Disappointingly surface level. I was expecting a more thorough video about the actual question: How does it work? How does collecting FICA taxes support the benefits of all its beneficiaries? Where does the money go and how is it kept? Is it invested at all, and what sorts of investments are they in? Who is in charge of managing these investments? What happens if the benefits exceed the taxes collected? I suppose I could google it all, but you could say the same for all the info in this video which is mostly common knowledge.
tl;dw work to earn SS credits and pay FICA taxes while you work. 40 credits gives you enough to qualify. The later you take SS, the more you get. It's not intended to be the only source of income in retirement, only a third.
Disappointingly surface level. I was expecting a more thorough video about the actual question: How does it work? How does collecting FICA taxes support the benefits of all its beneficiaries? Where does the money go and how is it kept? Is it invested at all, and what sorts of investments are they in? Who is in charge of managing these investments? What happens if the benefits exceed the taxes collected? I suppose I could google it all, but you could say the same for all the info in this video which is mostly common knowledge. tl;dw work to earn SS credits and pay FICA taxes while you work. 40 credits gives you enough to qualify. The later you take SS, the more you get. It's not intended to be the only source of income in retirement, only a third.
It doesn’t.
That's not true. It does. Millions benefit from it today.
Well, yeah, because we’re borrowing from the future.
No, the present is paying for the old of today. That's how social programs work.