Legacy debt

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The "legacy debt" in the United States Social Security System is a term that has been used for the difference between what the current and past cohorts of beneficiaries paid into the system to the benefits they were paid.[1] 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.[2]

References[edit]

  1. ^ 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.
  2. ^ L. (1996). "Details of Ida May Fuller's Payroll Tax Contribution." Retrieved February 1, 2015.