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diff --git a/8666.txt b/8666.txt new file mode 100644 index 0000000..7ab20d7 --- /dev/null +++ b/8666.txt @@ -0,0 +1,679 @@ +The Project Gutenberg EBook of Security in Your Old Age (Informational +Service Circular No. 9), by Social Security Board + +This eBook is for the use of anyone anywhere at no cost and with +almost no restrictions whatsoever. You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: Security in Your Old Age (Informational Service Circular No. 9) + +Author: Social Security Board + +Posting Date: April 5, 2014 [EBook #8666] +Release Date: August, 2005 +First Posted: July 30, 2003 + +Language: English + +Character set encoding: ASCII + +*** START OF THIS PROJECT GUTENBERG EBOOK SECURITY IN YOUR OLD AGE *** + + + + +Produced by an anonymous Project Gutenberg volunteer. + + + + + + + + + +[Note: According to the Social Security Administration website, this +pamphlet was published in 1936.] + + + +Security in Your Old Age + +Social Security Board + +Washington, D.C. + + +To Employees of Industrial +and Business Establishments + + + + +FACTORIES--SHOPS--MINES--MILLS--STORES +OFFICES AND OTHER PLACES OF BUSINESS + + + +Beginning November 24, 1936, the United States Government will set up a +Social Security account for you, if you are eligible. To understand your +obligations, rights, arid benefits you should read the following general +explanation. + +There is now a law in this country which will give about 26 million +working people something to live on when they are old and have stopped +working. This law, which gives other benefits, too, was passed last year +by Congress and is called the Social Security Act. + +Under this law the United States Government will send checks every month +to retired workers, both men and women, after they have passed their 65th +birthday and have met a few simple requirements of the law. + + + +WHAT THIS MEANS TO YOU + + +This means that if you work in some factory, shop, mine, mill, J. store, +office, or almost any other kind of business or industry, you will be +earning benefits that will come to you later on. From the time you are 65 +years old, or more, and stop working, you will get a Government check +every month of your life, if you have worked some time,(one day or more) +in each of any 5 years after 1936, and have earned during that time a +total of $2,000 or more. + +The checks will come to you as a right. You will get them regardless of +the amount of property or income you may have. They are what the law calls +"Old-Age Benefits" under the Social Security Act. If you prefer to keep on +working after you are 65, the monthly checks from the Government will +begin coming to you whenever you decide to retire. + + + + +The Amount of Your Checks + + + +How much you will get when you are 65 years old will depend entirely on +how much you earn in wages from your industrial or business employment +between January 1, 1937, and your 65th birthday. A man or woman who gets +good wages and has a steady job most of his or her life can get as much as +$85 a month for life after age 65. The least you can get in monthly +benefits, if you come under the law at all, is $10 a month. + + + +IF YOU ARE NOW YOUNG + + +Suppose you are making $25 a week and are young enough now to go on +working for 40 years. If you make an average of $25 a week for 52 weeks in +each year, your check when you are 65 years old will be $53 a month for +the rest of your life. If you make $50 a week, you will get $74.50 a month +for the rest of you life after age 65. + + + +IF YOU ARE NOW MIDDLE-AGED + + +But suppose you are about 55 years old now and have 10 years to work +before you are 65. Suppose you make only $15 a week on the average. When +you stop work at age 65 you will get a check for $19 each month for the +rest of your life. If you make $25 a week for 10 years, you will get a +little over $23 a month from the Government as long as you live after your +65th birthday. + + + +IF YOU SHOULD DIE BEFORE AGE 65 + + +If you should die before you begin to get your monthly checks, your family +will get a payment in cash, amounting to 3-1/2 cents on every dollar of wages +you have earned after 1936. If, for example, you should die at age 64, and +if you had earned $25 a week for 10 years before that time, your family +would receive $455. On the other hand, if you have not worked enough to +get the regular monthly checks by the time you are 65, you will get a lump +sum, or if you should die your family or estate would get a lump sum. The +amount of this, too, will be 3-1/2 cents on every dollar of wages you earn +after 1936. + + + + +Taxes + + + +The same law that provides these old-age benefits for you and other +workers, sets up certain new taxes to be paid to the United States +Government. These taxes are collected by the Bureau of Internal Revenue of +the U. S. Treasury Department, and inquiries concerning them should be +addressed to that bureau. The law also creates an "Old-Age Reserve +Account" in the United States Treasury, and Congress is authorized to put +into this reserve account each year enough money to provide for the +monthly payments you and other workers are to receive when you are 65. + + + +YOUR PART OF THE TAX + + +The taxes called for in this law will be paid both by your employer and by +you. For the next 3 years you will pay maybe 15 cents a week, maybe 25 +cents a week, maybe 30 cents or more, according to what you earn. That is +to say, during the next 3 years, beginning January 1, 1937, you will pay 1 +cent for every dollar you earn, and at the same time your employer will +pay 1 cent for every dollar you earn, up to $3,000 a year. Twenty-six +million other workers and their employers will be paying at the same time. + + +After the first 3 years--that is to say, beginning in 1940--you will, pay, +and your employer will pay, 1-1/2 cents for each dollar you earn, up to +$3,000 a year. This will be the tax for 3 years, and then, beginning in +1943, you will pay 2 cents, and so will your employer, for every dollar +you earn for the next 3 years. After that, you and your employer will each +pay half a cent more for 3 years, and finally, beginning in 1949, twelve +years from now, you and your employer will each pay 3 cents on each dollar +you earn, up to $3,000 a year. That is the most you will ever pay. + + + +YOUR EMPLOYER'S PART OF THE TAX + + +The Government will collect both of these taxes from your employer. Your +part of the tax will be taken out of your pay. The Government will collect +from your employer an equal amount out of his own funds. + +This will go on just the same if you go to work for another employer, so +long as you work in a factory, shop, mine, mill, office, store, or other +such place of business. (Wages earned in employment as farm workers, +domestic workers in private homes, Government workers, and on a few other +kinds of jobs are not subject to this tax.) + + + +OLD-AGE RESERVE ACCOUNT + + +Meanwhile, the Old-Age Reserve fund in the United States Treasury is +drawing interest, and the Government guarantees it will never earn less +than 3 percent. This means that 3 cents will be added to every dollar in +the fund each year. + +Maybe your employer has an old-age pension plan for his employees. If so, +the Government's old-age benefit plan will not have to interfere with +that. The employer can fit his plan into the Government plan. + +What you get from the Government plan will always be more than you have +paid in taxes and usually more than you can get for yourself by putting +away the same amount of money each week in some other way. + +Note.--"Wages" and "employment" wherever used in the foregoing mean wages +and employment as defined in the Social Security Act. + + + + +WHERE TO GET MORE INFORMATION + + + +If you want more information, write to the Social Security Board, +Washington, D.C., or get in touch with one of the following offices: + +Region I--Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and +Connecticut: + + Social Security Board + 120 Boylston Street + Boston, Mass. + +Region II--New York: + + Social Security Board + 45 Broadway + New York, N.Y. + +Region III--New Jersey, Pennsylvania, and Delaware: + + Social Security Board + Widener Building + Juniper and Chestnut Streets + Philadelphia, Pa. + +Region IV--Virginia, West Virginia, North Carolina, Maryland, and District +of Columbia: + + Social Security Board + National Theatre Building + Washington, D. C. + +Region V--Kentucky, Ohio, and Michigan: + + Social Security Board + Bulkley Building + 1501 Euclid Avenue + Cleveland, Ohio + +Region VI--Illinois, Indiana, and Wisconsin: + + Social Security Board + 211 West Wacker Drive + Chicago, 111. + +Region VII--Tennessee, Mississippi, Alabama, Georgia, Florida, and South +Carolina: + + Social Security Board + 1829 First Avenue North + Birmingham, Ala. + +Region VIII--Minnesota, North Dakota, and Nebraska: + + Social Security Board + New Post Office Building + Minneapolis, Minn. + +Region IX--Missouri, Kansas, Arkansas, and Oklahoma: + + Social Security Board + Dierks Building + 1006 Grand Avenue + Kansas City, Mo. + +Region X--Louisiana, Texas, and New Mexico: + + Social Security Board + Smith-Young Tower Building + San Antonio, Tex. + +Region XI--Montana, Idaho, Utah, Colorado, Arizona, and Wyoming: + + Social Security Board + Patterson Building + 1706 Welton Street + Denver, Colo. + +Region XII--California, Oregon, Washington, and Nevada: + + Social Security Board + Humboldt Bank Building + 785 Market Street + San Francisco, Calif. + + +INFORMATIONAL. SERVICE CIRCULAR No. 9 + +U. S. GOVERNMENT PRINTING OFFICE + + + + + + + + + +End of the Project Gutenberg EBook of Security in Your Old Age +(Informational Service Circular No. 9), by Social Security Board + +*** END OF THIS PROJECT GUTENBERG EBOOK SECURITY IN YOUR OLD AGE *** + +***** This file should be named 8666.txt or 8666.zip ***** +This and all associated files of various formats will be found in: + http://www.gutenberg.org/8/6/6/8666/ + +Produced by an anonymous Project Gutenberg volunteer. + +Updated editions will replace the previous one--the old editions +will be renamed. + +Creating the works from public domain print editions means that no +one owns a United States copyright in these works, so the Foundation +(and you!) can copy and distribute it in the United States without +permission and without paying copyright royalties. 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