Social Security is a large government entitlement program which has been the economic safety net for Senior Citizens since 1935. It was designed to pay retired workers age 65 and older a continuing income after retirement.
American workers pay into the Social Security system via paycheck deductions and upon retirement, checks is mailed out monthly. The program has had many amendments including Cost of Living increases on a semi-regular basis. The system has expanded from solely covering employees to a more comprehensive system of issuing benefits for spouses, children and the disabled. Social Security serves as the primary income source for the majority of Americans.
Due to the economy and generational shifts, this program is likely to continue to evolve in the coming years as the Government seeks to balance different budgets.
It is essential to discuss Social Security payments and choices as part of your overall retirement and financial planning. You may find basic information at www.SSA.gov, your local Social Security office or call 1-800-772-1213.
Find out how:
- The postponing of collecting benefits affects the amount of your monthly allotment
- How a spouse may collect benefits
- What type of salary you may earn while collecting your Social Security benefit
- The possibility of freezing and restarting benefits as it fits your financial plan and tax issues
Each individual’s circumstances are unique and therefore professional advice is highly recommended to help ensure the right individual decisions are made.
Another program which assists Americans with financial assistance is Supplemental Security Income (SSI) program. It pays benefits to disabled adults and children who have limited income and resources. SSI benefits are also payable to people 65 and older without disabilities who meet the financial limits.