Google trend - Social Security Administration

Social Security Administration - 10 things to know with detail

• Social Security is a federal program that provides financial assistance to retired, disabled, and surviving family members of workers who have paid into the system through payroll taxes.
• To be eligible for Social Security benefits, you must have earned a certain number of work credits by paying Social Security taxes during your working years. The number of credits required depends on your age at the time you become disabled or retire.
• Social Security benefits are calculated based on your average indexed monthly earnings during your 35 highest-earning years. The amount you receive each month will depend on your full retirement age, which is between 66 and 67, depending on your birth year.
• You can choose to start receiving Social Security benefits as early as age 62, but your monthly benefit amount will be reduced if you do so before reaching full retirement age. Conversely, you can delay receiving benefits until age 70, which will result in an increased monthly benefit amount.
• If you become disabled and are unable to work, you may be eligible for Social Security Disability Insurance (SSDI) benefits. To qualify for SSDI, you must have a medical condition that meets the Social Security Administration's definition of disability and have earned enough work credits.
• In addition to retirement and disability benefits, Social Security also provides survivor benefits to the spouses, children, and dependent parents of deceased workers. The amount of survivor benefits depends on the deceased worker's earnings history.
• Social Security benefits are subject to federal income tax if your combined income (including half of your Social Security benefits and other sources of income) exceeds a certain threshold. The percentage of benefits that are taxable depends on your income level.
• You can apply for Social Security benefits online, by phone, or in person at your local Social Security office. It's important to apply for benefits as soon as you become eligible, as the process can take several months.
• You can manage your Social Security account online through the Social Security Administration's website. This allows you to check your benefit payment history, update your personal information, and get estimates of your future benefits.
• Social Security is facing financial challenges due to the aging population and declining birth rates, which are putting pressure on the program's funding. Congress will need to make changes to ensure the long-term sustainability of Social Security for future generations.