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The United States Social Security Administration ( SSA) [2] is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability and survivor benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimant ...
Retired 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). [1] The Social Security Act was passed in 1935, [2] and the existing version of the Act, as amended, [3 ...
The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion. [4]
Social Security is a program run by the federal government that provides income for a wide range of Americans, including retirees, the disabled and families with a deceased spouse or parent. As of ...
The SSA is the federal government agency that, since 1935, has been managing the various programs that are part of Social Security. These programs are designed to help U.S. citizens and residents ...
One way to protect Social Security is to provide more money a month to support lower income people, while decreasing benefits for higher income earners. “Tweaking how benefits are calculated to ...
The Social Security debate in the United States encompasses benefits, funding, and other issues. Social Security is a social insurance program officially called "Old-age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. During 2015, total benefits of $897 ...
The Social Security Administration says the program should replace about 40 percent of your pre-retirement income. In short, you’ll need more income to maintain your standard of living.