Social Security: Benefits,Tips and Strategies
Whether you're planning for retirement, disability benefits, or understanding survivor benefits, it's essential to have a deep understanding of how the system works. Social Security: Benefits,Tips and Strategies In this guide, we provide detailed information on maximizing your benefits, eligibility criteria, application processes, and strategies for optimizing your Social income. Understanding Social Security It is a federal program designed to provide financial assistance to retirees, disabled individuals, and survivors of deceased workers. The program is funded through payroll taxes collected under the Federal Insurance Contributions Act ( FICA ) and the Self-Employment Contributions Act ( SECA ). These taxes are used to fund the Social Security Trust Fund , which pays out benefits to eligible individuals. Key Components of Social Security These can be detailed as: Retirement Benefits Provides income to individuals who have reached the age of e...