Today, the Social Security Board of Trustees released its annual report on the current and projected financial status of Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds.
The combined funds reserves are projected to become depleted in 2035, one year later than projected last year, with 80 percent of scheduled benefits payable at that time. The DI Trust Fund reserves are estimated to become depleted in 2052, extended 20 years from last year’s estimate of 2032, with 91 percent of benefits still payable.
Join us on Facebook Events Pageon Tuesday, April 30, at 7 p.m. ET as we chat with Social Security’s Chief Actuary Steve Goss about the 2019 Trustees Report. You can register for the event starting on Wednesday, April 24.
Note: The closed-captioned version will be available post broadcast.
Social Security is here with information, tools, and benefits to help you secure today and tomorrow. Our journey together begins when you’re born and get your Social Security card. It continues when you get your first job and follows you through your entire career, marriage, and retirement. Our commitment is to be with you throughout life’s journey.
Our promise extends to surviving family members when a worker dies.
Some of the Social Security taxes you pay go toward survivors benefits for your family. In the event of your death, certain members of your family may be eligible for survivors benefits; these include widows and widowers, divorced widows and widowers, children, and dependent parents.
The amount of benefits your survivors receive depends on your lifetime earnings. The higher your earnings are, the higher their benefits will be. The value of your survivors benefit may be more than the value of your individual life insurance.
By making sure your earnings are posting correctly, you are passing down protections to your survivors, just as your parents did before you. You can do this by: Continue reading →
Social Security is here for young people when a parent passes away. We know that the loss of a parent isn’t just emotionally painful; it can be devastating to a family’s finances. In the same way that Social Security helps to lift up the disabled and elderly when they need it, we support families when an income-earning parent dies.
In 2017, we distributed an average of $2.6 billion each month to benefit about 4.2 million children because one or both of their parents are disabled, retired, or deceased. Those dollars help to provide the necessities of life and help make it possible for those children to complete high school.
You might ask, who can get child’s benefits? Your unmarried child can get benefits if they’re: Continue reading →
Today, the Social Security Board of Trustees released its annual report on the current and projected financial status of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds. To learn more, please visit http://ow.ly/G2Kl30klYyH.
Join us on Facebook Live on 6/14 at 7 P.M. ET as we chat with Social Security’s Chief Actuary Steve Goss .
Note: The closed captioned version will be available post broadcast.
Social Security is with you throughout life’s journey. During May, we celebrate Older Americans Month, and we want to highlight how we are here for you. We’re there when you get your first job, when you get married, and through years of work when you are paying Social Security taxes. Our programs serve as vital financial protection for millions of Americans, and part of our journey together includes making sure you know what that protection means to you in your later years. Continue reading →
On Memorial Day, we honor service members who have given their lives for our nation. Social Security acknowledges the heroism and courage of our military service members, and we remember those who have given their lives to protect our country. Part of how we honor these heroes is the way we provide Social Security benefits.
The loss of a family member is difficult for anyone. Social Security helps by providing benefits to protect service members’ dependents. Widows, widowers, and their dependent children may be eligible for Social Security survivors benefits. You can learn more about Social Security survivors benefits on our website. Continue reading →
Next payday, when you see a portion of your wages go toward FICA taxes, rest easier knowing that your investment in Social Security brings a lifetime of protections for you and your family.
From your first job and throughout your career, we track your earnings and give you credits for the contributions you’ve made through payroll taxes. Those credits can translate into important future benefits. As you prepare for a financially secure future, you should know about these five benefits that you, your spouse, and your children may become eligible for through Social Security: Continue reading →
In 2009, Congress designated September 11 as a national day of service and remembrance for those who gave their lives in service to the nation. As we honor the sacrifices made on Patriot Day, it might be a good time to learn more about how Social Security can help the survivors of these fallen heroes. Continue reading →
Summer is here and millions of vacationers are packing their bags to visit a new locale and soak up some sunshine. You might be traveling quite a ways. You’re used to staying connected to important information like your bank accounts and social networks, especially on the go. Social Security is there in the same way — easily accessible when you’re away from your home or office. Continue reading →