Almost all workers receive Social Security. Social Security collects and distributes these monies to fight poverty.

What Is the SSA? The SSA stands for the Social Security Administration, and it was formed in 1935. Taxes are used to fund the agency, and payments are sent out to qualifying Americans. During its initial years, the SSA paid benefits to retired workers.

SSA's Programs SSA pays out numerous sorts of benefits. Retirement, disability, and survivor benefits are included. SSA's key programmes are:

Social Security retirement benefits. This program focuses on providing Americans with income after retirement. For those who have paid into the system, SSA issues monthly payments based on their 35 years of highest income.

SSDI benefits. Social Security disability benefits. Social Security Disability Insurance helps disabled workers. The programme helps disabled workers' dependents and replaces some lost income.

Social Security survivor's benefits. A spouse and other family members of a worker who passed away may be eligible for Social Security survivor benefits.

Medicare This government programme gives seniors health insurance. The Centers for Medicare & Medicaid Services oversees Medicare, although the Social Security Administration manages Parts A and B enrollment and premiums.

How the SSA Is Funded Employers and workers pay into the Social Security program through a federal payroll tax called FICA, or the Federal Insurance Contributions Act.