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What are these FICA taxes taken out of my paycheck and what is the trust fund?
Manage episode 428349695 series 3562735
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Do you get upset when you see a big chunk of your pay taken out? Are you confused about FICA taxes? Don't worry; you're not the only one. Many people, especially those new to working, wonder where their money goes and if they'll get it back. In the Ask Ralph Podcast episode, Ralph Estep Jr. talks about FICA taxes taken and how they relate to Social Security and Medicare.
Are You Ready for Retirement? What Your FICA Taxes Really Mean for Your Future With Ralph Estep, Jr.
Today, Ralph explains FICA taxes and why they're good for you in the long run. He talks about Social Security's history, starting during the tough times of the Great Depression. Social Security helps people when they retire, become disabled, or lose a family member who supports them. Ralph also explains how Medicare helps people 65 and older pay for healthcare. Listen to learn more about FICA taxes and how they'll be important for you later in life.
00:00 Episode Overview
00:47 Listener’s Question
02:48 Bible Verse
03:21 What is Social Security?
04:44 Problems with Social Security
05:18 What is Medicare?
06:09 Medicare Financial Challenges
06:40 Episode Recap
07:31 Final Thoughts And Outro
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