Ever wondered how your FICA contributions and Social Security connect to your future financial security? Let's demystify the process and discover the parallels between your paycheck deductions and personal investment strategies. Dive into the world of life annuities and how the government's approach mirrors options available to you!
You go to work and you make money. Your paycheck shows the pre-tax deduction for FICA Your employer is required to match this contribution. Your FICA payments go into a big bucket where all other Americans' FICA taxes are aggregated. And then this bucket is invested into U.S Treasury bonds to ensure that over time it grows trying best to keep up with the cost of inflation. So truly Social Security is nothing more than a Life Annuity. You put dollars in they grow and one day you take them out as payments that last your entire life. The interesting part about all of this is that the United States government of America is using the very same kind of investment strategies that are available to you today on an individual level. These risk transfer products are called Annuities.
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