![]() Scammers can create fake links to websites. Do not click on links in texts or emails from people you don’t know.Be cautious about sharing personal financial information, such as your bank account number, social security number, or credit card number.For more helpful financial preparedness tips, download the Emergency Financial First Aid Kit (EFFAK) to get started planning today.Homeowners insurance does not typically cover flooding, so you may need to purchase flood insurance from the National Flood Insurance Program. Review your policy to make sure the amount and types of coverage you have meets the requirements for all possible hazards. Obtain property (homeowners or renters), health and life insurance if you do not have them. Not all insurance policies are the same.It is important to have small bills on hand because ATMs and credit cards may not work during a disaster when you need to purchase necessary supplies, fuel or food. Keep a small amount of cash at home in a safe place. Consider saving money in an emergency savings account that could be used in any crisis.Gather financial and critical personal, household and medical information.In these stressful times, having access to personal financial, insurance, medical and other records is crucial for starting the recovery process quickly and efficiently. Chemicals and Hazardous Materials IncidentsĪmericans at all income levels have experienced the challenges of rebuilding their lives after a disaster or other emergency." Starting Your Retirement Benefits Early. " Understanding the Benefits," Pages 1-3, 6-7. “ Social Security: The Trust Funds,” Pages 1-2. " Social Security and Medicare Tax Rates."Ĭongressional Research Service. " Office of the Chief Actuary's Estimates of Proposals to Change the Social Security Program or the SSI Program." " The 2022 OASDI Trustees Report, Table IV.B3: Covered Workers and Beneficiaries, Calendar Years 1945-2100." " Projections of the Size and Composition of the U.S. " The Pace of Boomer Retirements Has Accelerated in the Past Year." " Life Expectancy at Birth, Total (Years) - United States." " Fertility Rate, Total (Births per Woman) - United States." " Policy Basics: Understanding the Social Security Trust Funds." " Self-Employment Tax (Social Security and Medicare Taxes)."Ĭenter on Budget and Policy Priorities. " Fact Sheet: 2023 Social Security Changes,". 751, Social Security and Medicare Withholding Rates." " Status of the Social Security and Medicare Programs: A Summary of the 2023 Annual Reports." " Social Security: A Program and Policy History." Employees and employers split the tax contributions 50/50, with employees paying 6.2% of their wages and employers paying the other 6.2%. ![]() Social Security taxes amount to 12.4% of wages up to a cap on taxable annual income set at $147,0 and at $160,2. The Social Security program is funded through the Federal Insurance Contributions Act (FICA) tax, a dedicated payroll tax. Members of Congress continue to put forth proposals to address the shortfall in the Social Security program.Social Security's retirement benefits trust fund is projected to deplete reserves in 2033, leaving it reliant on tax receipts covering 77% of scheduled benefits. ![]()
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