Compensation Systems, Inc.

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Compensation Systems, Inc. is a market leader in designing, administering, and communicating business retirement plans. We are dedicated to providing strategies for long term financial security for our clients and their employees.

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Social Security Tidbits

6.2% of approx. 148 million paychecks go into Social Security-which is then used to make the current Social Security payments and to build the reserve that will be needed to meet future demands. The money is deposited into two Social Security Trust Funds, one for retirement benefits and the other for disability payments.
Social Security pays out about $1 billion a day to 44 million people. The average retirement payment is $749 a month.
Here's how you read your social security number: The first three digits indicate where you applied for a card. The number changes as more cards are issued in the same state. The second group of digits doesn't have a particular meaning-although they are related to a state code. The last four digits are assigned in numerical order. One exception: twins, triplets, or other multiple siblings don't get numbers in order.
President Roosevelt introduced the Social Security Act in 1935 as part of his New Deal, a controversial recovery plan designed to cope with the devastating aftermath of the Great Depression. Ida Fuller of Ludlow VT got a check for $22.54 in January 1940-the first monthly benefit that Social Security paid.

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