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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
By bringing forward by ten years Labour's plans to raise the age at which the state retirement pension could be claimed for men from65 to 66, Osborne was trying to give the impression that here was a sacrifice to help restore the market economy which would affect everyone equally.
Carer's Allowance cannot be paid if you are already getting a State Retirement Pension equal to or greater than pounds 53.90.
Pensioners are being treated like second-class citizens, having to rely on a meagre state pension and means-tested handouts following 30, 40 or 50 years of work, during which they funded the system for a thoroughly adequate basic state retirement pension.
Now that I need my personal pension in my old age to top-up my meagre State Retirement Pension, I have to pay income tax on my hard-saved personal pension.
State Retirement Pension: Paid to men at 65 and women at 60.
If you have any queries about your rights at all, from claiming your State retirement pension to finding out about sheltered housing, then do ring SeniorLine, a free national advice and information service run by Help the Aged for older people, on 0808 800 6565.
A person can claim a bereavement payment if : | | | Her/his husband, wife or civil partner met certain national insurance contribution conditions or the husband/wife or civil partner's death was caused by her/his job; | The person claiming the payment was below state pension age when her/his husband, wife or civil partner died; | The person claiming was over pension age and her/his husband, wife or civil partner was not entitled to a Category A state retirement pension when s/he died Q.
May I remind dodgy Dave that they have in place legislation, the triple lock that raises the State retirement pension and many other disability benefits and the carers allowance, according to either 1.
"The scheme was introduced four years ago when the difference between the increase in state retirement pension and the increase in council tax was disproportionate.
A minimum funded pension, paid alongside the state retirement pension, would start to take the strain off other pension schemes.
State Retirement Pension. The following, as I understand it, gives three options as to the likely increase as from 2011.
As for the state retirement pension, the following as I understand it gives three options as to the likely increase as from 2011.

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