Legacy debt - Misplaced Pages

In the United States Social Security System, the term "legacy debt" has been used for the difference between what the current and past cohorts of beneficiaries paid into the system and the benefits they were paid. Ida May Fuller paid total taxes of $24.75 from 1937 until her retirement at 65 in 1939. Upon her death at age 100 in 1975 she had been paid $22,888 in Social Security benefits.

References

Term used by Diamond, P. A. and P. R. Orszag (2005). "Saving Social Security." Journal of Economic Perspectives 19(2): 11-32., probably not for the first time.
L. (1996). "Details of Ida May Fuller's Payroll Tax Contribution." Retrieved February 1, 2015.

v t e Social Security (United States)
Key articles	History of Social Security Social Security Administration Social Security number
Assistance programs	Disability Determination Services Retirement Insurance Benefits Social Security Disability Insurance Supplemental Security Income Temporary Assistance for Needy Families Ticket to Work Unemployment benefits
Health care	Medicaid Medicare SCHIP
Law	Disability fraud FICA Revenue Act of 1942 Social Security Act Social Security Amendments of 1965 Social Security Death Index Social Security Trust Fund Windfall Elimination Provision
Other	Legacy debt Numident Office of the Chief Actuary Primary Insurance Amount Social Security debate (United States) Social Security Wage Base Years of coverage

Category:

Social security in the United States