Social Security

A program managed by the U.S. federal government. It distributes financial benefits to retired or disabled people, their spouses, and their dependent children based on their reported earnings.

♦ August 14, 1935, President Roosevelt (Democrat) signed into law the New Deal.

It contained the Social Security Act.

♦ Social Security is said to be the most successful anti-poverty program in our country’s history.

It is experiencing some serious financial reckoning as baby boomers retire. Something neither of the two main political parties have been willing to address.

♦ Many members of the Republican Party complain that Social Security is a form of social welfare and unfairly redistributes money from the wealthy to the poor. Thus their passion for eliminating Social Security.

• While you work, you may pay taxes into the Social Security system.

• When you retire or become disabled, you, your spouse, and your dependent children may get monthly benefits that are based on your reported earnings.

• Your survivors may be able to collect Social Security benefits if you die.

♦ About 70.6 million people receive some type of Social Security benefit or assistance.

The average Social Security benefit in July 2023 was about $1,788 per month, or about $21,456 per year.

For about half of seniors, it provides at least 50 percent of their income, and for about 1 in 4 seniors, it provides at least 90 percent of income, according to multiple surveys and a recent Census Bureau study.