The Basics of Social Security: How It Works and What Benefits You Can Receive.

How Social Security Works: Types of Benefits What is Social Security in simple terms? Social Security is a government-run program that provides financial assistance to people who are retired, disabled, or widowed. The program is funded through payroll taxes. Employees and employers each pay a 6.2 percent Social Security tax on the first $128,400 of … Read more

Social Security Administration (SSA).

The Social Security Administration (SSA) is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivors’ benefits. The SSA was established by a act of Congress in 1935, and is headquartered in Baltimore, Maryland. The agency’s primary mission is to “promote the … Read more

Supplemental Security Income (SSI).

The Supplemental Security Income (SSI) program is a needs-based program that provides financial assistance to low-income individuals who are aged, blind, or disabled. SSI benefits are funded by general tax revenues, not by the Social Security trust fund. To be eligible for SSI, an individual must have limited income and resources. In general, the individual’s … Read more

What Is a Cost-of-Living Adjustment (COLA), and How Does It Work?

What Is a Cost-of-Living Adjustment, and How Does It Work? What will be the cost-of-living adjustment for Social Security in 2022? According to the Social Security Administration, the cost-of-living adjustment (COLA) for Social Security in 2022 will be 1.3%. Does everyone on Social Security get the COLA increase? The answer is no, not everyone on … Read more

What Is a SSN?

Facts To Know About Social Security Numbers. A social security number (SSN) is a nine-digit number issued by the Social Security Administration (SSA) to U.S. citizens, permanent residents, and temporary (working) residents. The number is used to track individuals for the purposes of Social Security benefits, taxation, and employment. SSNs are issued to children at … Read more