Social Security is not intended to take care of all your financial needs.
Social Security is a public program designed to provide income and services when you retire, become sick or disabled, upon death and in some cases, if you become unemployed. It is based on the concept of working and paying taxes into the system. The Social Security taxes you and other workers pay are used to pay for Social Security benefits. You must work and pay taxes into Social Security in order to get benefits.
Eighty five cents of every dollar paid into the Social Security Trust Fund pays monthly benefits to retirees and their families and to widows, widower, and to children of workers who have died. Fifteen cents goes to a fund that pays benefits to people with disabilities and their families.
The entire amount of taxes you pay for Medicare goes to a trust fund that pays for some of the costs of hospital and related care of all Medicare beneficiaries. Medicare is administered by the Center for Medicare and Medicaid Services.
When you retire, become disabled, or if you die, you, your spouse and or dependent children will receive monthly benefits based on what you earned during your working years.
Although most people think of getting the benefits after retirement, Social Security can be received at any age depending on........
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On The Job Injuries
If you get hurt on the job, do you know about Worker's Compensation Insurance?
On the job accidents occur more often than you might think. Thousands of injuries are reported every year, many are minor and some are serious enough to cause hospitalization and major rehabilitation.
There are laws, both federal and state, that provide medical benefits for those who are injured on the job. Laws require employers to provide Workers' Compensation Insurance and Medical Disability Coverage, that will pay an employee's medical bills and a portion of the employee's salary if he or she misses work do to injury.
All fifty states have workers' compensation laws. They all require employer's to pay for the insurance but the laws of each state may differ, so it is wise to check under your state's labor codes.
In return, the benefit to the employer is that employee's who are hurt on the job are not allowed to sue, thus avoiding long drawn out court battles.
Workers' compensation insurance may not cover you if........
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INVENT IT, SELL IT, BANK IT!
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Invent It, Sell It, Bank It! is a hands-on, nuts-and-bolts guide to getting a new product or company off the ground and making it profitable. Sharing her own secret........