Social Security Income
Social Security income is a form of retirement income that is provided by the United States government to eligible individuals. It is funded by payroll taxes and is designed to provide a financial safety net for retirees and their families. Social Security income is available to those who have worked and paid into the system for at least 10 years. It is also available to certain disabled individuals and survivors of deceased workers.
History of Social Security Income
Social Security income was first established in 1935 as part of the Social Security Act. The program was designed to provide a financial safety net for retirees and their families. Over the years, the program has been expanded to include disability benefits, survivor benefits, and other forms of assistance. Today, Social Security income is the largest source of income for retirees in the United States.
Comparison of Social Security Income
| Type of Income | Average Monthly Benefit |
|---|---|
| Retirement Benefits | $1,503 |
| Disability Benefits | $1,258 |
| Survivor Benefits | $1,387 |
Summary
Social Security income is a form of retirement income that is provided by the United States government to eligible individuals. It is funded by payroll taxes and is designed to provide a financial safety net for retirees and their families. The average monthly benefit for retirement, disability, and survivor benefits is $1,503, $1,258, and $1,387 respectively. For more information about Social Security income, visit the Social Security Administration website.
See Also
- Retirement Benefits
- Disability Benefits
- Survivor Benefits
- Social Security Act
- Social Security Number
- Medicare
- Supplemental Security Income
- Retirement Age
- Retirement Planning
- Retirement Savings
