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“The average post-retirement Social Security payout in 2022 is $1,657 per month — that’s barely enough to live above the national poverty level for a two-person household,” Ramsey wrote.
Here’s how the Social Security Administration runs the math: If you are receiving a Social Security benefit and are under full retirement age for the entire year, $1 is deducted from your ...
Social Security is primarily funded by the 12.4% payroll tax collected on earned income (wages and salary, but not investment income). In 2024, earned income between $0.01 and $168,600 was subject ...
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The first Social Security office opened in Austin, Texas, on October 14, 1936. [10] Social Security taxes were first collected in January 1937, along with the first one-time, lump-sum payments. [8] The first person to receive monthly retirement benefits was Ida May Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940, was in ...
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