If you are filing for Social Security Disability (SSD) or SSI you will need medical evidence to back up your claim, and medical records that supply a complete, accurate picture of your medical condition that could (in the best case scenario) eliminate the need for a disability examiner to gather any additional medical information before making a decision. Basically, if … [Read more...]
How Social Security Is Financed
Social Security is largely a pay-as-you-go program. Most of the payroll taxes collected from today's workers are used to pay benefits to today's recipients. In 2017, the Old-Age and Survivors Insurance and Disability Insurance Trust Funds collected $996.6 billion in revenues. Of that amount, 87.7% was from payroll tax contributions and reimbursements from the … [Read more...]
Earnings in Covered Employment
Earnings in Covered Employment, 1937–2017: People contribute to Social Security through payroll taxes or self-employment taxes, as required by the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA). The maximum taxable amount is updated annually on the basis of increases in the average wage. Of the 174 million … [Read more...]
Social Security Quick Facts
67.0 million people received benefits from programs administered by the Social Security Administration (SSA) in 2017 5.5 million people were newly awarded Social Security benefits in 2017. 55% of adult Social Security beneficiaries in 2017 were women. 54.5 was the average age of disabled-worker beneficiaries … [Read more...]
