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Fast Facts & Figures About Social Security, 2014

October 3, 2014 Comments off

Fast Facts & Figures About Social Security, 2014
Source: Social Security Administration

Fast Facts & Figures answers the most frequently asked questions about the programs administered by the Social Security Administration (SSA). It highlights basic program data for the Social Security (retirement, survivors, and disability) and Supplemental Security Income programs. Most of the data come from the Annual Statistical Supplement to the Social Security Bulletin, which contains more than 240 detailed tables. The information on the income of the aged is from the data series Income of the Population 55 or Older. Data on trust fund operations are from the 2014 Trustees Report.

The tables and charts illustrate the range of program beneficiaries, from the country’s oldest to its youngest citizens. In all, about 63.2 million people receive some type of benefit or assistance.

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Social Security Board of Trustees: No Change in Projected Year of Trust Fund Reserve Depletion

July 28, 2014 Comments off

Social Security Board of Trustees: No Change in Projected Year of Trust Fund Reserve Depletion
Source: Social Security Administration

The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2033, unchanged from last year, with 77 percent of benefits still payable at that time. The DI Trust Fund will become depleted in 2016, also unchanged from last year’s estimate, with 81 percent of benefits still payable.

In the 2014 Annual Report to Congress, the Trustees announced:

  • The combined trust fund reserves are still growing and will continue to do so through 2019. Beginning with 2020, the cost of the program is projected to exceed income.
  • The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2033 – the same as projected last year. At that time, there will be sufficient income coming in to pay 77 percent of scheduled benefits.
  • The projected actuarial deficit over the 75-year long-range period is 2.88 percent of taxable payroll — 0.16 percentage point larger than in last year’s report.

Information For Agencies And Other Organizations: How To Get Proof Of Social Security Numbers Or Benefits

June 24, 2014 Comments off

Information For Agencies And Other Organizations: How To Get Proof Of Social Security Numbers Or Benefits (PDF)
Source: Social Security Administration

To efficiently meet the needs of the public, we will begin phasing-in two service changes. Effective August 1, 2014, we will stop providing Social Security number (SSN) printouts and, effective October 1, 2014, we will offer benefit verifications in our field offices only in emergency situations, in cases of hardship, or when a benefit verification is needed and cannot be obtained through another service channel. In January 2013, we made benefit verifications available online. The public can get an instant letter online with a personal my Social Security account, or they may continue to call us toll-free to request a letter by mail. Our local offices will continue to do all that they can to assist members of the community. Since we now offer more convenient services, we are asking agencies and other organizations to use our specially developed online methods to obtain this information and assist our mutual customers in adjusting to this change.

Important Information About Social Security Benefits For Same-Sex Couples (updated)

June 23, 2014 Comments off

Important Information About Social Security Benefits For Same-Sex Couples (PDF)
Source: Social Security Administration

On June 26, 2013, the Supreme Court ruled that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional. Therefore, Social Security no longer is prevented from recognizing same-sex marriages for purposes of determining entitlement to or eligibility for benefits. Social Security is now processing some retirement, surviving spouse and lump-sum death payment claims for same-sex couples and paying benefits where they are due. If you are in, or are a surviving spouse of a same-sex marriage or other legal same-sex relationship, we encourage you to apply right away for benefits. You can apply for most benefits online at www.socialsecurity.gov/applyonline.

We also are considering same-sex marriages when processing some claims for Supplemental Security Income (SSI). Marriage may affect your SSI eligibility or payment amount.

Earnings and Employment Data for Workers Covered Under Social Security and Medicare, by State and County, 2011

May 23, 2014 Comments off

Earnings and Employment Data for Workers Covered Under Social Security and Medicare, by State and County, 2011
Source: Social Security Administration

Social Security

  • In 2011, 158.6 million workers had earnings taxable under the Social Security program. About 140.9 million had only wages, 10.4 million had only self-employment income, and 7.3 million had both.
  • Social Security taxable earnings totaled $5.487 trillion, which includes earnings up to the taxable maximum of $106,800.
  • Social Security taxes totaled about 680 billion.

Medicare

  • In 2011, 162.6 million workers had earnings taxable under the Medicare program. About 144.1 million had only wages, 10.2 million had only self-employment income, and 8.4 million had both.
  • Medicare taxable earnings totaled $6.810 trillion.
  • Medicare taxes totaled about $197 billion.

SSA — The Medical Improvement Review Standard During Continuing Disability Reviews

May 22, 2014 Comments off

The Medical Improvement Review Standard During Continuing Disability Reviews
Source: Social Security Administration, Office of Inspector General

Under the Medical Improvement Review Standard (MIRS), an individual’s disability continues unless the (1) disabling condition has improved since the last favorable disability determination and (2) individual can engage in substantial gainful activity.

SSA may apply an exception to MIRS. The exceptions allow a finding that disability ceased in limited situations without showing medical improvement occurred, but evidence clearly showed the person should no longer be, or should never have been, considered disabled.

The purpose of this report was to (a) determine whether SSA would consider beneficiaries disabled using the Initial Disability Standard, rather than MIRS, during continuing disability reviews (CDR) and (b) evaluate data on the MIRS exceptions.

Social Security — Disability Benefits (updated May 2014)

May 13, 2014 Comments off

Disability Benefits (PDF)
Source: Social Security Administration

Disability is something most people do not like to think about. But the chances that you will become disabled probably are greater than you realize. Studies show that a 20-year-old worker has a 1-in-4 chance of becoming disabled before reaching full retirement age.

This booklet provides basic information on Social Security disability benefits and is not intended to answer all questions. For specific information about your situation, you should talk with a Social Security representative.

We pay disability benefits through two programs: the Social Security disability insurance program and the Supplemental Security Income (SSI) program. This booklet is about the Social Security disability program. For information about the SSI disability program for adults, see Supplemental Security Income (SSI) (Publication No. 05-11000). For information about disability programs for children, refer to Benefits For Children With Disabilities (Publication No. 05-10026). Our publications are available online at www.socialsecurity.gov.

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