What are these FICA taxes taken out of my paycheck and what is the trust fund? | Ask Ralph Podcast

Confused about the FICA deductions on your paycheck? Wondering about the fate of that portion of your earnings? Whether you're new to the workforce or approaching retirement, grasping FICA's role is essential for your financial health. Join Ralph Estep Jr. on his Ask Ralph podcast as he tackles the often perplexing world of FICA taxes. This episode addresses common concerns workers have about these mandatory contributions. You'll learn what FICA taxes really are, their purpose, and how Social Security and Medicare impact your finances throughout your life. Ralph also examines the long-term sustainability of these programs. By listening, you'll gain clarity on your paycheck deductions and valuable knowledge to help you plan for your financial future more effectively.

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00:00 Episode Overview
00:47 Billy’s Question
02:48 Bible Verse
03:21 What is Social Security?
04:44 Problems with Social Security
05:18 What is Medicare?
06:09 Medicare Financial Challenges
06:40 Episode Recap
07:31 Final Thoughts And Outro