What is Social Security?Social Security is a potentially valuable insurance plan. On some pay stubs, this is called FICA, which stands for Federal Insurance Contributions Act. Social Security is generally subtracted from your gross income, along with other important taxes.
Where does the money go?
Social security provides taxpayers with many important benefits. These benefits include:
- Retirement coverage: Benefits paid every month to eligible retired workers, as early as
age 62 - Disability coverage: Benefits paid every month to eligible workers of all ages who have
a severe disability - Family coverage: Benefits paid every month to the spouses and children of eligible
retired and disabled workers - Survivors coverage: Benefits paid every month to the eligible widow or widower and
children of a decreased worker - Medicare benefits: Provides help with hospital bills, as well as limited coverage of skilled
nursing facility stays, hospice care, and other medical services at age 65 or younger, if
you become disabled
If you are 25 or older and are not already receiving Social Security benefits…
You will receive a Social Security statement just before your birthday every year during your working years. You can also call 1-800-829-1040 to request a copy. This statement reflects your earnings and the Social Security taxes paid on your behalf. The statement also provides estimates of the monthly Social Security retirement, disability, and survivors benefits you and your family could be eligible to receive.
Is there a reason why you might not receive a Social Security Statement automatically?
You won't receive a Social Security Statement automatically if:
- you are already receiving Social Security benefits on your record, or
- if there is not a current mailing address for you, or
- you are age 62 or older and receiving Social Security benefits on someone else's record, or
- you are a Medicare beneficiary, or
- you requested a Statement within the past 11 months or
- you are under the age of 25.
For more information please visit http://www.socialsecurity.gov/
