October 21, 2020

All About Social Security

Social Security encompasses a number of valuable financial welfare programs aimed at ensuring income for certain populations of qualified Americans.

The Social Security program was first established by President Roosevelt in 1935 and, in its infancy, was considered a retirement program designed to support older Americans.

Since then the Social Security program, under the Social Security Administration, has undergone a number of major revisions and become much more than just retirement benefits. Today it offers resources and financial support for the following:

  • Income for retired Americans
  • Income for unemployed Americans
  • Supplemental income for qualified disabled adults and children
  • Supplemental income for Americans with severe financial hardship
  • Supplemental income for widows and widowers
  • Medical benefits for retired Americans.

Workers’ Benefits: Earning Social Security

For most Americans, Social Security is known best as the cut of your income that’s deducted from your paycheck to pay into the Social Security program. Throughout most of our working lives, our Social Security payments are a promise that we will have income for our retirement years.

Your annual Social Security statement sent out from the Administration summarizes your earnings to date and shows what you might earn monthly if you were to start receiving benefits at your current income level.

Unemployment Compensation

Despite the fact that Unemployment Compensation benefits are state-mandated, the programs were inspired with the original 1935 Social Security Act, so it’s largely regarded as an adjunct program. As a wage earning American you are entitled to receive income from your state government if you are suddenly unemployed through no fault of your own.

Disability

The Social Security Disability program provides additional monthly income for qualified adults and children suffering from severe disabilities and/or medical conditions. For adults especially, qualifying is not easy. The application review process may take up to six months to complete. Applicants are required to earn less than $1,000 per month, have a disability or medical condition that impacts their ability to perform their jobs, possess limited additional education or training, plus much more.

Supplemental Income

Supplemental Security Income (SSI) provides financial support to qualified adults and children suffering from disabilities or severe medical conditions with the additional burden of financial hardship.

Medicare

Medicare is basically medical insurance for folks in their retirement years or nearing retirement age—working or not. This program ensures that older Americans have adequate medical care during a particularly vulnerable time in their lives. Medicare is comprised of three parts: Medicare Part A (hospital care), Medicare Part B (medical care), Medicare Part C (the Advantage programs), and Medicare Part D, the infamous prescription drug coverage.

Learn more about these and all the Social Security programs, including forms, educational resources, and more, at the official U.S. Social Security Administration website. (http://www.ssa.gov/ )

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