Social Security Law: The Basics

Social Security Law: The Basics

Social Security

The Social Security Act, passed in 1935, created a retirement program intended to provide financial support for elderly workers who could no longer perform gainful labor. Since that time, Social Security has expanded to include disabled workers, dependents of persons qualified to receive Social Security, and survivors (widows, widowers or children) of someone who has died but is still legally eligible to receive Social Security. Thus, depending on a person’s circumstances, he or she may be eligible for Social Security at any age. Approximately one out of every six Americans today, or nearly 44 million people, collect some form of Social Security. About $27 billion is paid in cash benefits every month; that is the equivalent of $888 million per day or $616 thousand per minute. (more…)

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