What Is Social Security Income?
Social Security is an insurance benefit program. It was established in 1935 by then-President Franklin D. Roosevelt. People pay into the program through payroll or other deductions. The program is operated by the Social Security Administration (SSA).
Social Security provides benefits for individuals in three different categories:
Retirement Benefits: Individuals pay into the Social Security program through payroll deductions and income taxes. The amount depends on the highest 35 years of earnings and when someone chooses to take their benefits. People who pay for at least ten years can claim benefits when they turn 62. Benefits max out if they wait until they turn 67, which is considered full retirement age, or when they reach 70
Disability Benefits: This part of the program pays individuals who aren’t able to work because of a physical or mental disability. Conditions are assessed and are expected to last more than a year or may even result in death. Family members may also be eligible. People who claim disability benefits are required to meet earnings tests.
Survivors Benefits: These benefits are paid to spouses, children, and other dependents of Social Security recipients after they die. Survivors are required to apply for benefits in certain circumstances, including if they receive benefits themselves or if benefits aren’t automatically paid out.
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