Social Security


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Social Security

A program of the United States federal government that provides income to disabled and (especially) elderly people. That is, persons who have paid into the Social Security system for a certain period of time are eligible to receive what amounts to a government pension in retirement or in the event of disability. It is paid out of the Social Security trust fund and is financed through FICA taxes. Because Social Security is the single largest expense of the federal budget, periodic attempts are made to wholly or partly privatize Social Security, though opponents claim that doing so would make the American social safety net less secure. See also: SSI, TANF, SCHIP.

Social Security.

Social Security is a federal government program designed to provide income for qualifying retired people, their dependents, and disabled people who meet the Social Security test for disability.

You qualify for retirement benefits if you have had at least the minimum required payroll tax withheld from your wages for 40 quarters, the equivalent of 10 years.

The minimum for each quarter is set by Congress and increases slightly each year. You earn credits toward disability coverage in the same way.

The amount you receive in Social Security retirement benefits, up to the annual cap, is determined by the payroll taxes you paid during your working life, which were matched by an equal tax paid by your employers. Some of your benefit may be subject to income tax if your income plus half your benefit is higher than the ceiling Congress sets.

References in periodicals archive ?
For example, assume a husband and wife are both born in 1944 and choose to start Social Security benefits in 2006.
Though the demographics of the American population assuredly have helped exacerbate the situation, economist Thomas Sowell has correctly observed that the "only reason changing demographics are a problem is because Social Security was never insurance in the first place, even though it was politically expedient to describe it that way.
Another hitch with minors is that you can't put a fraud alert on a Social Security number with no credit history.
Flores argued she was required to apply for Social Security disability benefits under her long-term disability policy.
And don't talk to me about public opinion polls, which seem to be driving the Social Security strategy.
Restoring the total wages taxed by Social Security to 90 percent of nationwide earnings--from $90,000 to $140,000 (perhaps phased in over a decade)--would lower the projected shortfall by some 43 percent.
2004), another case where a defaulter sued the government to keep it from seizing her federal payments, the Eighth Circuit Appellate Court ruled that if Congress had wanted Social Security payments to be seized it would have originally written that into the amended HEA in 1991.
Do you know someone who receives Social Security benefits and is not retired?
Their shaky scheme offers a windfall to Wall Street but promises, at best, a neutral outcome to Social Security recipients.
True wealth-building requires that we leave more than Social Security as a legacy to our children and grandchildren.
In 2018, when my daughter is 31, Social Security will start spending more in benefits each year than it takes in from payroll taxes.
America made a commitment to its citizens: if you work your whole adult life, you will receive Social Security benefits (Comment, "Save Social Security," January issue).

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