Social Security Benefits

Social Security was enacted by President Roosevelt and Congress as part of the New Deal to give benefits mainly to senior citizens in response to what were seen as dangers in modern American life. The primary payout for social security benefits involves retirement pay, which is calculated by a worker's Primary Insurance Amount (PIA). The earliest these benefits can be paid out is at age 65. Spouses and widows can also receive limited benefits from Social Security. Workers who have worked long enough an earned enough to qualify can also receive benefits for having disabilities that stop them for working in a long-term capacity. Children of retired, disabled, or deceased can also receive benefits if they are under 19 or have disabilities that they received before age 22. Determining exact Social Security benefits requires much information and follows tight guidelines and formulas, all of which can be found at the government's Social Security website.

Fast Facts

  • Social Security paid out nearly $500 billion in benefits in 2004 alone
  • Over 20% of the Federal Budget goes towards Social Security
  • There are over 1300 Social Security offices in the US

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