Assistance Programs Offered by Social Security Administration

Most citizens know that the Social Security Administration (SSA) is a government agency that helps retirees financially. Disability benefits and supplemental income for those living in extreme poverty are also provided by the Social Security Administration (SSA). In 2021, Social Security Administration beneficiaries numbered close to 70 million.

Finding out what Social Security Administration (SSA) benefits you or your loved ones could be entitled to can be frustrating and time-consuming. While the requirements for participation in each program are distinct, there may be some overlap. SSA oversees three different types of benefit programs:

• Social Security Retirement
• Supplemental Security Income
• Social Security Disability Insurance

However, the biggest news of the year regarding Social Security was this:

Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years https://t.co/WKWoH9GRBD

— CNBC (@CNBC) October 13, 2022

Please read on to see if you can receive Social Security benefits:

Retirement Benefits

Americans are most familiar with this program because it guarantees benefits to anybody who has worked enough years and has reached retirement age (now 62). You start contributing to the system at your first employment and keep doing so until you reach retirement age. Every pay period, you and your employer contribute a percentage of your salary before taxes. In this case, 6.2% of your salary goes into the plan, bringing the total to 12.4%. The amount you owe in self-employment taxes is the same as any other taxpayer's (either quarterly or annually).

Benefits increase with increasing retirement age, up to a maximum of $4,194 per month for a single recipient. Retirement benefits from the Social Security Administration (SSA) are based on the 35 years of work history that have yielded the greatest average annual earnings.

Disability Insurance

If you become disabled and cannot work before you reach retirement age, you and your eligible family members may be able to apply for Social Security Disability Insurance benefits. You may be qualified for SSDI benefits if you have a medical condition that prevents you from working for a year or more or if your condition is terminal. Social Security Disability Insurance (SSDI) benefits cannot be obtained for a temporary or partial disability.

Your age and employment history will be considered, and your average pre-disability income will determine your monthly disability compensation. In 2022, the maximum Social Security Disability Insurance payment will be $3,345, with the average benefit being $1,223.

Do you know someone with a disability or blindness who also has limited income and resources? They may qualify for SSI. Learn more here: https://t.co/mnQFyMu1lY pic.twitter.com/SF8HpEMqJp

— Social Security (@SocialSecurity) November 30, 2022

Social Security Supplemental Income

Supplemental Security Income (SSI) is an SSA program designed to help low-income elders, those with disabilities, and the blind.

The federal benefit rate (FBR) for a single individual in 2022 is $841, and for a couple is $1,261 (where both members of the couple are eligible). Since SSI is meant to supplement other sources of income, such as Social Security or SSDI, it is possible to receive both of these programs simultaneously.

Supplemental Security Income (SSI) is a federal program that helps low-income individuals and families pay for necessities such as food, clothes, and shelter each month. The amount you can receive is determined by factors such as your location and other sources of income. You may be eligible for more than the federal amount SSI gives since some states supplement that amount.