Social Security


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Related to Social Security: Social Security number, Social Security benefits, Social Security card

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 ?
Should the husband die, the wife will be able to step up to the husband's $12,648 annual Social Security benefit, but will no longer be entitled to her annual benefit of $8,208.
The Democrats have indicated that they are going to try to make the supposed threat of privatization of Social Security a major issue in the 2006 elections.
She blames employers who don't check Social Security numbers thoroughly because it's bad for business.
A review of the legislative history revealed it was meant to equalize the federal tax treatment of Social Security benefits whether the taxpayer was or was not eligible to receive workers' compensation benefits.
It's about more than even the future of Social Security itself.
Modest steps such as these are enough to strengthen Social Security for the long term.
In the absence of Congressional language authorizing application of HEA to Social Security offsets, the district court concluded that the specific limitations in DCIA prevail.
Do you know someone who receives Social Security benefits and is not retired?
Retirement is the last thing on her mind, but what we do about Social Security will profoundly affect her future.
If Bush has his way, Social Security would no longer be a social insurance program providing a guarantee of lifelong retirement income.
The election was barely over when President Bush sounded a drumbeat on Social Security reform.

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