[4] The total cost of the Social Security program for the year 2022 was $1.244 trillion or about 5.2 percent of U.S. gross domestic product (GDP). [5] Social Security is funded primarily...
Like most, you probably think of Social Security as just a retirement program. However, depending on your circumstances, you may need the protection of Social Security well before...
Supplemental Security Income ( SSI ) is a means-tested program that provides cash payments to disabled children, disabled adults, and individuals aged 65 or older who are citizens or nationals of the United States. SSI was created by the Social Security Amendments of 1972 and is incorporat...
The Official History Website for the U.S. Social Security Administration.
Official website of the U.S. Social Security Administration.
The author is the Chief Actuary of the Social Security Administration. Acknowledgments: This article is possible only as a result of the consistent efforts of the Social Security Board of Trustees and their staffs in producing a highly professional and informative report each year. Particular appreciation is extended to Karen Glenn of the Office of the Chief Actuary for her invaluable review and editing of the article. In addition, Michael Leonesio, David Weaver, and Jason Fichtner of the Office of Retirement and Disability Policy provided crit ...
Fifty Years of Social Security by Martha A. McSteen Acting Commissioner of Social Security · Today, we celebrate the 50th anniversary of the Federal social insurance program, now known simply as "Social Security," that emerged in 1935 as part of the Nation's response to the plight of its elderly. The Social Security program of the 1980's is the direct descendent of the limited program of contributory old-age benefits enacted in 1935. The program, which today covers virtually all jobs, continues to have certain basic characteristics found in th ...
social security, any of the measures established by legislation to maintain individual or family income or to provide income when some or all sources of income are disrupted or terminated or when exceptionally heavy expenditures have to be incurred (e.g., in bringing up children or paying for health care). Thus social security may provide cash benefits to persons faced with sickness and disability, unemployment, crop failure, loss of the marital partner, maternity, responsibility for the care of young children, or retirement from work. Social s ...
Many of the federal and state programs that provide income security to U.S. families have their roots in the Social Security Act (the Act) of 1935. This Act provided for unemployment insurance, old-age insurance, and means-tested welfare programs. The Great Depression was clearly a catalyst for the Social Security Act of 1935, and some of its provisions—notably the means-tested programs—were intended to offer immediate relief to families. However, the old-age insurance program—the precursor to today's Old-Age, Survivors, and Disability In ...
The meaning of SOCIAL SECURITY is the principle or practice or a program of public provision (as through social insurance or assistance) for the economic security and social welfare of the individu...