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The money that i am paying to social security where is it going to now?

I don't understand why if everybody is paying there part as they work where is my money going.

Answer Question
 
mamaofficer

Asked by mamaofficer at 9:35 PM on Sep. 9, 2010 in Money & Work

Level 31 (50,120 Credits)
Answers (10)
  • towards those that receive social security and government assistance.
    Keyonsmom

    Answer by Keyonsmom at 9:36 PM on Sep. 9, 2010

  • Your money is going for today's senior citizens' SSI payments. Just like what my kids' and grandkids' will go to pay my SSI benefits when I am a senior citizen.
    specialwingz

    Answer by specialwingz at 9:37 PM on Sep. 9, 2010

  • The problem with social security is that when it was designed, it was not suppose to be a lastly thing. Also, people are living longer and are taking more out than they had put in. Your social security that you pay is technically going to the people who are receiving it now. Years down the road, when you are eligible, if social security is still around then the young people who are working then will paying for your social security.

    JeremysMom

    Answer by JeremysMom at 9:38 PM on Sep. 9, 2010

  • It's going to my granmda
    mommy_of_two388

    Answer by mommy_of_two388 at 9:41 PM on Sep. 9, 2010

  • Well there are less people working,getting on disability check so I see why there will be no social security money.
    mamaofficer

    Comment by mamaofficer (original poster) at 10:04 PM on Sep. 9, 2010

  • I like to think that it's going to my Grandparents too :) It's a nicer thought than just having it drift off to nowhere and never come back.
    So long money.....
    Erica_Smerica

    Answer by Erica_Smerica at 11:28 PM on Sep. 9, 2010

  • It goes to help with funding and then when you turn around 65 they give it to you. You can actually call them and they will tell you the exact amount you have ever paid into it and also every single job you had. Just call whenever you would like to and ask them they will go over it for you.
    Seterah1010

    Answer by Seterah1010 at 5:17 AM on Sep. 10, 2010

  • It's going to pay out other people's SS.
    HotMama330

    Answer by HotMama330 at 12:05 PM on Sep. 10, 2010

  • To expand on Seterah1010's comment: if you've ever paid into the system, you should be getting yearly statements showing how much you've paid each year and what your expected SS benefits will be down the line.

    FootballMom85

    Answer by FootballMom85 at 3:05 PM on Sep. 10, 2010

  • That's not enough for me to live on every month
    mamaofficer

    Comment by mamaofficer (original poster) at 3:43 PM on Sep. 10, 2010

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