two important ages may affect a worker's plans to claim Social Security retired-worker benefits. Workers may claim full Social Security benefits at the full retirement age, which is rising gradually to age 67 for workers who were born in 1960 and later. Retired workers may claim benefits as early as age 62, which is known as the early eligibility age. Social Security benefits are reduced, however, for every month that retired worker benefits are claimed before the full retirement age.
This report describes the income and poverty status of the 36.8 million Americans age 65 and older who were living in households in 2007. The report also describes how the proportion of total income received from each source differs between high-income individuals and households and low-income individuals and households.
This report discusses the Civil Service Retirement Act of 1920 (P.L. 66-215) that established a pension system for federal employees in the executive branch of government.
This report provides brief facts and statistics about Social Security that are frequently requested by Members of Congress and their staffs. It includes information about Social Security taxes and benefits, the program’s impact on recipients’ incomes, federal tax receipts, federal spending and the economy, and administrative information.
On October 22, 1994, President Clinton signed legislation (P.L. 103-387) that changes social security coverage of household workers. The new law changed the threshold to a yearly amount and raised it (to $1,000 in 1994, indexed thereafter to average wage growth-it became $1,100 in 1998, 1,200 in 2000, and 1,300 in 2001). It remains at $1,300 in 2002. In addition, the new law exempted most domestic workers under age 18, and provided that Social Security and unemployment taxes will be reported on the employer's annual federal tax return.
This report provides background and analysis on social security reform. The report discusses the most recent development, the basis for the debate, specific areas of contention and reform initiatives.
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