Social Security Benefits

Social Security Benefits are monthly payments provided by the U.S. Social Security Administration (SSA) to eligible individuals, including retirees, disabled individuals, survivors of deceased workers, and low-income individuals. These benefits are designed to provide financial assistance for those who qualify based on their work history, disability status, or economic need.

Types of Social Security Benefits

1. Retirement Benefits

   • Paid to individuals who have worked and paid Social Security taxes for at least 10 years (40 credits).
   • Benefits can be claimed as early as age 62 (with a reduced amount) or at Full Retirement Age (FRA) for full benefits.
   • Delayed benefits increase if claimed after FRA, up to age 70.

    

2. Disability Benefits (SSDI – Social Security Disability Insurance)

   • For individuals who cannot work due to a severe, long-term disability.
   • Requires sufficient work credits based on age and work history.
   • Provides Medicare eligibility after 24 months of receiving SSDI.

    

3. Supplemental Security Income (SSI)

   • A needs-based program for low-income individuals who are disabled, blind, or 65+.
   • Funded by general tax revenues, not Social Security taxes.
   • Provides cash assistance for basic living expenses.

    

4. Survivor Benefits

   • Financial support for spouses, children, and dependents of deceased workers.
   • Widows/Widowers can start benefits at age 60 (or 50 if disabled).
   • Dependent children under 18 (or 19 if in school) may also qualify.

    

5. Social Security COLA (Cost-of-Living Adjustments)

   • Annual benefit increases based on inflation.
   • Helps maintain the purchasing power of benefits.