Social Security (United States)

Social SecuritySocial Security ActSocial Security SystemU.S. Social SecurityUnited States Social SecuritySocial Security AdministrationSocial Security benefitsSocial Security programFederal Old-Age and Survivors Insurance Trust FundUnited 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 Security BoardCommissioner of Social SecuritySocial Security
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 Security Act of 1935Social Security
The original Social Security Act was signed into law by President Franklin D. Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
The law created the Social Security program as well as insurance against unemployment.

Social insurance

social insurance organisationsocial-insuranceinsurance
The original Social Security Act was signed into law by President Franklin D. Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
In the United States, 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

trust fundFederal Old-age and Survivors Insurance Trust FundGreenspan Commission
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 D. 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 has come to be referred to as US social insurance program for retired and disabled people even though social security is itself a retirement insurance plan paid for by taxes taken from the individual worker's payroll check and matched by his employer, no part of it is paid by the Federal Government.

United States

AmericanU.S.USA
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

FICAFederal Insurance Contributions ActSocial Security 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 benefitscrazy checks
Supplemental Security Income (SSI) uses the same disability criteria as the insured social security disability program, but SSI is not based upon insurance coverage.
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 Catastrophic Coverage Act
Increased spending for Social Security will occur at the same time as increases in Medicare, as a result of the aging of the baby boomers.

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) was age 65 to receive unreduced benefits, it is gradually increasing to age 67 by 2027.

Average Indexed Monthly Earnings

AIMEaverage earningsAverage Indexed Monthly Earnings (AIME)
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

TSPG Fund
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 (TSP implemented a Roth option in May 2012).

Actuarial science

actuarialactuarial mathematicsactuarially
If the surviving spouse starts benefits before full retirement age, there is an actuarial reduction.

National identification number

BurgerservicenummerCNPIdentification 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.

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.

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.

Income inequality in the United States

income inequalityincomeinequality
According to the Center for Economic and Policy Research, upward redistribution of income is responsible for about 43% of the projected Social Security shortfall over the next 75 years.
Krugman argues that the long-term funding problems of Social Security and Medicare can be blamed in part on the growth in inequality as well as changes such as longer life expectancy.

Federal government of the United States

United States governmentU.S. governmentfederal 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).

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.

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.

Federal Employees Retirement System

FERSFederal Employees' Retirement Systemfirzān
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.

Income tax in the United States

federal income taxincome taxincome taxes
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.

Medicaid

Medicaid fraudMedicaid expansionMedical Assistance
Two other programs that provide financial assistance to people living with HIV/AIDS are the Social Security Disability Insurance (SSDI) and the Supplemental Security Income.