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The federal government subsidizes and incentivizes retirement savings through tax benefits for both individuals and employers.
Some employers, mainly larger and mid-sized ones, offer workers access to a retirement plan.
State and local governments charge fees for the use of certain services. These fees are based on the principle that people should pay according to the benefits they receive.
Taxes are complicated. Compliance often poses challenges.
Social Security affords vital income protection to workers and their families. But it is more than a retirement program.
Successful proposals to achieve Social Security solvency and adequacy should adhere to the following principles. These principles should guide any updates to Social Security.
Some proposals for Social Security’s long-term solvency would base the receipt of Social Security benefits on the income people have outside of Social Security.
Recipients of Social Security benefits generally receive an annual cost-of-living adjustment (COLA).
As people consider retirement, they must decide when to claim their Social Security benefits. Their basic benefit amount is based on a predetermined benefit formula.
Two Social Security issues of particular relevance to state and local government workers are universal coverage and the windfall elimination provisions.