What Is Social Security?
Social Security is a government program that provides financial assistance to people who are unable to work due to retirement, disability, or unemployment.
The program is funded by payroll taxes from workers and employers. It is the largest social welfare program in the United States, providing benefits to more than 60 million people.
The History Of Social Security
The Social Security program in the United States originated with the enactment of the Social Security Act on August 14, 1935. The original purpose of the act was to provide financial assistance to elderly Americans who were struggling to make ends meet during the Great Depression.
The program has since been expanded to include survivors’ benefits, disability insurance, and Medicare.
Today, the Social Security program is one of the most important government programs in the United States. It provides a safety net for millions of Americans who would otherwise be unable to make ends meet.
The program is funded by payroll taxes that are collected from workers and employers.
The history of the Social Security program is a long and complex one. The program has undergone a number of changes since it was first enacted in 1935.
Here is a brief overview of the program’s history.
The Great Depression and the New Deal
The Social Security program was created as part of President Franklin D. Roosevelt’s New Deal program. The New Deal was a series of government programs that were designed to help the country recover from the Great Depression.
The first Social Security checks were mailed out in 1940. They were for $22.54 per month.
The program has undergone a number of changes since it was first created. For example, benefits were originally only paid to workers who retired at age 65. Now, benefits can be paid to workers as young as 62.
The program is funded by payroll taxes. Workers and their employers both pay into the system. The money is then used to pay benefits to retirees, survivors, and people with disabilities.
The Social Security program has been very successful. It has helped millions of Americans live a better life in retirement. It has also helped many people who are not able to work because of a disability.
How Does Social Security Work?
Social Security is a social insurance program that provides financial assistance to people who are unable to work due to retirement, disability, or death. The program is funded by payroll taxes collected from workers and employers.
When you retire, become disabled, or die, Social Security benefits can provide you and your family with much-needed financial support.
For example, if you retire, your benefits can replace a portion of your lost earnings. If you become disabled, your benefits can help you and your family make ends meet.
And if you die, your benefits can provide financial support to your surviving spouse and children.
To qualify for Social Security benefits, you must have worked long enough and paid Social Security taxes. The amount of your benefit depends on your earnings history.
If you have never worked under Social Security, you may still be eligible for benefits as a spouse or child of a worker who is retired, disabled, or deceased.
Social Security is more than just a retirement program. It also provides protection against disability and death.
If you become disabled, your benefits can help you and your family make ends meet. And if you die, your benefits can provide financial support to your surviving spouse and children.
If you have never worked under Social Security, you may still be eligible for benefits as a spouse or child of a worker who is retired, disabled, or deceased.
Here’s how it works:
When you work, you pay Social Security taxes. These taxes go into a special fund that pays benefits to workers and their families when they retire or become disabled.
If you die, your benefits can also provide financial support to your surviving spouse and children.
You become eligible for benefits when you reach retirement age or become disabled. Retirement benefits are based on your earnings over your lifetime. The more you earn, the higher your benefits will be.
If you become disabled, your benefits are based on your earnings before you became disabled.
If you die, your surviving spouse and children may be eligible for benefits based on your earnings.
You can start collecting Social Security as early as age 62, but your benefits will be reduced if you start before your full retirement age.
For example, if your full retirement age is 67 and you start collecting benefits at 62, you’ll receive 70 percent of your monthly benefit.
If you wait until after your full retirement age to start collecting benefits, your monthly payments will be increased. For example, if your full retirement age is 67 and you start collecting benefits at 70, you’ll receive 132 percent of your monthly benefit.
Who Is Eligible For Social Security Benefits?
You may be eligible for Social Security benefits if you are age 62 or older, have a qualifying disability, or meet certain other criteria.
If you are age 62 or older, you may be eligible for retirement benefits. If you have a qualifying disability, you may be eligible for disability benefits.
And if you are the surviving spouse or child of a worker who has died, you may be eligible for survivors benefits.
To learn more about eligibility for Social Security benefits, visit www.ssa.gov or contact your local Social Security office.
What Are The Different Types Of Social Security Benefits?
There are several types of social security benefits that you may be eligible for, depending on your individual circumstances. The most common type of benefit is the retirement benefit, which is paid to retired workers and their spouses.
Other types of benefits include disability benefits, survivor benefits, and Supplemental Security Income (SSI).
Retirement Benefits
If you are a retired worker, you may be eligible for a retirement benefit. The amount of your benefit is based on your lifetime earnings. The higher your earnings, the higher your benefit will be.
You can begin receiving benefits as early as age 62, but your benefit will be reduced if you start receiving it before your full retirement age.
Disability Benefits
If you are unable to work because of a severe disability, you may be eligible for a disability benefit. To qualify for this benefit, you must have worked in jobs covered by Social Security and paid Social Security taxes for a certain period of time.
The amount of your benefit is based on your earnings before you became disabled.
Survivor Benefits
If you are the spouse or child of a worker who died, you may be eligible for survivor benefits. The amount of the benefit depends on the earnings of the person who died. If the deceased worker was receiving Social Security benefits at the time of death, surviving family members may also be eligible for those benefits.
Medicare
Medicare is a health insurance program for people 65 or older, people under 65 with certain disabilities, and people of any age with End-Stage Renal Disease (ESRD).
Medicare has four parts: Part A, Part B, Part C, and Part D.
Most people who are eligible for Medicare have to pay premiums for Parts B and D.
Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
Part B covers outpatient doctor visits, preventive services, durable medical equipment, and some home health care.
Part C is also known as Medicare Advantage and it is a way to get your Part A and Part B coverage through a private insurance company.
Part D covers prescription drugs.
