In a ביטוח לאומי אזור אישי workers and their employers pay payroll taxes that provide coverage for themselves, spouses, children and other family members. These payments are credited with retirement, survivor and disability benefits.
Social Security is unlike private pensions and savings accounts in that it is not means-tested. The resulting benefits are more generous than private plans can afford.
The Social Security Administration
Social security is a system of financial protection for individuals. It can be provided in several ways, including by central government departments, by private insurance companies, or by semipublic or autonomous agencies, such as the Social Security Administration (SSA). In the United States, SSA administers the Federal retirement, survivors, and disability insurance programs as well as the Supplemental Security Income program. The Administration also directs the aid to the aged, blind, and disabled in Guam, Puerto Rico, and the Virgin Islands. SSA is financed by the payroll taxes paid by employers and employees, which are placed in trust funds.
The SSI program is based on need. The Administration determines eligibility on a monthly basis, taking into account many factors. Applicants must have low income and few assets to qualify. The SSI program is complex, because it requires balancing the needs of beneficiaries and minimizing costs.
The Office of Legislation and Congressional Affairs is responsible for legislative development and implementation at SSA. It serves as a liaison to the executive branch, Congressional committees, and individual Members of Congress on legislation affecting SSA programs. It provides legislative drafting services for SSA officials, and researches, analyzes, develops, and promotes legislation on matters relating to SSA programs. The office also maintains a liaison with private organizations interested in SSA’s programs. It also gathers and distributes information on congressional activities affecting SSA programs.
Social Security Disability Insurance, or SSDI, provides monthly payments to adults who have disabilities that prevent them from working on a regular basis. SSDI is based on your work history, and you pay into it through FICA paycheck deductions. In 2022, the average SSDI payment was $1,358 per month. Supplemental Security Income is based on financial need, and you can’t have more than $2,000 in assets or resources (as a couple) to qualify. In addition to SSI, many States also provide food assistance through a separate application process.
Answer all questions truthfully, but don’t volunteer any information that isn’t relevant to your disability or impairment. The SSA is looking for consistency, so it will flag anything that seems to contradict other answers you’ve given. For example, if you say that you can’t work because of a restriction in motion but then mention that you spend hours playing games on the computer with your toddler, it will raise red flags for the SSA.
Describe all health conditions that limit your ability to work, including mild ones like depression or cognitive issues. However, only include health conditions that have been diagnosed by a doctor and that you are actively being treated for. The SSA may ask you to share more detailed information, so make sure you’re quick to respond when they do.
While many people believe that their PIA is the maximum they can receive in benefits, there is actually no limit. Rather, a person’s maximum benefit is determined by their FRA, or “full retirement age.” Many people are surprised to learn that the earliest they can start receiving Social Security checks is at age 62.
People who begin collecting before their FRA are subject to the earnings test, which reduces their monthly benefit by $1 for every $2 they earn as W-2 gross wages over a set limit ($17,040 in 2018). However, this reduction is temporary; individuals will receive the full amount of their PIA once they reach their FRA.
It’s also possible to increase the size of your future PIA by delaying benefits past FRA. Each month you wait, up to age 70, increases the size of your eventual PIA by about 8%.
Couples can benefit from a thorough analysis of when each should file for benefits to optimize their financial situation, including spousal and survivor benefits. In some cases, a higher-earning spouse may decide to file early for their own benefits while the lower earner delays to maximize their future survivor benefits. A financial professional can help in weighing these options and making projections. In addition, a qualified financial professional can provide an expert opinion on alleged SSA violations.
A person can receive a number of benefits from Social Security. These include retirement, disability and survivors’ benefits. The amount of money a person receives depends on their work history and income. A person can get a estimate of his or her future benefits from the Social Security website.
People who have substantial disabilities are entitled to a monthly benefit. Depending on their level of disability, they may also qualify for Medicare coverage.
Individuals who have low income and few resources are eligible for SSI benefits. These payments are made to individuals who have suffered the recent loss of a spouse or parent, or who have been disabled for at least 15 years. SSI also pays benefits to parents of children who have cerebral palsy or other disabilities that are so severe that they cannot care for themselves.
A free and secure my Social Security account offers personalized tools to all SSA beneficiaries. You can use the account to request a replacement card, check the status of an application or even to get an estimate of your future benefits. All you need is basic personal information and answers to simple questions that only you would know (for security purposes). Once you have your username and password, you can access your account instantly. You can also use the my account to view or print a copy of your current earnings record and direct deposit information.