People expect Social Security to provide a retirement income, and that’s exactly what it does. More than just social retirement plans are provided by the Social Security Administration (SSA). Additionally, the SSA protects workers who become disabled and provides survivor benefits to families when the primary breadwinner dies. Think about working with a financial advisor who can help you get the most out of your Social Security income.
What Is the Social Security Administration (SSA)?
A federal government agency, the SSA has been in charge of Social Security’s various programs since 1935. The purpose of these programs is to provide financial assistance to citizens and residents of the United States who have special financial needs. Pensions, disability benefits, survivor’s benefits, and other taxpayer-funded programs are all part of this equation.
All Americans are entitled to these benefits, which are paid regardless of other sources of income, including savings and private insurance. Social Security covers nearly all employment in the United States.
Through its social insurance programs, the SSA provides the most common form of assistance. For those who are retired, have a disability, or have lost a family member who was the sole breadwinner, these programs are for you.
What Programs the SSA Provides
Most American workers contribute to the federal government’s coffers. Social Security receives a portion of these taxes.
Other benefits of Social Security should not be overlooked despite the fact that the retirement benefit is well-known to the majority of the population. Insurance plans and access to medical care are two examples of these advantages.
Social Insurance Programs
The SSA’s most popular programs are its social insurance plans. These are a few examples:
When a worker retires at the age of 67, they are eligible for full retirement benefits if they have earned at least 40 credits. If you have taxable income, you can get one credit for each quarter.
Social Security provides retirees with about 40% of their pre-retirement income. As a general rule, the amount is determined by the amount a person earns over the course of their working years.
People who are widowed or divorced after the death of their breadwinner spouse can collect the Social Security retirement benefits of that person until their own death.
Disability benefits may be available to employees who become unable to work due to a work-related illness or injury.
They must, however, meet a strict set of requirements. Proof that they have worked a certain number of hours based on their age is required to meet these requirements.
Disability benefits – The Supplemental Security Income (SSI) program provides financial assistance to people with disabilities who have limited means and resources.
The Supplemental Security Income (SSI) program also pays benefits to those 65 and older who are not disabled if they meet certain financial requirements.
Health Insurance and Health Services
As the coronavirus pandemic continues and the number of seniors in the United States grows, health care issues are becoming increasingly important. As a result of Medicare and Medicaid, all Americans have access to health care, regardless of income.
All Medicare beneficiaries over the age of 65 receive hospital services, skilled nursing care, and hospice care under the program’s umbrella. Physicians’ services are also covered by Medicare.
Health care coverage for low-income individuals and families, pregnant women, the elderly, and people with disabilities is provided by Medicaid. Consider that coverage varies from state to state.
Supplemental Security Income (SSI) benefits are used to determine Medicaid eligibility in 35 states and the District of Columbia. In these states, the SSI and Medicaid applications are essentially the same. The rest of the states have their own rules for determining who is eligible to vote.
Benefits such as unemployment and veterans’ compensation are also supported by the SSA, which provides indirect support for state-run programs like these.
How to Get in Touch with the Social Security Administration
There are several ways to get in touch with the SSA if you have any additional questions about the organization or how to get help.
In order to replace your Social Security card, change your name legally, or apply for retirement benefits, you can use these methods. SSA has three ways to get in touch with them, one of which is to visit your local field office and meet with a representative.
You can get the answers you need to your questions quickly and easily by calling the Social Security Administration and speaking with a representative.
On Mondays, Tuesdays, and Thursdays, they’re open. (800) 772-1213 is the phone number. To minimize the amount of time you spend on hold, call as soon as they open.
The SSA website is available 24 hours a day, seven days a week if you have questions or need to conduct business on your own. A My Social Security account and the ability to apply for benefits are also available at this location.
The SSA’s role extends far beyond the administration of pensions. To prevent poverty in the United States, the Social Security Administration provides the foundation for millions of workers to receive social insurance benefits.
Since its inception, the Social Security Administration (SSA) has expanded its services and now includes an easy-to-use website where taxpayers can learn about the various services the SSA provides.
- Working with a financial advisor can help you make the most of the SSA’s many advantages. Not all financial advisors are created equal, but finding a reputable one doesn’t have to be difficult.
- SmartAsset’s free tool connects you with up to three local financial advisors, and you can interview them for free to determine which one is best for you. SmartAsset’s free tool connects you with three local financial advisors.
- It’s never too early to begin searching for a financial advisor who can help you achieve your financial goals.
- SmartAsset’s Retirement Guide includes a calculator that can help you figure out how much money you need to save for your retirement.
- If you’re thinking about downsizing after retirement, you can use the retirement tax friendliness calculator to help you weigh your options.