Social Security (United States)

Social SecuritySocial Security ActSocial Security AdministrationSocial Security systemUnited States Social SecuritySocial Security benefitsSocial Security programFederal Old-Age and Survivors Insurance Trust FundU.S. Social SecurityUnited States Social Security system
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.wikipedia
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Social Security Administration

Social SecuritySocial Security BoardU.S. Social Security Administration
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.
The United States Social Security Administration (SSA) is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivors' benefits.

Social Security Act

Social SecuritySocial Security Act of 1935
The original Social Security Act was signed into law by President Franklin Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
The Social Security Act of 1935, now codified as, created Social Security in the United States, and is relevant for US labor law.

Social insurance

social-insuranceinsurancepublic insurance
The original Social Security Act was signed into law by President Franklin Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
In the US, programs that meet these definitions include Social Security, Medicare, the Pension Benefit Guaranty Corporation program, the Railroad Retirement Board program and state-sponsored unemployment insurance programs.

Social Security Trust Fund

Social Securitytrust fundFederal Old-age and Survivors Insurance Trust Fund
Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, the two Social Security Trust Funds.
The Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund (collectively, the Social Security Trust Fund or Trust Funds) are trust funds that provide for payment of Social Security (Old-Age, Survivors, and Disability Insurance; OASDI) benefits administered by the United States Social Security Administration.

Social security

social security systemsocial insurancestate benefits
A limited form of the Social Security program began, during President Franklin D. Roosevelt's first term, as a measure to implement "social insurance" during the Great Depression of the 1930s.
In the United States, the term Social Security refers to the US social insurance program for all retired and disabled people.

Welfare

social welfarepublic assistancesocial assistance
The original Social Security Act was signed into law by President Franklin Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
In the U.S., welfare program is the general term for government support of the well-being of poor people, and the term social security refers to the US social insurance program for retired and disabled people.

United States

American🇺🇸U.S.
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.
After his election as president in 1932, Franklin D. Roosevelt responded with the New Deal, which included the establishment of the Social Security system.

Federal Insurance Contributions Act tax

FICASocial Security and Medicare taxespayroll tax
Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA).
The Federal Insurance Contributions Act (FICA ) is a United States federal payroll (or employment) contribution directed towards both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.

Supplemental Security Income

SSIdisability benefitsSupplemental Security Income (SSI)
Supplemental Security Income, SSI
SSA was selected because it had been administering a nationwide adult disability program under the Social Security Disability Insurance Benefits (DIB) program since 1956 for workers who are insured through their payroll deduction under the Old Age, Survivors, and Disability Insurance (OASDI) programs associated with Federal Insurance Contributions Act (FICA) payroll taxes.

Medicare (United States)

MedicareMedicare (US)Medicare Part B
Health Insurance for Aged and Disabled, Medicare
They are under 65, disabled, and have been receiving either Social Security SSDI benefits or Railroad Retirement Board disability benefits; they must receive one of these benefits for at least 24 months from date of entitlement (eligibility for first disability payment) before becoming eligible to enroll in Medicare.

Retirement

retiredretireearly retirement
The largest component of OASDI is the payment of retirement benefits.
In the United States, while the normal retirement age for Social Security, or Old Age Survivors Insurance (OASI), historically has been age 65 to receive unreduced benefits, it is gradually increasing to age 67. For those turning 65 in 2008, full benefits will be payable beginning at age 66. Public servants are often not covered by Social Security but have their own pension programs.

Flemming v. Nestor

1960 Flemming v. Nestor. Landmark U.S. Supreme Court ruling that gave Congress the power to amend and revise the schedule of benefits. The Court also ruled that recipients have no contractual right to receive payments.
Ephram Nestor challenged Section 1104 after he was denied Social Security payments as a deported member of the Communist Party.

Average Indexed Monthly Earnings

Average Indexed Monthly Earnings (AIME)AIMEaverage earnings
The sum of the 35 adjusted salaries (or less if worker has less than 35 years of covered income) times its inflation index, AWI divided by 420 (35 years x 12 months per year) gives the 35-year covered Average Indexed Monthly salary, AIME.
The Average Indexed Monthly Earnings (AIME) is used in the United States' Social Security system to calculate the Primary Insurance Amount which decides the value of benefits paid under Title II of the Social Security Act under the 1978 New Start Method.

Amish

Old Order AmishAmish CommunityThe Amish
About the only way to avoid paying either FICA or SECA taxes is to join a religion that does not believe in insurance, such as the Amish, Christian Science or a religion whose members have taken a vow of poverty (see IRS publication 517 and 4361 ).
Most Amish do not buy commercial insurance or participate in Social Security.

Thrift Savings Plan

G FundTSP
For example, the current Federal Employees Retirement System, which covers the vast majority of federal civil service employees hired after 1986, combines Social Security, a modest defined-benefit pension (1.1% per year of service) and the defined-contribution Thrift Savings Plan.
The TSP is one of three components of the Federal Employees Retirement System (FERS; the others being the FERS annuity and Social Security) and is designed to closely resemble the dynamics of private sector 401(k) and Roth 401k plans (Roth TSP was implemented in May 2012).

Actuarial science

actuarialactuarial mathematicsactuarially
If the surviving spouse starts benefits before normal retirement age, there is an actuarial reduction.
In social welfare programs, the Office of the Chief Actuary (OCACT), Social Security Administration plans and directs a program of actuarial estimates and analyses relating to SSA-administered retirement, survivors and disability insurance programs and to proposed changes in those programs. It evaluates operations of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, conducts studies of program financing, performs actuarial and demographic research on social insurance and related program issues involving mortality, morbidity, utilization, retirement, disability, survivorship, marriage, unemployment, poverty, old age, families with children, etc., and projects future workloads. In addition, the Office is charged with conducting cost analyses relating to the Supplemental Security Income (SSI) program, a general-revenue financed, means-tested program for low-income aged, blind and disabled people. The Office provides technical and consultative services to the Commissioner, to the Board of Trustees of the Social Security Trust Funds, and its staff appears before Congressional Committees to provide expert testimony on the actuarial aspects of Social Security issues.

National identification number

CNPIdentification numberIdentity number
A side effect of the Social Security program in the United States has been the near-universal adoption of the program's identification number, the Social Security number, as the de facto U.S. national identification number.
For example, the United States developed its Social Security number (SSN) system as a means of organizing disbursing of Social Security benefits.

Payroll tax

payroll taxespayrollCanada
Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA).
The Federal Insurance Contributions Act tax is a federal payroll tax imposed on both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, the disabled, and children of deceased workers.

Social Security number

social security numbersSSNsocial security card
A side effect of the Social Security program in the United States has been the near-universal adoption of the program's identification number, the Social Security number, as the de facto U.S. national identification number.
Although its primary purpose is to track individuals for Social Security purposes, the Social Security number has become a de facto national identification number for taxation and other purposes.

Astrue v. Capato

In Astrue v. Capato (2012), the Supreme Court unanimously held that children conceived after a parent's death (by in vitro fertilization procedure) are not entitled to Social Security survivors' benefits if the laws of the state in which the parent's will was signed do not provide for such benefits.
She applied for Social Security Survivors Benefits based on her husband's earnings during his lifetime.

Federal government of the United States

federal governmentfederalU.S. government
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.
Residents of U.S. territories have varying rights; for example, only some residents of Puerto Rico pay federal income taxes (though all residents must pay all other federal taxes, including import/export taxes, federal commodity taxes and federal payroll taxes, including Social Security and Medicare).

Individual retirement account

IRAIRAsindividual retirement accounts
Even without employer matches, individual retirement accounts (IRAs) are portable, self-directed, tax-deferred retirement accounts that offer the potential to substantially increase retirement savings.
Social Security payments, whether retirement pensions or disability payments, may or may not be taxable, but in either case are not eligible.

Great Depression

Depressionthe Great DepressionDepression-era
A limited form of the Social Security program began, during President Franklin D. Roosevelt's first term, as a measure to implement "social insurance" during the Great Depression of the 1930s.
By 1935, the "Second New Deal" added Social Security (which was later considerably extended through the Fair Deal), a jobs program for the unemployed (the Works Progress Administration, WPA) and, through the National Labor Relations Board, a strong stimulus to the growth of labor unions.

Federal Employees Retirement System

firzānretirement system for federal employees
For example, the current Federal Employees Retirement System, which covers the vast majority of federal civil service employees hired after 1986, combines Social Security, a modest defined-benefit pension (1.1% per year of service) and the defined-contribution Thrift Savings Plan.
Mandatory participation in Social Security (most CSRS employees are not part of Social Security and do not pay taxes into the system, nor are they eligible for benefits unless they qualify under private sector employment or by being rehired and covered as CSRS (with a Social Security Offset), and

Income tax in the United States

federal income taxincome taxIndividual income tax
If an employee has overpaid payroll taxes by having more than one job or switching jobs during the year, the excess taxes will be refunded when the employee files his federal income tax return.
In the United States, the term "payroll tax" usually refers to 'FICA taxes' that are paid to fund Social Security and Medicare, while "income tax" refers to taxes that are paid into state and federal general funds.