Social Security Turns 80By Kenton Koszdin Law Office on August 10, 2015 | In Social Security Claims Process
Eight decades ago, FDR signed Social Security into law. This program has come under a lot of scrutiny in recent years, despite how important the Social Security Administration (SSA) has become to retirees. Here are a few facts about the SSA in honor of the 80th anniversary:
- To retire today, you must be 66 years old to receive full benefits.
- If you are under the age of 55, you will have to wait until you are 67 to receive full retirement benefits.
- There are over 60 million retirees currently receiving Social Security checks.
- Current workers pay for the current retirees. In other words, your earnings are paying for those who are currently retired and your retirement benefits will come from the younger generation.
- The system is safe and sound. Even if Congress doesn’t change or reform the system, benefits will be covered through 2089.
- When SSA started, the payroll tax was only two percent split between the worker and the employer. Now, it’s the number is 12 percent for most workers.
- The average monthly Social Security check is $1,221.
- 33% of elderly people depend upon their Social Security check to cover 90 percent of their expenses.
- How much you receive is based on your lifetime earnings.
- In 2014, Social Security paid benefits of nearly $850 billion
- The Social Security retirement program is portable, so you’ll still get the benefits if you switch jobs.
If you have questions about Social Security or getting disability benefits, don’t hesitate to speak with an experienced Los Angeles SSA attorney. The attorney at the Kenton Koszdin Law Office can help. Contact us at (800) 438-7734 to discuss your future today.