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Social Security – In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). The original Social Security Act was enacted in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs. This is funded primarily through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA). Moreover, wage and salary earnings in covered employment, up to an amount specifically determined by law (see tax rate table below), are subject to the Social Security payroll tax. Wage and salary earnings above this amount are not taxed. In 2022, the maximum amount of taxable earnings is $147,000.
Moreover, The Security is nearly universal, with 94 percent of individuals in paid employment in the United States working in covered employment. However, about 6.6 million state and local government workers in the United States, or 28 percent of all state and local workers, are not covered by Social Security but rather pension plans operated at the state or local level.
SOCIAL SECURITY OFFICES
The Social Security Administration (SSA) has a national network of approximately 1,230 local field offices and 164 local hearing offices. In addition, they have 10 regional offices, 5 National Hearing Centers, 8 centralized processing centers, 45 National Case Assistance Centers, the Appeals Council, and 24 teleservice centers that you can reach by calling their national toll-free number, below. Social Security Office’s national headquarters is near Baltimore, Maryland. They administer the Social Security, Supplemental Security Income (SSI), and Special Veterans Benefits (SVB) programs.
Social Security Benefits
The Security program in the United States pays benefits to three broad categories of individuals: retired individuals and some family members, disabled persons and some family members, and survivors. Within these broad categories, the program defines more specific types of beneficiaries. For example, spouses and divorced spouses are distinct categories, with somewhat different eligibility requirements. Survivor benefits include several categories including aged widow(er)s, aged surviving divorced spouses, disabled widow(er)s, disabled surviving divorced spouses, paternal and maternal orphans, and widow(er)s caring for minor or disabled children.
As of 2020, there were about 65 million individuals receiving Social Security benefits. Individuals receiving Retirement Insurance Benefits constitute the largest group of beneficiaries, with 49.3 million retired workers or family members receiving monthly payments. Some individuals qualify for more than one type of benefit, but program rules on dual entitlement generally prevent the payment of two full benefits. In addition, Social Security beneficiaries with low income and limited resources may qualify for additional income through the Supplemental Security Income (SSI) program. SSI separate from the Social Security program. But it is administered by SSA.
How Retirement Benefits Work
Security replaces a percentage of your pre-retirement income based on their lifetime earnings. Moreover, the portion of your pre-retirement wages that this replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits. When you work, you pay taxes into Social Security. Moreover, they use the tax money to pay benefits to:
- People who have already retired.
- People who are disabled.
- Survivors of workers who have died.
- Dependents of beneficiaries.
We use your taxes to pay people who are getting benefits right now. Moreover, the maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2022, your maximum benefit would be $3,345. However, if you retire at age 62 in 2022, your maximum benefit would be $2,364. If you retire at age 70 in 2022, your maximum benefit would be $4,194.
Applying For Social Security And SSI Online
You can find out if you might be eligible for Social Security or SSI at https://ssabest.benefits.gov/ by using our Benefit Entitlement Screening Tool.
You can apply for Social Security retirement, spouse’s, disability, or Medicare benefits at www.ssa.gov/applyforbenefits using our internet application. Moreover, You can now file for SSI online if you are also applying for Social Security disability benefits if you meet all of the following:
- Are between the ages of 18 and 65
- You are alleging a disability
- Are a U.S. citizen residing in one of the 50 states, District of Columbia, or the Northern Mariana Islands
- Have not applied for or received SSI benefits in the past
Moreover, Once you finish the online process, a Social Security representative will contact you for any additional information needed for the applications.
Conclusion
It replaces a percentage of your pre-retirement income based on their lifetime earnings. Moreover, the portion of your pre-retirement wages that Security app replaces is based on your highest 35 years of earnings and varies depending on how much you earn.
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