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Key Changes Strengthening SS Finances
Social Security Benefits Have Risen & Continue To Rise
Positive changes helping to finance increased benefits:
US economy (GDP & payrolls) have grown (see graph)
Baby boomers & women entering workforce in 60’s-70’s more workers
Retirement age being raised to 67
Social Security tax rates rose until mid-1980’s
- 1950: 3.0% (combined employee share + employer share; not counting Medicare tax)
- 1960: 6.0%
- 1970: 8.4%
- 1980: 10.2%
- 1990: 12.4%
- 2000: 12.4%
- Today: 12.4%