The Project Gutenberg EBook of Security in Your Old Age (Informational Service Circular No. 9), by Social Security Board Copyright laws are changing all over the world. Be sure to check the copyright laws for your country before downloading or redistributing this or any other Project Gutenberg eBook. This header should be the first thing seen when viewing this Project Gutenberg file. Please do not remove it. Do not change or edit the header without written permission. Please read the "legal small print," and other information about the eBook and Project Gutenberg at the bottom of this file. Included is important information about your specific rights and restrictions in how the file may be used. You can also find out about how to make a donation to Project Gutenberg, and how to get involved. **Welcome To The World of Free Plain Vanilla Electronic Texts** **eBooks Readable By Both Humans and By Computers, Since 1971** *****These eBooks Were Prepared By Thousands of Volunteers!***** Title: Security in Your Old Age (Informational Service Circular No. 9) Author: Social Security Board Release Date: August, 2005 [EBook #8666] [Yes, we are more than one year ahead of schedule] [This file was first posted on July 30, 2003] Edition: 10 Language: English Character set encoding: ISO-8859-1 *** START OF THE PROJECT GUTENBERG EBOOK SECURITY IN YOUR OLD AGE *** [Note: According to the Social Security Administration website, this pamphlet was published in 1936.] Security in Your Old Age Social Security Board Washington, D.C. To Employees of Industrial and Business Establishments FACTORIES--SHOPS--MINES--MILLS--STORES OFFICES AND OTHER PLACES OF BUSINESS Beginning November 24, 1936, the United States Government will set up a Social Security account for you, if you are eligible. To understand your obligations, rights, arid benefits you should read the following general explanation. There is now a law in this country which will give about 26 million working people something to live on when they are old and have stopped working. This law, which gives other benefits, too, was passed last year by Congress and is called the Social Security Act. Under this law the United States Government will send checks every month to retired workers, both men and women, after they have passed their 65th birthday and have met a few simple requirements of the law. WHAT THIS MEANS TO YOU This means that if you work in some factory, shop, mine, mill, J. store, office, or almost any other kind of business or industry, you will be earning benefits that will come to you later on. From the time you are 65 years old, or more, and stop working, you will get a Government check every month of your life, if you have worked some time,(one day or more) in each of any 5 years after 1936, and have earned during that time a total of $2,000 or more. The checks will come to you as a right. You will get them regardless of the amount of property or income you may have. They are what the law calls "Old-Age Benefits" under the Social Security Act. If you prefer to keep on working after you are 65, the monthly checks from the Government will begin coming to you whenever you decide to retire. The Amount of Your Checks How much you will get when you are 65 years old will depend entirely on how much you earn in wages from your industrial or business employment between January 1, 1937, and your 65th birthday. A man or woman who gets good wages and has a steady job most of his or her life can get as much as $85 a month for life after age 65. The least you can get in monthly benefits, if you come under the law at all, is $10 a month. IF YOU ARE NOW YOUNG Suppose you are making $25 a week and are young enough now to go on working for 40 years. If you make an average of $25 a week for 52 weeks in each year, your check when you are 65 years old will be $53 a month for the rest of your life. If you make $50 a week, you will get $74.50 a month for the rest of you life after age 65. IF YOU ARE NOW MIDDLE-AGED But suppose you are about 55 years old now and have 10 years to work before you are 65. Suppose you make only $15 a week on the average. When you stop work at age 65 you will get a check for $19 each month for the rest of your life. If you make $25 a week for 10 years, you will get a little over $23 a month from the Government as long as you live after your 65th birthday. IF YOU SHOULD DIE BEFORE AGE 65 If you should die before you begin to get your monthly checks, your family will get a payment in cash, amounting to 3½ cents on every dollar of wages you have earned after 1936. If, for example, you should die at age 64, and if you had earned $25 a week for 10 years before that time, your family would receive $455. On the other hand, if you have not worked enough to get the regular monthly checks by the time you are 65, you will get a lump sum, or if you should die your family or estate would get a lump sum. The amount of this, too, will be 3½ cents on every dollar of wages you earn after 1936. Taxes The same law that provides these old-age benefits for you and other workers, sets up certain new taxes to be paid to the United States Government. These taxes are collected by the Bureau of Internal Revenue of the U. S. Treasury Department, and inquiries concerning them should be addressed to that bureau. The law also creates an "Old-Age Reserve Account" in the United States Treasury, and Congress is authorized to put into this reserve account each year enough money to provide for the monthly payments you and other workers are to receive when you are 65. YOUR PART OF THE TAX The taxes called for in this law will be paid both by your employer and by you. For the next 3 years you will pay maybe 15 cents a week, maybe 25 cents a week, maybe 30 cents or more, according to what you earn. That is to say, during the next 3 years, beginning January 1, 1937, you will pay 1 cent for every dollar you earn, and at the same time your employer will pay 1 cent for every dollar you earn, up to $3,000 a year. Twenty-six million other workers and their employers will be paying at the same time. After the first 3 years--that is to say, beginning in 1940--you will, pay, and your employer will pay, 11/2 cents for each dollar you earn, up to $3,000 a year. This will be the tax for 3 years, and then, beginning in 1943, you will pay 2 cents, and so will your employer, for every dollar you earn for the next 3 years. After that, you and your employer will each pay half a cent more for 3 years, and finally, beginning in 1949, twelve years from now, you and your employer will each pay 3 cents on each dollar you earn, up to $3,000 a year. That is the most you will ever pay. YOUR EMPLOYER'S PART OF THE TAX The Government will collect both of these taxes from your employer. Your part of the tax will be taken out of your pay. The Government will collect from your employer an equal amount out of his own funds. This will go on just the same if you go to work for another employer, so long as you work in a factory, shop, mine, mill, office, store, or other such place of business. (Wages earned in employment as farm workers, domestic workers in private homes, Government workers, and on a few other kinds of jobs are not subject to this tax.) OLD-AGE RESERVE ACCOUNT Meanwhile, the Old-Age Reserve fund in the United States Treasury is drawing interest, and the Government guarantees it will never earn less than 3 percent. This means that 3 cents will be added to every dollar in the fund each year. Maybe your employer has an old-age pension plan for his employees. If so, the Government's old-age benefit plan will not have to interfere with that. The employer can fit his plan into the Government plan. What you get from the Government plan will always be more than you have paid in taxes and usually more than you can get for yourself by putting away the same amount of money each week in some other way. Note.--"Wages" and "employment" wherever used in the foregoing mean wages and employment as defined in the Social Security Act. WHERE TO GET MORE INFORMATION If you want more information, write to the Social Security Board, Washington, D.C., or get in touch with one of the following offices: Region I--Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut: Social Security Board 120 Boylston Street Boston, Mass. Region II--New York: Social Security Board 45 Broadway New York, N.Y. Region III--New Jersey, Pennsylvania, and Delaware: Social Security Board Widener Building Juniper and Chestnut Streets Philadelphia, Pa. Region IV--Virginia, West Virginia, North Carolina, Maryland, and District of Columbia: Social Security Board National Theatre Building Washington, D. C. Region V--Kentucky, Ohio, and Michigan: Social Security Board Bulkley Building 1501 Euclid Avenue Cleveland, Ohio Region VI--Illinois, Indiana, and Wisconsin: Social Security Board 211 West Wacker Drive Chicago, 111. Region VII--Tennessee, Mississippi, Alabama, Georgia, Florida, and South Carolina: Social Security Board 1829 First Avenue North Birmingham, Ala. Region VIII--Minnesota, North Dakota, and Nebraska: Social Security Board New Post Office Building Minneapolis, Minn. Region IX--Missouri, Kansas, Arkansas, and Oklahoma: Social Security Board Dierks Building 1006 Grand Avenue Kansas City, Mo. Region X--Louisiana, Texas, and New Mexico: Social Security Board Smith-Young Tower Building San Antonio, Tex. Region XI--Montana, Idaho, Utah, Colorado, Arizona, and Wyoming: Social Security Board Patterson Building 1706 Welton Street Denver, Colo. Region XII--California, Oregon, Washington, and Nevada: Social Security Board Humboldt Bank Building 785 Market Street San Francisco, Calif. INFORMATIONAL. SERVICE CIRCULAR No. 9 U. S. GOVERNMENT PRINTING OFFICE End of the Project Gutenberg EBook of Security in Your Old Age (Informational Service Circular No. 9), by Social Security Board *** END OF THE PROJECT GUTENBERG EBOOK SECURITY IN YOUR OLD AGE *** This file should be named 8sosc10.txt or 8sosc10.zip Corrected EDITIONS of our eBooks get a new NUMBER, 8sosc11.txt VERSIONS based on separate sources get new LETTER, 8sosc10a.txt Project Gutenberg eBooks are often created from several printed editions, all of which are confirmed as Public Domain in the US unless a copyright notice is included. Thus, we usually do not keep eBooks in compliance with any particular paper edition. We are now trying to release all our eBooks one year in advance of the official release dates, leaving time for better editing. Please be encouraged to tell us about any error or corrections, even years after the official publication date. Please note neither this listing nor its contents are final til midnight of the last day of the month of any such announcement. The official release date of all Project Gutenberg eBooks is at Midnight, Central Time, of the last day of the stated month. A preliminary version may often be posted for suggestion, comment and editing by those who wish to do so. Most people start at our Web sites at: http://gutenberg.net or http://promo.net/pg These Web sites include award-winning information about Project Gutenberg, including how to donate, how to help produce our new eBooks, and how to subscribe to our email newsletter (free!). Those of you who want to download any eBook before announcement can get to them as follows, and just download by date. This is also a good way to get them instantly upon announcement, as the indexes our cataloguers produce obviously take a while after an announcement goes out in the Project Gutenberg Newsletter. http://www.ibiblio.org/gutenberg/etext03 or ftp://ftp.ibiblio.org/pub/docs/books/gutenberg/etext03 Or /etext02, 01, 00, 99, 98, 97, 96, 95, 94, 93, 92, 92, 91 or 90 Just search by the first five letters of the filename you want, as it appears in our Newsletters. Information about Project Gutenberg (one page) We produce about two million dollars for each hour we work. The time it takes us, a rather conservative estimate, is fifty hours to get any eBook selected, entered, proofread, edited, copyright searched and analyzed, the copyright letters written, etc. Our projected audience is one hundred million readers. If the value per text is nominally estimated at one dollar then we produce $2 million dollars per hour in 2002 as we release over 100 new text files per month: 1240 more eBooks in 2001 for a total of 4000+ We are already on our way to trying for 2000 more eBooks in 2002 If they reach just 1-2% of the world's population then the total will reach over half a trillion eBooks given away by year's end. The Goal of Project Gutenberg is to Give Away 1 Trillion eBooks! This is ten thousand titles each to one hundred million readers, which is only about 4% of the present number of computer users. Here is the briefest record of our progress (* means estimated): eBooks Year Month 1 1971 July 10 1991 January 100 1994 January 1000 1997 August 1500 1998 October 2000 1999 December 2500 2000 December 3000 2001 November 4000 2001 October/November 6000 2002 December* 9000 2003 November* 10000 2004 January* The Project Gutenberg Literary Archive Foundation has been created to secure a future for Project Gutenberg into the next millennium. We need your donations more than ever! As of February, 2002, contributions are being solicited from people and organizations in: Alabama, Alaska, Arkansas, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. We have filed in all 50 states now, but these are the only ones that have responded. As the requirements for other states are met, additions to this list will be made and fund raising will begin in the additional states. Please feel free to ask to check the status of your state. In answer to various questions we have received on this: We are constantly working on finishing the paperwork to legally request donations in all 50 states. If your state is not listed and you would like to know if we have added it since the list you have, just ask. While we cannot solicit donations from people in states where we are not yet registered, we know of no prohibition against accepting donations from donors in these states who approach us with an offer to donate. International donations are accepted, but we don't know ANYTHING about how to make them tax-deductible, or even if they CAN be made deductible, and don't have the staff to handle it even if there are ways. Donations by check or money order may be sent to: Project Gutenberg Literary Archive Foundation PMB 113 1739 University Ave. Oxford, MS 38655-4109 Contact us if you want to arrange for a wire transfer or payment method other than by check or money order. The Project Gutenberg Literary Archive Foundation has been approved by the US Internal Revenue Service as a 501(c)(3) organization with EIN [Employee Identification Number] 64-622154. Donations are tax-deductible to the maximum extent permitted by law. As fund-raising requirements for other states are met, additions to this list will be made and fund-raising will begin in the additional states. We need your donations more than ever! You can get up to date donation information online at: http://www.gutenberg.net/donation.html *** If you can't reach Project Gutenberg, you can always email directly to: Michael S. Hart Prof. Hart will answer or forward your message. We would prefer to send you information by email. **The Legal Small Print** (Three Pages) ***START**THE SMALL PRINT!**FOR PUBLIC DOMAIN EBOOKS**START*** Why is this "Small Print!" statement here? You know: lawyers. They tell us you might sue us if there is something wrong with your copy of this eBook, even if you got it for free from someone other than us, and even if what's wrong is not our fault. So, among other things, this "Small Print!" statement disclaims most of our liability to you. It also tells you how you may distribute copies of this eBook if you want to. *BEFORE!* YOU USE OR READ THIS EBOOK By using or reading any part of this PROJECT GUTENBERG-tm eBook, you indicate that you understand, agree to and accept this "Small Print!" statement. If you do not, you can receive a refund of the money (if any) you paid for this eBook by sending a request within 30 days of receiving it to the person you got it from. If you received this eBook on a physical medium (such as a disk), you must return it with your request. ABOUT PROJECT GUTENBERG-TM EBOOKS This PROJECT GUTENBERG-tm eBook, like most PROJECT GUTENBERG-tm eBooks, is a "public domain" work distributed by Professor Michael S. Hart through the Project Gutenberg Association (the "Project"). Among other things, this means that no one owns a United States copyright on or for this work, so the Project (and you!) can copy and distribute it in the United States without permission and without paying copyright royalties. Special rules, set forth below, apply if you wish to copy and distribute this eBook under the "PROJECT GUTENBERG" trademark. Please do not use the "PROJECT GUTENBERG" trademark to market any commercial products without permission. To create these eBooks, the Project expends considerable efforts to identify, transcribe and proofread public domain works. Despite these efforts, the Project's eBooks and any medium they may be on may contain "Defects". Among other things, Defects may take the form of incomplete, inaccurate or corrupt data, transcription errors, a copyright or other intellectual property infringement, a defective or damaged disk or other eBook medium, a computer virus, or computer codes that damage or cannot be read by your equipment. LIMITED WARRANTY; DISCLAIMER OF DAMAGES But for the "Right of Replacement or Refund" described below, [1] Michael Hart and the Foundation (and any other party you may receive this eBook from as a PROJECT GUTENBERG-tm eBook) disclaims all liability to you for damages, costs and expenses, including legal fees, and [2] YOU HAVE NO REMEDIES FOR NEGLIGENCE OR UNDER STRICT LIABILITY, OR FOR BREACH OF WARRANTY OR CONTRACT, INCLUDING BUT NOT LIMITED TO INDIRECT, CONSEQUENTIAL, PUNITIVE OR INCIDENTAL DAMAGES, EVEN IF YOU GIVE NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. If you discover a Defect in this eBook within 90 days of receiving it, you can receive a refund of the money (if any) you paid for it by sending an explanatory note within that time to the person you received it from. If you received it on a physical medium, you must return it with your note, and such person may choose to alternatively give you a replacement copy. If you received it electronically, such person may choose to alternatively give you a second opportunity to receive it electronically. THIS EBOOK IS OTHERWISE PROVIDED TO YOU "AS-IS". NO OTHER WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, ARE MADE TO YOU AS TO THE EBOOK OR ANY MEDIUM IT MAY BE ON, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some states do not allow disclaimers of implied warranties or the exclusion or limitation of consequential damages, so the above disclaimers and exclusions may not apply to you, and you may have other legal rights. INDEMNITY You will indemnify and hold Michael Hart, the Foundation, and its trustees and agents, and any volunteers associated with the production and distribution of Project Gutenberg-tm texts harmless, from all liability, cost and expense, including legal fees, that arise directly or indirectly from any of the following that you do or cause: [1] distribution of this eBook, [2] alteration, modification, or addition to the eBook, or [3] any Defect. DISTRIBUTION UNDER "PROJECT GUTENBERG-tm" You may distribute copies of this eBook electronically, or by disk, book or any other medium if you either delete this "Small Print!" and all other references to Project Gutenberg, or: [1] Only give exact copies of it. Among other things, this requires that you do not remove, alter or modify the eBook or this "small print!" statement. You may however, if you wish, distribute this eBook in machine readable binary, compressed, mark-up, or proprietary form, including any form resulting from conversion by word processing or hypertext software, but only so long as *EITHER*: [*] The eBook, when displayed, is clearly readable, and does *not* contain characters other than those intended by the author of the work, although tilde (~), asterisk (*) and underline (_) characters may be used to convey punctuation intended by the author, and additional characters may be used to indicate hypertext links; OR [*] The eBook may be readily converted by the reader at no expense into plain ASCII, EBCDIC or equivalent form by the program that displays the eBook (as is the case, for instance, with most word processors); OR [*] You provide, or agree to also provide on request at no additional cost, fee or expense, a copy of the eBook in its original plain ASCII form (or in EBCDIC or other equivalent proprietary form). [2] Honor the eBook refund and replacement provisions of this "Small Print!" statement. [3] Pay a trademark license fee to the Foundation of 20% of the gross profits you derive calculated using the method you already use to calculate your applicable taxes. If you don't derive profits, no royalty is due. Royalties are payable to "Project Gutenberg Literary Archive Foundation" the 60 days following each date you prepare (or were legally required to prepare) your annual (or equivalent periodic) tax return. Please contact us beforehand to let us know your plans and to work out the details. WHAT IF YOU *WANT* TO SEND MONEY EVEN IF YOU DON'T HAVE TO? Project Gutenberg is dedicated to increasing the number of public domain and licensed works that can be freely distributed in machine readable form. The Project gratefully accepts contributions of money, time, public domain materials, or royalty free copyright licenses. Money should be paid to the: "Project Gutenberg Literary Archive Foundation." If you are interested in contributing scanning equipment or software or other items, please contact Michael Hart at: hart@pobox.com [Portions of this eBook's header and trailer may be reprinted only when distributed free of all fees. Copyright (C) 2001, 2002 by Michael S. Hart. Project Gutenberg is a TradeMark and may not be used in any sales of Project Gutenberg eBooks or other materials be they hardware or software or any other related product without express permission.] *END THE SMALL PRINT! FOR PUBLIC DOMAIN EBOOKS*Ver.02/11/02*END*