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 economic security of the nation's people through compassionate and vigilant leadership in developing and administering programs that sustain workers and their families throughout their working years and ensure that they receive dignified and timely benefits when they retire or become disabled."
The agency oversees the Social Security trust fund, which is composed of payroll taxes paid by workers and employers, as well as self-employed individuals. The trust fund is used to pay benefits to eligible beneficiaries.
The SSA also administers the Supplemental Security Income (SSI) program, which provides financial assistance to low-income individuals and families.
In addition to its primary mission, the SSA is also responsible for maintaining the Social Security Death Index (SSDI), which is a database of death records of individuals who have been covered by the Social Security program.
Who is eligible for SSA?
Anyone who has worked in jobs covered by Social Security is eligible for benefits. In order to qualify for Social Security, a person must earn a certain number of "credits" by working and paying Social Security taxes. The number of credits needed to qualify for benefits depends on a person's age and the type of benefit they are applying for.
How much of my Social Security income is taxable? Your Social Security income may be taxable, depending on the amount of your other income for the year. If you file a federal tax return as an "individual" and your combined income* is more than $25,000, you will pay taxes on up to 50% of your benefits. (If your combined income is more than $34,000, you will pay taxes on up to 85% of your benefits.)
If you are married and file a joint return, you and your spouse will pay taxes on up to 50% of your benefits if your combined income is more than $32,000. (If your combined income is more than $44,000, you will pay taxes on up to 85% of your benefits.)
If you are married and file a separate return, you will probably pay taxes on your benefits.
*Combined income is your adjusted gross income plus nontaxable interest plus half of your Social Security benefits.
What does SSI and SSDI stand for?
SSI stands for Supplemental Security Income, and SSDI stands for Social Security Disability Insurance. Both are programs administered by the Social Security Administration (SSA) that provide financial assistance to people with disabilities. SSI provides need-based assistance to low-income individuals, while SSDI provides benefits to workers who have paid into the Social Security system.
What are the 4 types of Social Security?
The four types of Social Security are:
1. Social Security retirement benefits
2. Social Security disability benefits
3. Social Security survivor benefits
4. Supplemental Security Income (SSI)
1. Social Security retirement benefits are paid to workers who have reached retirement age and have paid into the Social Security system through payroll taxes.
2. Social Security disability benefits are paid to workers who become disabled and are unable to work.
3. Social Security survivor benefits are paid to the families of workers who die.
4. Supplemental Security Income (SSI) is a needs-based program that provides benefits to low-income individuals who are disabled, blind, or 65 years or older.
At what age can you collect Social Security and work full time? The Social Security Administration (SSA) has no limit on how much you can earn and still receive your full Social Security benefits. However, if you are younger than full retirement age (FRA) and earn more than the yearly earnings limit, your benefits will be reduced.
For example, in 2020, if you are younger than FRA, your benefits will be reduced by $1 for every $2 you earn over $18,240. If you reach FRA in 2020, your benefits will not be reduced no matter how much you earn.
If you are younger than FRA and have a government pension, your benefits may also be reduced. For more information, visit the SSA's website or contact your local SSA office.