Please elaborate on the following topics:
-401K Retirement Plans
-Future Trends of Employee Benefits
Social Security is a program that is designed to assist families that have retirees or disabled workers, along with other reasons.
"Social Security reaches almost every family, and at some point will touch the lives of nearly all Americans. Social Security helps not only older Americans, but also workers who become disabled and families in which a spouse or parent dies. Today, about 161 million people work and pay Social Security taxes and about 57 million people receive monthly Social Security benefits. Most of our beneficiaries are retirees and their families—about 40 million people.
The current Social Security system works like this: when you work, you pay taxes into Social Security. The tax money is used to pay benefits to:
• People who have already retired
• People who are disabled
• Survivors of workers who have died
• Dependents of beneficiaries" (www.socialsecurity.gov).
401K Retirement Plans
401K is a profit sharing plan that gives employees the opportunity to contribute funds directly from ...
This article will give insight on some of the benefits that are available to employees such as social security, 401K retirement, and flexible spending accounts. It also provides a summary of future benefit trends.