SOCIAL SECURITY: Pay Now, Buy Later

For 75 million U.S. workers—nine out of every ten—1959's first pay envelope was a little slimmer than 1959's last one. Reason: the social security nibble, which started out at 1% of the first $3,000 of pay back in 1937, increased at year's beginning from 2½% of the first $4,200 of pay to 2¼% of the first $4,800 (up $25.50 to $120 a year for a worker who makes $4,800 a year or more). But when 1959's first social security checks go out in the mail, they will be a little fatter than they were in 1958, with the minimum up...

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