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Show Agency Explains Where Social Security Contributions Go "Social Security contributions contri-butions now finance retirement, retire-ment, .survivors, disability, and health insurance protection pro-tection for almost 04 mill-on workers and their families, fa-milies, " said John Wainwright, Wain-wright, social security disc. rict manager in Grand Junction, Colorado. This in 59 million more workers than were covered when the program began. Beginning with 1971, a worker's contribution is 5.2 per cent of the first $7,800 of his annual earnings. earn-ings. An equal amount is paid by his employer. For example, if your weekly pay is $80, your contribution contribu-tion will be $4.16 of that $80. At $100, it will be $5.20. "Your social security contribution con-tribution is divided up and credited directly into three trust funds. The money in these trust funds can be used only to pay benefits and the cost of administering administer-ing the social security program," pro-gram," Wainwright eaid. The largest share goes to the Old-Age and Survivors Survi-vors Insurance Trust Fund. Of each $1 in social security secur-ity contributions, this fund receives 7Gc. About 12l2c out of each $1 in contributions goes to the Hospital Insurance Trust Fund to finance the hospital and other health expenses of the people who are now 65 and over and those who will jonit their ranks in the future. The disability Insurance Trust Fund gets llc from each $1 in social security se-curity contributions. "To most young people," he said, "social security is something to count on in your retirement years. No one expects to become disabled dis-abled to have his earnings earn-ings cut off in mid-career or even before he is well started. But an accident or a disabling illness can happen hap-pen to anyone." Almost a million and a half workers under 65 are collecting monthly social security, benefits because of severe disability, Wainwright Wain-wright .pointed out, along with over a million dependents. depend-ents. "Your social security contribution and the matching match-ing contrib,ution of your employer is not just for retirement protection, Wainwright Wain-wright said. "It's also providing pro-viding .protection for you, and your family right now.'' Mr. Herman Frame, social so-cial security representative, representa-tive, will be in Moab, Utah at the Employment Office on January 12, 1971 between be-tween 1 p.m. and 5 p.m. |