Important Notice: On Thursday, January 9th All Social Security Offices will be closed for a National Day of Mourning in memory of President Jimmy Carter!

What is Social Security?

Social Security Act of 1935

You can think of Social Security as a crowd-funded insurance program designed to help provide a layer of financial protection for all citizens, especially the elderly, disabled, and survivors of deceased workers.

The Social Security Act was passed in 1935, during the dark days of the Great Depression, when meals were scarce and hope was fleeting.

The program promised that society would unite to ensure that no one faced the financial hardships of life alone during their most vulnerable times.

Funded by contributions from workers and employers, it creates a pool of funds that provides financial security and dignity to millions of Americans…read more.

How to find a Social Security office near me?

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Social Security Benefits Program

The Social Security Administration (SSA) administers three programs under the Social Security Act and provides support for other national programs administered by other Federal and State agencies. Each of the three Social Security programs provides benefits to millions of beneficiaries.

Retirement and Survivor Benefits (OASI)
Disability Insurance (SSDI)
Supplemental Security Income (SSI)

OASI stands for “Old-Age and Survivor Insurance” it is the Social Security program that provides retirement and survivor benefits to qualified workers and their family members.

These Social Security retirement benefits include:

Retirement Payments
Spouse’s / Dependent Children Payments
Survivor Payments

When you hear the term Social Security benefits, these of the benefits that typically come to mind. Learn how to apply for Social Security benefits.

Social Security Disability Insurance (SSDI), or “Disability,” provides monthly payments to people with disabilities that prevent or limit their ability to work.

Who can get Social Security Disability benefits?

A person with a disability or blindness, and
Enough work history

To receive disability benefits, you must meet the program requirements and apply for benefits.

The amount you receive through SSDI is based on your work history before your disability began. You may also qualify for Medicare health insurance as well. Learn how to apply for Disability benefits.

The SSI program provides financial assistance for those unable to work due to age, blindness, or other disabilities. It is designed for those who have limited income and resources. This benefit helps them meet basic food, clothing, and shelter needs.

To qualify, you must meet certain income and resource restrictions. So, what is the maximum SSI payment amount?

The maximum SSI amount in 2024 is:

$943/month for Individual
$1,415/month for Couples

The SSI benefit differs from the SSDI and Social Security Retirement benefits and is not based on your work history or contribution amounts. Learn how to apply for SSI benefits.

Fact About Social Security Benefits

OASI (Retirement or Survivor Benefits)

In fiscal year 2023, the SSA paid Old-Age and Survivors Insurance (OASI) benefits to an average of 58 million beneficiaries each month.

Retirement benefit payments totaled $1,205 billion.

Disability Insurance (DI)

In fiscal year 2023, the SSA paid DI benefits to an average of 9 million beneficiaries each month.

Benefit payments totaled $155 billion.

Supplemental Security Income (SSI)

In fiscal year 2023, the SSA paid SSI benefits to an average of 7.5 million recipients each month.

Benefit payments totaled $58 billion.

Source: Social Security Administration – Agency Financial Report Fiscal Year 2023

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Frequently Asked Questions

For anyone born in 1960 or later, you are eligible for full retirement benefits at age 67.

The full retirement age is 66 for those who were born from 1943 to 1954.

If you were born from 1955 to 1960, the full retirement age increases gradually until it reaches 67.

The maximum Social Security benefit amount in 2024 is $4,873. This amount can only be achieved by those who accrue delayed retirement credits by waiting until age 70 to start taking their benefits.

The maximum amount at “full” retirement age is $3,822. The maximum amount for someone starting benefits early at age 62 is $2,710.

There are several steps you can take to maximize your Social Security benefit.

Social Security has a ” special minimum benefit ” to account for low-income earners. Unfortunately, the minimum can be pretty low if you do not have many years of work history. The lowest amount starts at just $51 per month.

Using the traditional Social Security calculation, most people see a higher benefit amount.

The minimum amount of Social Security will vary based on your specific work history.

A rumor is going around about a Social Security $16,728 yearly bonus. However, there is no such “bonus” available to retirees.

The Social Security Administration uses a specific formula to determine the actual amount of your retirement benefit.

You may have heard that Social Security income is not taxed after age 70; this is false. Your Social Security income may be taxable regardless of your age. If your combined income exceeds a certain level set for your tax filing status, you may owe federal taxes on a portion of your Social Security income.

In addition, some states will also tax your Social Security income. However, certain states do not tax this income.

The answer is that it depends. There is no one correct answer regarding when one should begin collecting Social Security retirement benefits.

Your specific situation will dictate what is best for you. However, you can use our break-even calculator to evaluate different scenarios and their impact on your retirement.