Checking In With Your Own Labor History
Given that Monday is Labor Day, I thought I'd take a look at my last Social Security/Medicare statment to see how much I've paid in taxes for both over my working life. The statement says I began paying into to Social Secuirty in 1965 (a part time job during high school) and continued up through the present. Given what I've paid in, and that I won't retire until 65 at the earliest, there's no way I'll get all that money back -- I won't live that long.I wonder how many people, like me, won't get their money back, either because they die, or they end up with reduced benfits due to the meme the Government is pushing that in 2014, SS will begin paying out more than it takes in, and by 2041 will not have enough to cover everyone? Why doesn't the excess paid in go back to our heirs if we die early?
I've also paid a bundle into Medicare, which I'm years away from collecting on. If I die, Medicare too keeps the money it collected from me. Do they use it to pay medical care for someone else?
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