Turns out this was my Social Security withholding, a percentage of my pay that would one day help finance my retirement. If not addressed by 2032, Social Security benefits could be cut by 22%. There’s a reason why Social Security was set up under President Franklin D. Roosevelt as a social insurance program (whether for retirement or disability). Their main argument is that it would erode public support for Social Security and its “principle of universality.” The bottom line is that keeping the original Social Security compact and treating contributions as a form of insurance premium is essential.