Social Security

(redirected from the Future of Social Security)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.

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 ?
The charge to liberals and progressives is not to allow the debate over the future of social security to be constructed in this manner.
Then, asked a question about the future of Social Security, Bush read from a written document that said ``those now in their 20s would not be eligible until 67 or 68'' for their benefits.
New Scottrade/BetterInvesting survey shows Gen X's widespread concern about their financial future, the future of Social Security, and how much they need for retirement
That's why AARP is fighting the chained CPI and calling for a national conversation about the future of Social Security - so those who paid into the system can have a voice in the debate and so future generations get the benefits they've earned.
Instead, both sides wimped out and left uncertainty about long-term changes to ensure the future of Social Security.
The generation is challenged by rising costs of healthcare and education, diminishing defined benefits through employers, and uncertainty around the future of Social Security.
84% of voters 50+ believe that the future of Social Security should be considered separately from the budget deficit discussions (85% Democrats, 83% Republicans, 82% Independents).
From what I have read from various seniors organizations, the future of Social Security is in great danger if the annual money Congress borrows from the trust fund surplus, as part of the ``budget surplus,'' is not returned to the trust fund.
The uncertainty surrounding the future of social security benefits, recessionary fears and stock market volatility are among the economic indicators that have encouraged more and more investors to consider cash as a way to diversify their portfolios.
Although he said the future of Social Security is far less bleak than many people assume, it does need work to protect it from future economic downturns.
A confluence of factors, including unprecedented levels of personal debt, the elimination of pensions, and questions about the future of Social Security, suggests that individuals will have to be much more savvy and proactive in managing their money as they navigate an increasingly complex financial roadmap and work to ensure a secure retirement.
Nearly 9 in 10 voters strongly believe that seniors should not be affected by changes to Social Security, while over 80 percent agree that the future of Social Security should not be part of deficit-reduction discussions.