Social Security benefits are a form of financial assistance provided by the United States government to eligible individuals and their families. The Social Security Administration (SSA) offers several types of benefits, including retirement, disability, survivors, and Medicare. Here is a brief overview of each type of benefit:
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Retirement: The Social Security Retirement benefit is a monthly check that replaces part of your income when you reduce your hours or stop working altogether. The amount of your benefit payment is based on how much you earned during your working career, and higher lifetime earnings result in higher benefits.
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Disability: Social Security pays disability benefits to those who can’t work because they have a medical condition that’s expected to last at least one year or result in death. The amount of your benefit payment is based on how much you earned during your working career, and higher lifetime earnings result in higher benefits.
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Survivors: Survivors benefits are paid to the family members of a worker who has died. Eligible family members include a spouse, children, and dependent parents. The amount of the benefit payment depends on the workers earnings record.
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Medicare: Medicare is a health insurance program for people 65 or older. Certain people younger than age 65 can qualify for Medicare too, including those with disabilities and those who have permanent kidney failure. Social Security works with the Centers for Medicare and Medicaid Services to ensure the public receives the assistance they need.
The amount of your Social Security benefit payment depends on several factors, including your earnings history, the age at which you begin receiving benefits, and whether you continue to work while receiving benefits.
