Social Security is an umbrella term for several federal benefits programs, although most Americans think of Social Security benefits as a monthly payment that begins in retirement. One of the largest government programs in the world, Social Security is expected to pay more than $1 trillion to about 68 million Americans in 2024 to retirees and their survivors and those with disabilities and their families.

Retirement Benefits

This is the most familiar Social Security plan, with roots that go back to 1935 and the administration of President Franklin D. Roosevelt. Benefits are paid out of the 澳洲幸运5官方开奖结果体彩网:Old-Age and Survivors Insurance (OASI) T💝rust Fund.

• Retired Workers: Lifetime benefits for those who contributed to Social Security during their working years. Retirees can claim benefits as early as age 62, but the benefits are reduced by up to 30%. Payments increase for those who wait until 澳洲幸运5官方开奖结果体彩网:full retirement age or age 66 for those born 1943–1954. For those born in 1960 and later, the payout increases annually by two months from 1955 to 1959 until it reaches 67.
• Spousal Benefits: A spouse of a retired worker without a sufficient work history or whose work history entitles them to a lower benefit can receive up to half of their spouse’s benefits and does not reduce the insured's benefits.The 澳洲幸运5官方开奖结果体彩网:spousal benefit continues until one spouse dies. The survivor may be eligible for survivor benefits. To qualify, spouses must be 62 years old or caring for a spouse's child who receives benefits, or a divorced spouse after 10 years of marriage and remains unmarried.
• Child Benefits: A child or adult child with a disability may be eligible for Social Security benefits if the parent receives retirement or disability benefits. The child must be under 18, a high school student up to 19, or an unmarried adult who became disabled before age 22.Family income limits may also apply. Dependent child benefits begin when a retired worker's benefits start and end when the child reaches the maximum age. Those with disabilities qualify for continuing benefits.

Survivor Benefits

Survivor benefits go to fam♛ily members of a🐬 deceased worker if they meet various conditions.

• For Spouses: Surviving spouses can receive lifetime benefits based on the benefit amount the deceased received at the time of death.A surviving spouse can get reduced benefits as early as 60 or full payments at full retirement age. A surviving spouse with a disability can collect as early as age 50. After the age of 65, they qualify for their age benefit. Surviving spouses qualify if they care for their spouse’s child who is under age 16 or disabled. Divorced spouses aged 60 or older qualify for benefits if married for at least 10 years or caring for children.
• For Children: A child of a deceased beneficiary 澳ꦏ洲幸运5官方开奖结果体彩网:may qualify for continuing benefits for life if the person is disabled, or until they reach age 18, or 19 if attending high school.
• For Parents: A surviving parent dependent on a Social Security recipient who has died may be eligible for benefits at age 62 or older. This benefit is for life.

Disability Benefits

These benefits are paid from the 澳洲幸运5官方开奖结果体彩网:Disability Insurance Trust Fund and support those who suffer an injury or illness that leaves them unable to work.

• Spousal Benefits: The spouse of a disabled worker may qualify for benefits if they are at least 62 years old or a divorced spouse who was married for 10 years, or any age if caring for a child who is disabled or under age 16.Spousal benefits begin when the disabled worker’s benefits start. It ends at the death of the disabled worker or the spouse, or when the SSA determines that the person no longer qualifies.
• Child Benefits: The child of a parent with a disability can qualify for benefits if they meet the conditions for coverage as a retired worker’s child. The child must be unmarried and younger than 18, or 19 if still in high school, or have a disability that began before age 22.

The Bottom Line

Social Security benefits support those who are disabled, retired, or the survivors of those who qualify for payments. Benefits can begin for retirees at age 62 at 澳洲幸运5官方开奖结果体彩网:a reduced monthly payout. For those who suffer an illness or disability, benefits can start at any age to help support the individual and their families.