What is Social Security?
A: In the United States, Social Security is the commonly used term for the
federal Old-Age, Survivors, and Disability Insurance (OASDI) program.
Who is it administered by?
A: The Social Security Administration (SSA).
When was the original Social Security Act was enacted
in?
A: In 1935.
The average monthly Social Security benefit for August
2022 was how much?
A: $1,547.
The total cost of the Social Security program for the
year 2021 was how much?
A: $1.145 trillion or about 5 percent of U.S. GDP.
Social Security is funded primarily through what?
A: Payroll taxes called Federal Insurance Contributions Act tax (FICA) or
Self-Employed Contributions Act Tax (SECA).
Social Security is nearly universal, with what
percentage of individuals in paid employment in the United States working in
covered employment.?
A: 94 %.
However, about 6.6 million state and local government
workers in the United States, or 28 percent of all state and local workers,
are not covered by Social Security but rather what?
A: Pension plans operated at the state or local level.
Social Security payroll taxes are collected by whom?
A: The Internal Revenue Service (IRS) and are formally entrusted to the
Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal
Disability Insurance (DI) Trust Fund, the two Social Security Trust Funds.
Social Security revenues exceeded expenditures between
1983 and 2009 which did what?
A: It increased trust fund balances.
The retirement of the large baby-boom generation,
however, will do what?
A: Lower balances.
Without legislative changes, trust fund reserves are
projected to be depleted in what years?
A: 2034 and 2065 for the OASI and DI funds, respectively.
Should depletion occur, incoming payroll tax and other
revenue would only be sufficient to pay 76 percent of OASI benefits starting
when?
A: In 2035 and 92 percent of DI benefits starting in 2065.
With few exceptions, all legal residents working in the
United States now have what?
A: An individual Social Security Number.
In 1935 the 37-page Social Security Act was signed on
August 14 by whom?
A: President Franklin D. Roosevelt.
The legislation included what?
A: Unemployment Insurance, Aid to Dependent Children, Old Age Insurance (OAI),
and Old Age Assistance (OAA).
The old age insurance program gradually developed into
what?
A: The Old Age Survivors and Disability Insurance program, which is what
Americans typically associate "Social Security" with.
In 1936 The new Social Security Board contracts the
Post Office Department in late November to do what?
A: To distribute and collect applications.
How many Social Security Cards were issued in
1937?
A: More than twenty million.
What two new categories of beneficiaries were added in
1939?
A: Spouse and minor children of a retired worker.
In 1940 The first monthly benefit check was issued to
whom?
A: Ida May Fuller for $22.54
What was added in 1961?
A: Early retirement age lowered to age 62 at reduced benefits
In 1965 Medicare health care benefits were what?
A: Added to Social security – twenty million joined in three years
In 1966 Medicare tax of 0.7% added to pay for what?
A: Increased Medicare expenses
