We are all familiar with the term “Social Security benefits,” but what exactly does this term mean?
Social Security benefits, the official name of which is “the Old-Age, Survivors, and Disability Insurance (OASDI) Program in the United States”, are payments provided by federal government. Any qualified retirees, the disabled people and their spouses, children, and survivors can have the payment.
The history of Social Security benefits could be traced back to 1935, when President Franklin Roosevelt signed the Social Security Act into law. After a number of amendments, the current law includes several social insurance and social welfare programs. All of these benefits are determined by the Social Security Administration (SSA).
Social Security Retirement Benefits
Retirement benefits are payments when you retire. The earliest claim of your retirement benefits starts at the age of 62. The full retirement age is 67, when you can collect more money. The retirement benefits are largely related to your work history. Basically, if you work longer, have higher annual salaries and wait longer to claim the benefit, you’ll be paid more.
Spousal and Survivor Benefits
If you are not qualified for retirement benefits on your own, you still can receive benefits according to your spouse’s work history. You can receive up to 50% of the spouse’s retirement benefits. When a spouse dies, the survivor can have 100% of the social security benefits of their decesed spouse.