Did you know that:
1. FICA (Federal INSURANCE Contributions Act) is a sacred trust between the workers and the government. It is an INSURANCE Program which we contributed while working and draw the benefits upon retirement.
2. 70 Million Americans rely on Social Security.
3. Of those, 28 million rely on Social Security as their only source of income and live barely above poverty level.
4. Social Security Disability program is the largest program on which most Veterans rely.
5. 10,000 Baby Boomers are retiring and going on Social Security in what is known as the “Silver Psunami”.
6. In 2008, when your 401K went to 101K, Social Security never missed a payment.
7. On an average, $200 Million per month in Social Security Benefits is sent to each of the 435 Congressional Districts, which in turn fuels the local economy because the retirees spend that money.
8. If the retirement age for Social Security is increased by 1 year, that is equal to 7% cut in benefits.
9. Social Security is the largest insurance program with the lowest Administrative costs of 0.95% .
Ash Marwah is a resident of the Village of Belvedere.