An Overview of The Social Security Act
When it comes to social protection law, the Social Security Act qualifies as arguably the biggest piece of legislation that ever passed. The law passed in 1935 as part of the President Franklin Roosevelt’s Second New Deal. The idea was to help counteract the dangers of poverty, unemployment, disability and old age. It managed to be incredibly effective. It continuously improved due to amendments, adaptations, and expansions since then.
The Social Security Act
The following are just some of the major things that the Social Security Act introduced to help the country’s poor, unemployed, disabled, and also elderly:
Retirement Benefits
The retirement payments made to retirees is the cornerstone of the Social Security Act. Social Security payroll taxes collected by the IRS fund the benefits. Full benefits are also available to anyone who paid these taxes and reached age 66-67, depending on the year they were born. Partial benefits are available at age 62. Individuals must obtain a certain number of work credits.
Disability Insurance
Disability insurance was made available through the act to workers who are no longer able to work due to an injury or illness and therefore are not able to receive income. Workers must prove that they can no longer work at their job for at least a year to receive disability payments.
Medicaid and Medicare
The Medicare program helps elderly and disabled individuals receive the medical treatment they need. Most people who are 65 or older can recieve medical insurance under Medicare. Medicaid allows low-income individuals who cannot afford regular health care to receive health insurance. The government added both programs under the Social Security Act in 1965 by President Lyndon Johnson.
Unemployment Insurance
The unemployment insurance program allows individuals to collect unemployment benefits while seeking employment. These benefits also vary from state to state.
Supplemental Security Income
The Supplemental Security Income program provides federal funds to low-income individuals and families.
Temporary Assistance for Needy Families
Similar to Supplemental Security Income, Temporary Assistance for Needy Families program provides pregnant women and also families with children temporary financial assistance for basic necessities, including housing, food, and clothing.
The Social Security Administration
The Social Security Administration formed to administer all of the programs developed under the Social Security Act. They have over 1,300 field offices throughout the country that handle benefit applications.
Recent Changes to the Social Security Act
The SSA also regularly improves the Social Security Act with various amendments over the years. Some of the most recent changes came about as part of the Bipartisan Budget Act of 2015. The biggest impact this had closed loopholes in the act that primarily affected married couples.
An incentive that allows you to delay your retirement benefits until age 70 allows your benefits to increase the longer you delay them. With the loophole, married individuals could receive spousal benefits at full retirement age. They can do this by delaying their own retirement benefit, therefore increasing the amount of the benefit over time.
With the change in law, if you want your benefits to begin and you are also in a marriage (or you are an ex-spouse) and aren’t at full retirement age, you have to apply for both benefits. Furthermore, if you qualify, you’ll receive the higher of the two.
This is just a brief overview of what the Social Security Act entails. For professional guidance in regards to applying for Social Security benefits, call us at 602-952-3200 at any time for a free consultation. Also, feel free to fill out our contact form, and take advantage of our LiveChat feature, too.
This is attorney advertising. SSDA, LLC is a group of attorneys that pursues claims for Social Security Disability benefits on behalf of its clients against the Social Security Administration. SSDA, LLC is in no way a part of the Social Security Administration. Further, the information on this blog is for general information purposes only. Nothing herein should be taken as legal advice. This information is not intended to create, and receipt or viewing does not constitute, a representative-client relationship.
