Social Security benefits
Social Security benefits…
Social Security benefits are a form of financial assistance provided by the United States government to eligible individuals who have reached retirement age, or who have become disabled or have lost a spouse or parent who was eligible for the benefits. The Social Security system was established in 1935 as a way to provide financial security for retired workers, and has since expanded to include disability and survivor benefits.
Retirement benefits are the most common type of Social Security benefit. To be eligible for retirement benefits, an individual must have worked and paid Social Security taxes for a certain number of years, called Social Security credits. The number of credits required depends on the individual’s birth year, but generally, an individual must have earned 40 credits to be eligible for retirement benefits. The amount of the benefit is based on the individual’s average earnings over their working lifetime, and is adjusted for inflation.
Disability benefits are available to individuals who are unable to work due to a medical condition that is expected to last at least one year, or result in death. To be eligible for disability benefits, an individual must have worked and paid Social Security taxes for a certain number of years, depending on their age at the time they became disabled. The amount of the benefit is based on the individual’s average earnings, and may be adjusted for inflation.
Survivor benefits are available to the surviving spouse, children, or parents of a deceased individual who was eligible for these benefits. The amount of the benefit is based on the deceased individual’s average earnings, and may be adjusted for inflation.
These benefits are an important source of income for many retirees and disabled individuals. However, the Social Security system is facing financial challenges due to the aging of the population and other factors. To ensure the long-term sustainability of the system, policymakers may need to consider changes to the Social Security program, such as adjusting the retirement age or increasing payroll taxes.
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