What are you paying for?. Social Security Created in 1935 by President Franklin Roosevelt Program created to provide for the elderly an disabled retirees.
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Presentation on theme: "What are you paying for?. Social Security Created in 1935 by President Franklin Roosevelt Program created to provide for the elderly an disabled retirees."— Presentation transcript:
Social Security Created in 1935 by President Franklin Roosevelt Program created to provide for the elderly an disabled retirees The largest government program in the world and the single greatest expenditure in the federal budget
Medicare Signed into law by President Lyndon Johnson in 1965 Is an amendment to Social Security All persons 65 years of age or older who have been legal residents of the United States for at least 5 years are eligible for Medicare (can get it under age 65 if one has a medical condition)
Medicaid Signed into law by President Johnson in 1965 Program for people or families with low incomes and resources States provide up to half of the funding for the Medicaid program (not solely funded at the federal level)
Health Care Some employers offer it, others don’t Amount of deduction is based off what plan you choose and how many people you cover (family size) Not required to have it (Obama wants to make it mandatory) His plan would give employers and citizens a government option that would make it more affordable for people
Unemployment Money paid to workers who have lost their jobs through no fault of their own Pennsylvanians may be eligible for up to 26 weeks of regular state-funded Can receive extended benefits or apply for federal benefits after that time
My retirement 403B (401K) – A personal savings plan that employees contribute into an account and do not pay income tax on Interest earned on money in a 401K account is never taxed before funds are withdrawn Penalized on money withdrawn before age 59 ½ Employers may choose to match contributions that workers make.
My retirement State Pension - an arrangement to provide people with an income when they are no longer earning a regular income from employment The school district (my employer) contributes a percentage and I contribute a percentage
Federal Income Tax State Income Tax Union Dues (10 pays a year)