Blackboard: Pertinent Questions
1) What is FICA?
2) What is a Passbook Savings Account?
3) If available, would you put your savings in a
Passbook Savings Account? Why/Why Not?
4) Do you see yourself with, at least, a half million
dollars available for your retirement?
5) Do you think your Social Security benefits should
be taxed after you retire?
Current Research
Since it's near tax time, get your pay stub from the end of the year and look at the amount you paid in Social Security-Employee Portion or look at your W-2 under box 4 "Social Security Tax Withheld". Double that amount to reflect what your employer paid in, too! Quite an annual retirement amount, don't you think?
(To calculate your own SSavings account, click here)