Commentary: To save Social Security, overhaul payroll tax system – now

FICA taxes are nonrefundable payroll taxes and are often mistaken for just another income tax. Despite what many individuals think, the amount of FICA taxes paid by a worker is not being saved in a separate account to fund their individual future retirement benefit. Rather, FICA taxes paid by current workers are funding benefits for current retirees.

Published by Pamela Kweller, RSSA®

Pamela Kweller is the Content & Community Manager at RSSA. She is also certified as a Registered Social Security Analyst®. The mission of RSSA is to help Americans get the maximum Social Security income they have earned, enabling them to enjoy their lives more fully. Contact Pamela: