A ביטוח לאומי אזור אישי system provides financial protection against the risk of involuntary loss of income (e.g., from sickness and disability, unemployment, crop failure, or the death of a spouse). It can be established by law and administered by a public, semipublic, or autonomous body.
The actuary estimates that privatizing Social Security would require substantial federal borrowing over many years. Because most versions of the budget require 60 percent majorities in both houses to pass, such large-scale borrowing is unlikely.
A Social Security claimant is entitled to retirement, disability, and survivor benefits based on the worker’s earnings history. These benefits are funded by payroll taxes (FICA) paid by employers and workers. Social Security beneficiaries also pay a tax on their benefits, reducing the net amount they receive.
Advisers should always consider the entire client’s situation when making Social Security benefit recommendations. The decision to claim benefits at a particular age is often a complex one, and a strategy that seems most advantageous on the surface may be less beneficial after pulling back the covers and considering other elements.
The amount of a person’s Social Security payment that is subject to income tax can vary significantly depending on his or her wage level, age at which benefits are claimed, and whether the individual is married. In addition, the claiming strategy of a person’s spouse can impact his or her own benefits.
People can check their earnings record by reviewing their annual personal Social Security statement, which is automatically mailed three months before the person’s birthday. The Statement will also provide estimates of future retirement, survivor, and disability benefits. Individuals can create a free my Social Security account to get personalized tools and immediate access to information. These tools help individuals check the status of a claim, request a replacement card, and more.
The SSA administers two programs to help disabled people — Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). Although both offer cash benefits, there are important differences between them.
SSI is a program that provides minimal basic cash assistance to disabled adults and children with limited income and assets, based on need. It is paid out of general U.S. Treasury funds, rather than the Social Security trust fund. SSI eligibility is not related to your past work history.
To qualify for SSI, you must have an impairment or combination of impairments that keep you from being able to perform substantial gainful activity on a regular and sustained basis. In most cases, your impairments must be expected to last at least one year or result in your death. Some severe impairments that are expected to be terminal are classified as compassionate allowances and can be processed more quickly than standard applications.
SSDI is an insurance program that pays disability benefits to disabled individuals and their family members based on how long and recently you’ve worked. It is not a welfare program, but an insurance policy that’s closely tied to your Social Security retirement benefits. You earn “credits” or quarters of coverage for the years that you pay FICA Social Security taxes (or SECA self-employment taxes) and have wages reported to SSA.
The Social Security Administration offers online services to help people manage their benefits and do their business with SSA. Customers can do many things online such as get a replacement card, check the status of an application or appeal, request an instant benefit verification letter, or update their Social Security number record. Customers can also set up or change direct deposit and print a proof of income statement.
In addition to online services, customers can access their personal my Social Security account where they can do a variety of tasks. These include checking the status of their applications, requesting a replacement card (in most areas), and getting estimates of future benefits. They can also report a lost or stolen card and find information on how to protect themselves from identity theft.
Lastly, Social Security can assist with a variety of other services, such as helping to solve problems related to the death of a loved one or filing for disability benefits. They can also contact their local Social Security office for assistance.
SSA serves more than 40 million retirees and their families through the Old-Age & Survivors Insurance program, 10 million disabled individuals with disability insurance, and more than 5 million low-income adults with Supplemental Security Income. These programs pay over $944 billion a year in benefits.
If you have questions that aren’t answered in the FAQ page, or if you need to supply documentation, such as Form SS-5 to change your address, it’s a good idea to call first. The agency recommends calling rather than visiting a local office to avoid long wait times.
With SSA staffing at its lowest level in 25 years, you may experience a lengthy wait time if you visit your local office without an appointment. The agency has more than 1,230 field offices, and you can find the contact information for your nearest one using their office locator tool.
You can also submit a complaint about a Social Security service representative or other employee online. The agency will investigate your claim and respond within 30 days. To file a complaint, you must have your claim number, name and address. If your complaint isn’t resolved, you can appeal the decision to an Administrative Law Judge, but this may take months or even two years to be scheduled. If you don’t want to wait for a decision, you can sign up for direct deposit to receive your benefits faster.