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Bargain Pensions for
Older People Locally
New York, - What kind of returns are residents of Rappa hannock County getting for the money they have been putting into social security? Are they getting back dollar for dollar? According to an analysis made by the Tax Foundation, a non-profit organization that serves as a watchdog on government spending, it is much more of a bargain for some than for others. Thus far, most of those who have retired are receiving pensions that are far in excess of their contributions. In Rappahannock County, the payments to retired and disabled workers and their dependents totaled more than $516,000 in the past year, based on figures r e le a s e d some time ago by the government.
Since social security is only 29 years old and most of these recipients have been in it less than half that long, on average, their contributions have been relatively small. In some cases, their benefits amount to ten times as much as they paid in. Such windfalls will not be available in the future, the Tax Foundation points out. A young man in Rappahannock County, entering the labor force this year at age 21 and paying maximum taxes until his retirement in the year 2010, will effectively by paying $32,496 into the fund. Tnis
89.7%