In the currently “pay as you go” Social Security system, why are employees required to contribute to create a surplus? What do workers get in return?
The excess of income over outgo will be used to help pay benefits when outgo exceeds income: when the Baby Boomers retire. These “excess” funds earned interest averaging 7.5% in 1997. Interest earned is added to Social Security’s assets–assets that will be needed to pay benefits to workers in the future.
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- In the currently "pay as you go" Social Security system, why are employees required to contribute to create a surplus? What do workers get in return?
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