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 ?
It's possible that a Social Security employee may contact you to follow-up on a previous application for Social Security benefits or to follow-up on other business you initiated with Social Security.
Additionally, be careful about giving out your Social Security number -- don't ever give it to someone who solicits it out of the blue.
She also said that social security practitioners need to start moving from 'payer' to 'player' to ensure that social security benefits are designed to include giving back to society.
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"Senator Mazie Hirono (D-HI) and Representative Ted Deutch (D-FL) deserve every single American's appreciation for sponsoring the Protecting and Preserving Social Security Act," said Nancy Altman, president of Social Security Works and Chair of the Strengthen Social Security Coalition.
ThinkAdvisor recently spoke with Reichenstein, on the phone from his Baylor office in Waco, Texas, about what FAs need to know to help clients navigate the complicated, confusing Social Security maze.
10 My spouse can qualify for Social Security () TRUE () FALSE
The ISSA member states seek to improve the social security program by adopting dynamic and innovative management approach.
If you collect Social Security retirement benefits before reaching full retirement age, you effectively lock in a lower monthly benefit amount.
To put that amount of retirement income in perspective, only workers earning at least $117,000 this year will pay the maximum in Social Security payroll tax.
The Social Security Trust Fund as Accumulated Holdings
Mitt Romney, as well as many Social Security advocates and portions of the media.

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