Social Sec
The Social Security Administration was initially formed in 1935 under the Social Security Act. This landmark piece of legislation was passed in the middle of the Great Depression and was a signature piece of Pres. Franklin D Roosevelt’s “New Deal” legislation. The purpose of Social Security is to provide various general welfare and social welfare programs that provide a variety of protections and benefits to various groups classes of people. There are several different primary programs operated under the “Social Security” (also known sometimes in abbreviated forms such as “Social Sec” or “Soc Sec”) banner. These include retirement pension benefits, disability insurance, and survivors benefits. Another popular program offered through the Social Security office is the Supplemental Security Income (“SSI”) benefits offered to mediate vigils throughout the country.
Regardless of which program you enroll in you will be issued a Social Security card which contains your unique Social Security number (“SSN”). The SSN is used to track various aspects of your life to help the Social Sec Administration determine which benefits, if any, you are able or entitled to receive throughout your lifetime. It is very important that you protect keep track of not only your Social Security number but also the Social Security card that your numbers printed on. If you ever realize that you have a lost Social Security card be sure to take the appropriate steps to replace it immediately.
Details of Programs
Although each of the programs offered through Soc Sec will be explained in detail, a general explanation of some of the more popular programs should be covered. The primary, and largest, program administered by the Social Sec Administration is the old age retirement benefit payments. Recent numbers from 2004 estimate of more than $492 billion was paid out to more than 47 million individuals for this one program alone. For almost all workers in the United States, a Social Security tax is levied against each paycheck (this is more commonly known as “FICA” on your paycheck stub). As these benefits are collected every American worker “pays into” the Social Security system to not only help pay for current benefits being received by other individuals that the help that particular worker qualify for payouts in the future.
In addition to retirement payouts, people who are considered disabled by the Administration can also receive disability payments to help make up for the lost income the individual would’ve otherwise had if they were able to work. In many instances, applicants under the disability program must go through rigorous examination process by which Administration doctors review determine whether your particular physical or mental condition qualifies as a disability under current Social Security guidelines, rules, and regulations.
Finally, the Supplemental Security Income (“SSI”) program offers monthly checks to need, aged or blind people. The purpose of this program is to help ensure that lower income individuals have enough money each month to maintain a particular standard of living that the United States Congress wants everyone to have. Because this is a needs-based program applicants must demonstrate that they have less than $2000 and countable assets (which does not include one car or your house) and that your income is under a certain level set by Congress each year.
For more information on the various programs and rules regarding Social Sec, check out the Social Security Administration’s website.
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