Social Security and Other Benefits

In 1935, the Social Security Act was signed into law by Pres. Franklin D. Roosevelt as part of his “New Deal” or a series of economic programs aimed at restoring financial stability after the Great Depression. The law has been amended many times since then. Along with the act was the establishment of the Social Security Administration, the independent federal agency managing the programs of the mandated act, one of which is the Old-Age, Survivors, and Disability Insurance, now known simply as Social Security.
Social Security provides benefits to eligible workers and their families during the worker’s retirement, disability, or death. The general requirements for Social Security benefits include a) Payment of Social Security tax through payroll, and b) Enough credits or quarters of coverage.
• Retirement Benefits – From the name itself, these are benefits given to retired employees, but only to people who are 62 years old or older, and are retired or employed but have limited earnings. Those who have a spouse and unmarried children may also receive benefits if:
o spouse or non-working divorced spouse is 62 years old or older;
o non-working spouse or divorced spouse is younger than 62 and is caring for the children who are younger than 16 or disabled; and
o for divorcees, the marriage should have lasted for at least 10 years
• Disability Benefits – Disability is a physical or mental handicap that hinders one from having substantial gainful employment. This benefit is awarded to people who got disabled before reaching age 65. Other requirements include:
o Inability to do substantial work considering the age, education, and experience
o Impairment may result do death or expected to last 12 months or more
o Earned 20 credits in 10 years before the disability
• Survivors' Benefits: The following are the people eligible for survivors’ benefits.
o Widow/ widower 60 years old or older
o Widow/ widower 50 years old who became disabled within seven years after spouse’s death or within seven years from the time benefits were received
o Divorced spouse who met the first or second requirement and was married for at least 10 years to the worker
o Unmarried dependent child aged 18 or younger, or disabled.
People who want to receive merited benefits may have to acquire the help of an attorney for Social Security. Aside from this, there are a lot of other benefit programs offered by the agency.
• Railroad Retirement
• Supplemental Security Income
• Veteran's Benefits
• Employee Pensions
• State Financial Programs
• Elderly Rental Assistance