Social Security

The Social Security program is a system that helps support retired and disabled people. These benefits are paid to individuals that have generally paid into the system, and received enough credits to participate in these benefits. The retirement benefits can start between the ages 62 and 70.

The benefits received under the social security program are estimated to keep 40% of all Americans 65 years or older, out of poverty. The system started in the 1930's during the Great Depression. The system continues today helping to provide income, medical coverage, and more for retired and disabled citizens.

The system has been under heavy scrutiny for some time now, because the amount of money expected to be be paid to beneficiaries, is expected to be more than the amount paid into the system. The latest reports from the Social Security Board of Trustees shows that the trust fund will be exhausted by 2033. This is of major concern to most Americans that are not yet approaching retirement, wondering if they will even receive any benefits from the system that they have already paid into.

Retirement Topics