A LOOK INTO SOCIAL SECURITY By, Pang Yang

TAKING A LOOK AT THE SOCIAL SECURITY PROGRAM IN THE UNITED STATES

The United States have two important economic goals. The two that are widely held are economic security and an equitable distribution of income. The U.S. uses to major tools to try to achieve these goals are the progressive tax system and the income and the income maintenance programs. Income maintenance programs include social insurance programs and public assistance programs. The major social insurance programs are social security, Medicare and unemployment insurance.

The social security program started when Franklin D. Roosevelt signed the Social Security Act on August 14, 1935. Taxes were collected for the first time in January 1937 and the first one-time, lump-sum payments were made that same month. Regular ongoing monthly benefits started in January 1940. Social Security was originally just a retirement program. Under the 1935 law, Social Security only paid retirement benefits to the primary worker.

Social Security Poster: old man

English: In the United States, Social Security ben...

English: In the United States, Social Security ben...

A 1939 change in the law added survivors' benefits and benefits for the retiree's spouse and children. In 1956 disability benefits were added.

There are five major categories of benefits paid for through Social Security taxes: retirement, disability, family benefits, survivors, and Medicare. Retirement benefits are payable at full retirement age (with reduced benefits available as early as age 62) for anyone with enough Social Security credits. The full retirement age is 65 for persons born before 1938. The age gradually rises until it reaches 67 for some persons born in 1960 or later. People who delay retirement beyond full retirement age get special credit for each month they don't receive a benefit until they reach 70.

Disability benefits can be paid to people at any age who have enough Social Security credits and who have a severe physical or mental impairment that is expected to prevent them...