, benefits are paid one business day earlier than scheduled. Access the exact calendar dates for 2010 via Sources and Related Links, below.
The Social Security Trust Fund was established in 1939 to receive monies collected for Social Security through payroll taxes. The monies in this fund are managed by the Depart…ment of the Treasury; they are not, nor have they ever been, put into the "general operating fund." However, the Social Security Act specifies that the monies in the fund may "be invested in securities backed by the full faith and credit of the Federal government," such as treasury bills, treasury notes, and treasury bonds, as well as special issue bonds. So, essentially, the government can "invest" Social Security funds by lending them to itself, then spending that money on programs not related to Social Security (e.g., defense, foreign aid, education). This has always been the case. During the Johnson administration, Social Security and other Federal programs that operate through trust funds were counted officially in the budget. This did not mean that it was actually part of the general fund, rather that it was finally recorded as part of the budget.
Social Security is funded through salary deductions.
It will not unless our country has no money ever again but that will not ever happen. Money that is collected from employees and employers via the FICA tax goes into the soc…ial security fund. The fund is "invested" completely in government bonds that pay interest to the fund. The fund pays the benefits for social security. At the present rate of pay-out and collection, the fund will run out of money in about 2040. The problem is that even before the fund runs out of money, it will have to start cashing in its bonds and the money will have to be found from other taxes. People who are working will have to pay more in taxes in order to pay benefits to to growing number of retired people. Benefits are not likely to be stopped but there will surely be pressure to reduce them.
SSDI or social security disability insurance is a paid into program. People receiving it must have worked 20 of the last 40 quarters (5 consecutive years) and are paid money e…ach month from what they put in as taxes. SSI or Supplimental Security Income is paid for by federal taxes.
It's difficult to answer this question with a simple yes or not, because you really need to understand the mindset of the US government in general (and that portion of it …in the Democratic party in particular) first. There is no social security fund in the sense that it's actually a separate pot of money somewhere. It probably should have been, and there have been some attempts to set up something like a social security trust fund that the government can't dip into whenever they feel like it, but none that have really amounted to anything. Instead, the money from taxes and FICA and whatnot all effectively goes into one big pot, and if there is at any time any money in the pot that isn't allocated to be spent on something somewhere, the government doesn't feel that it's doing its job. Effectively, the government has been stealing the Social Security money for decades and using it for ... whatever other crap they feel like funding; underwater basket weaving classes for disadvantaged inner-city youth or something. That's worked out thus far because more money has been coming in from FICA taxes than going out through Social Security benefits, even including those "Social Security" benefits that are actually more like what was traditionally called welfare and are beyond the original planned scope of the legislation (or at least the original stated scope of the legislation). It's been pretty clear (again, for decades) that eventually the situation will reverse: more money will need to go out in benefits than is coming in through FICA. The deficit will skyrocket, the Social Security system will collapse in ruins, and taxes will go through the roof. But perish forfend we cut the underwater basket weaving classes, or any other entitlement, now in order to avoid raising taxes later (better known to elected officials as "after I'm no longer in office"). So, back to the original question: Has Obama borrowed from the social security fund? Hell yes. It's not his own personal fault, of course; this has, as previously mentioned, been going on for decades, so it's nothing new to the Obama administration specifically... but he hasn't said "no, I'm not signing a budget unless it stays within tax revenues and at least starts paying back the enormous debt we already owe to the Social Security fund" either.