Social Security – how it works?

Social Security is a government program in the United States that provides financial assistance to eligible individuals and their families.

The program is funded by contributions from workers and employers, and will assist retired people, people with disabilities, and dependents of people who have passed away.

What it’s social security?

Social Security is a government program in the United States that provides financial assistance to eligible individuals and their families. The program was created in 1935 by President  Franklin D. Roosevelt and has helped millions of people.

It is primarily designed to provide income support to retirees, disabled individuals, survivors of deceased workers, and some low-income individuals.

Most workers and their employers in the United States are required to pay Social Security taxes, which are also known as Federal Insurance Contributions Act (FICA) taxes.

These taxes are collected throughout a worker’s career, typically through payroll deductions.

And for a worker to be eligible to this benefits, é preciso que tenha contribuído trabalhando e pagando o programa por um período mínimo.

Through this program, thousands of Americans will have greater financial stability and security in times of need.

If you live in the United States, it is important to know about Social Security. The program can provide important financial support for you or your dependents in the future.

Benefits of Social Security

The program of social security provides benefits for the workers, and today we will understand more about them.

Among the types of benefits we can find three of them that are the most searched for. They are:

• Retirement income;
• Disability benefits.
• Survivor Benefits.

Retirement benefits

The retirement benefit will help retired people to replace the portion of their income that they will lose once they retire.

The amount you’ll receive will depend on the amount you contributed through your work life, not only how much but for how long either.

You can have the social security retirement benefit if you are 62 or older, and if you have worked at least 10 years making contribution.

You become eligible for full retirement benefits at your “full retirement age,” which varies depending on your birth year.

You can choose to start receiving benefits as early as age 62, but your monthly payments will be reduced if you start before your full retirement age.

Disability benefits

The social security benefits are also for people who become disabled and now are unable to work.

With this benefit you will be provided with financial support to afford your living expenses while unable to work due to a disability.

Eligibility for disability benefits is based on medical criteria and work history, also your condition must be expected to last for at least a year or result in death to receive the benefit.

Survivor benefits

This benefit is provided monthly to dependents of deceased workers, it’s made to help provide financial support to the spouses and childrens.

When a worker covered by Social Security dies, their surviving spouse, children, or dependent parents may be eligible for survivor benefits.