SSI Benefits is the major source of income for most retired and elderly persons in America. SS benefits consists of about 40% of the income for people over 65. 52% are married, and 72% of unmarried individuals receive 50% or more of their income from Social Security.
Retired workers and their families account for 69% of total benefits paid. Disabled workers and their dependants count for 19% of total benefits paid. Since 52% of all workers have no provate pension coverage Keeping your social security number sage.
Addressing the concerns of many Americans regarding the payment of bills after retirement or a disability, a federal benefits program was designed in the United States, in 1935, known as the Social Securities Act. The Social Security program provides disability, retirement, unemployment, survivor benefits and Medicare. The benefits offered are meant to provide financial support to the citizens of America who fall under the categories specified within the rules of the program.
The Social Security Act of 1935 introduced the Social Security benefits system in the US. The SSI system caters to the financial needs of the retired citizens, who have contributed to the social security trust fund for at least 10 years. It also provides benefits to the survivors, in event of the persons death. Other available benefits cover disability and unemployment.
It is essential for anyone wanting benefits to make the regular required contribution to the Social Security Trust Funds through the payroll taxes. The provisions of the Federal Insurance Contributions Act (FICA), every worker’s income is subject to a tax payment of 12.4% on the first $94,200 earned during the year. 50% of this amount (6.2%) is paid by the employer, while the other 6.2% is deducted from the salary. The amount is passed on to the SSI office. Self-employed people pays the full 12.4%. This contributed dollar amount is used fund the U.S. social security benefits system.