By: Mary Jones
“Social Security” is the term used for the Old-Age, Survivors, and Disability Insurance (OASDI) program in the United States, which is run by the Social Security Administration (SSA), a federal agency.
Social Security is an insurance program. Workers pay into the program, typically through payroll withholding where they work
Social Security provides benefits to retirees, their survivors, and workers who become disabled.
Workers who have paid into the Social Security system for at least 10 years become eligible for early retirement benefits at age 62.
Because of this, amounts will differ significantly among retirees. The average monthly benefit as of April 2022 was $1,588.89 ($19,066.68 annually)
To qualify, you generally have to meet certain earnings tests. Family members of disabled workers can also be eligible.
The average monthly benefit was $1,226.03 ($14,712.36 annually). For disabled workers the monthly average was $1,361.40 ($16,336.80 annually). Spouses of disabled workers received an average of $377.02 monthly
The spouse and children of a deceased worker may be eligible for survivor benefits based on the worker’s earnings record
The average monthly benefit was $1,325.65 ($15,907.80 annually). Survivor benefits breaks down into five categories. Average payments were:
The Social Security system in the U.S. came into existence on Aug. 14, 1935, when President Franklin D. Roosevelt signed the Social Security Act into law.
The trustees also projected reserves of the Hospital Insurance (HI) Trust Fund, which finances Medicare Part A, will be depleted in 2028, at which point program income will cover 90% of benefits
Social Security provides benefits for qualified retirees, disabled people, and their spouses, children, and survivors.