The Project Gutenberg EBook of Security in Your Old Age (Informational Service Circular No. 9), by Social Security Board Copyright laws are changing all over the world. Be sure to check the copyright laws for your country before downloading or redistributing this or any other Project Gutenberg eBook. This header should be the first thing seen when viewing this Project Gutenberg file. Please do not remove it. Do not change or edit the header without written permission. Please read the "legal small print," and other information about the eBook and Project Gutenberg at the bottom of this file. Included is important information about your specific rights and restrictions in how the file may be used. You can also find out about how to make a donation to Project Gutenberg, and how to get involved. **Welcome To The World of Free Plain Vanilla Electronic Texts** **eBooks Readable By Both Humans and By Computers, Since 1971** *****These eBooks Were Prepared By Thousands of Volunteers!***** Title: Security in Your Old Age (Informational Service Circular No. 9) Author: Social Security Board Release Date: August, 2005 [EBook #8666] [Yes, we are more than one year ahead of schedule] [This file was first posted on July 30, 2003] Edition: 10 Language: English Character set encoding: ISO-8859-1 *** START OF THE PROJECT GUTENBERG EBOOK SECURITY IN YOUR OLD AGE *** [Note: According to the Social Security Administration website, this pamphlet was published in 1936.] Security in Your Old Age Social Security Board Washington, D.C. To Employees of Industrial and Business Establishments FACTORIES--SHOPS--MINES--MILLS--STORES OFFICES AND OTHER PLACES OF BUSINESS Beginning November 24, 1936, the United States Government will set up a Social Security account for you, if you are eligible. To understand your obligations, rights, arid benefits you should read the following general explanation. There is now a law in this country which will give about 26 million working people something to live on when they are old and have stopped working. This law, which gives other benefits, too, was passed last year by Congress and is called the Social Security Act. Under this law the United States Government will send checks every month to retired workers, both men and women, after they have passed their 65th birthday and have met a few simple requirements of the law. WHAT THIS MEANS TO YOU This means that if you work in some factory, shop, mine, mill, J. store, office, or almost any other kind of business or industry, you will be earning benefits that will come to you later on. From the time you are 65 years old, or more, and stop working, you will get a Government check every month of your life, if you have worked some time,(one day or more) in each of any 5 years after 1936, and have earned during that time a total of $2,000 or more. The checks will come to you as a right. You will get them regardless of the amount of property or income you may have. They are what the law calls "Old-Age Benefits" under the Social Security Act. If you prefer to keep on working after you are 65, the monthly checks from the Government will begin coming to you whenever you decide to retire. The Amount of Your Checks How much you will get when you are 65 years old will depend entirely on how much you earn in wages from your industrial or business employment between January 1, 1937, and your 65th birthday. A man or woman who gets good wages and has a steady job most of his or her life can get as much as $85 a month for life after age 65. The least you can get in monthly benefits, if you come under the law at all, is $10 a month. IF YOU ARE NOW YOUNG Suppose you are making $25 a week and are young enough now to go on working for 40 years. If you make an average of $25 a week for 52 weeks in each year, your check when you are 65 years old will be $53 a month for the rest of your life. If you make $50 a week, you will get $74.50 a month for the rest of you life after age 65. IF YOU ARE NOW MIDDLE-AGED But suppose you are about 55 years old now and have 10 years to work before you are 65. Suppose you make only $15 a week on the average. When you stop work at age 65 you will get a check for $19 each month for the rest of your life. If you make $25 a week for 10 years, you will get a little over $23 a month from the Government as long as you live after your 65th birthday. IF YOU SHOULD DIE BEFORE AGE 65 If you should die before you begin to get your monthly checks, your family will get a payment in cash, amounting to 3½ cents on every dollar of wages you have earned after 1936. If, for example, you should die at age 64, and if you had earned $25 a week for 10 years before that time, your family would receive $455. On the other hand, if you have not worked enough to get the regular monthly checks by the time you are 65, you will get a lump sum, or if you should die your family or estate would get a lump sum. The amount of this, too, will be 3½ cents on every dollar of wages you earn after 1936. Taxes The same law that provides these old-age benefits for you and other workers, sets up certain new taxes to be paid to the United States Government. These taxes are collected by the Bureau of Internal Revenue of the U. S. Treasury Department, and inquiries concerning them should be addressed to that bureau. The law also creates an "Old-Age Reserve Account" in the United States Treasury, and Congress is authorized to put into this reserve account each year enough money to provide for the monthly payments you and other workers are to receive when you are 65. YOUR PART OF THE TAX The taxes called for in this law will be paid both by your employer and by you. For the next 3 years you will pay maybe 15 cents a week, maybe 25 cents a week, maybe 30 cents or more, according to what you earn. That is to say, during the next 3 years, beginning January 1, 1937, you will pay 1 cent for every dollar you earn, and at the same time your employer will pay 1 cent for every dollar you earn, up to $3,000 a year. Twenty-six million other workers and their employers will be paying at the same time.

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