Posted by HM on Monday, October 10, 2011 at 8:14am.
Of these four choices, C is probably best.
I am sort of new to this whole American system and welfare, but social security is basically a different a future trust fund type thing right?
Yes, in a way.
A worker and his/her employer pays into SS (also called FICA), each paycheck, and if it's paid into for at least 40 quarters (ten years), then the worker is eligible for some level of supplementary retirement income after reaching a certain age.
http://www.google.com/search?rlz=1C1GGGE_enUS379US379&gcx=w&sourceid=chrome&ie=UTF-8&q=fica
It was never intended to be a person's entire retirement income. It was intended to be supplemental, but unfortunately today, there are many retired people for whom this is their only income.
That is probably because they completely rely on it now eh?
Does everyone get a chance to fill Social Security ?
Only those who have paid into the system for at least 40 quarters. In some places, there are large cadres of workers who have never paid into SS. One example is teachers in California classrooms (and 13 other states, too, I've read). They pay into the State Teachers Retirement System (CalSTRS), but not into SS. Therefore, anyone who teaches in California classrooms for their entire career cannot apply for SS. (If any have worked at other jobs and/or in other states where teachers DO pay into SS, they might qualify for SS.)
b
B
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