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Social SecurityThe US Social Security system is best known for providing income to the nation’s elderly population based on the amount of money they earned during their working years.
The Social Security Act of 1935 established the program amid the worsening poverty crisis that older Americans faced during the Great Depression. By 1934, more than half of those aged 65 and older lacked sufficient income to cover their basic living expenses.
Today, most US workers are familiar with seeing a percentage of their income deducted from their paychecks and contributed to the nation’s Social Security trust funds. Starting as early as age 62, those who have paid into Social Security for at least 10 years can begin receiving a monthly Social Security benefit.
But since 2010, Social Security hasn’t been able to collect enough money in taxes to cover what it’s paying out, leading to concerns about the program’s future.Explore Social Security
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Social Security’s financial operations are handled through two federal trust fundsOne is called the Old-Age and Survivors Insurance trust fund, and the other is called the Disability Insurance trust fund. Combined, these two trust funds were valued at roughly $2.7T as of the end of 2024. VoxDebunk common myths about Social SecurityMyths include the pervasive ideas that undocumented immigrants drain Social Security, members of Congress don't pay into Social Security, the program itself is “going broke,” and more. The 2025 Social Security Trustees Reports reaffirmed that beneficiaries will be paid 100% of total scheduled benefits until 2033Specifically, it noted that the Old-Age and Survivors Insurance Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, which was unchanged from the previous year’s report. Some politicians have argued that Social Security should be privatizedSpecifically, some assert that diverting funds into self-directed retirement accounts should replace Social Security taxes and benefits to some extent in a privatized retirement savings system. This article details the pros and cons of privatizing Social Security. InvestopediaA rising number of Social Security beneficiaries are taxed on their Social Security incomeThat’s because while Social Security benefits increase with wages and inflation, the income limits for taxing those benefits stay the same and don’t adjust over time. Social Security funding is mandated by law, not budgeted each year by CongressUnless Congress acts before the Social Security trust fund becomes depleted in 2034, its current revenues would cover 81% of Social Security benefits. However, that share would decline to 72% by 2099. Social Security beneficiaries have received cost-of-living adjustments almost every year since 1975Until 1975, Congress had to act each time Social Security benefits were increased. The 1970s saw particularly high inflation rates that eroded the purchasing power benefits, leading to the change. Before Social Security, elderly Americans relied on family support, limited state pensions, or company-sponsored pensionsBefore Social Security benefits were available to American retirees, they had to find other ways to get by. Pensions were only available to roughly 15% of workers, and most elderly Americans went without meaningful economic security. Workers need 40 ‘credits’ to qualify for Social Security retirement benefitsForty credits are equal to about 10 years of full-time work. If someone has never worked, they won’t be eligible for benefits on their own, but they could qualify via a spouse, ex-spouse, or dependent. InvestopediaSocial Security is one of the most popular government programsIn a recent Pew Research Center survey of US adults, 79% said Social Security benefits shouldn’t be reduced in any way. This view is broadly shared across ages, races, political affiliations, and income brackets. Pew Research CenterThe Social Security Act was formed to protect retired workers amid the Great DepressionPresident Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression, including the Social Security Act. HISTORYConsumers reported losing more than $126M to Social Security scams in 2023This article includes tips on how to spot a Social Security scam, including information about what the real Social Security Administration will and will not do. For instance, the Social Security Administration will never threaten someone with benefits suspension or bank account seizure if they do not comply with a request. New Yorker John D. Sweeney Jr. was the first to receive a Social Security numberHowever, Sweeney died in 1974 having never received any benefits. Social Security numbers were first created to help track workers' earnings so Social Security benefits could be correctly administered. The Social Security Administration (SSA) accounted for 22.4% of all federal spending in 2024The SSA is an independent executive branch agency that is primarily responsible for administering Social Security benefits. In fiscal year 2024, The SSA, ranking second among federal agencies in terms of total spending, behind only the Department of Health and Human Services. USAFactsThis poster helped publicize the Social Security ActWhen the Social Security Act was passed in 1935, this poster was distributed across the US as part of a publicity campaign to help spread the news about how Social Security benefits for retirees worked. The Depression-era Social Security program assigned every US citizen an account numberMany of the Social Security functions we know today are the result of multiple amendments to the Social Security Act that have been passed in the years since the act’s initial creation in 1935. As Social Security as we know it today was being conceptualized, Democrats opted to make it an insurance program rather than a welfare one to assuage Republicans. HISTORYSocial Security supports retirees, the disabled, and survivorsThe Social Security Administration is responsible for more than just retirement benefits. Outside of the more well-known use case of retirement benefits, the SSA is also responsible for disability, family, and survivor benefits, supplemental security income, and more. InvestopediaIn 2021, Social Security began drawing down trust fund reserves to help pay for benefitsThe Social Security trust funds are invested solely in US Treasury bonds. Any Social Security tax revenue surplus has historically been invested in these bonds, which are non-marketable securities available only to trust funds. The interest on these investments also contributes to program income. The maximum Social Security benefit is $5,181 per month as of 2026A worker who has earned at or above the Social Security taxable maximum for at least 35 years and delays claiming until 70 can receive up to $5,181 in monthly benefits. Delaying claiming Social Security until 70 (rather than 62, the earliest age one can receive benefits) results in a higher monthly benefit. Social Security trust funds are expected to be unable to pay full benefits by 2035Most US workers have 6.2% of their gross paycheck taken out for Social Security. The government requires employers to match that 6.2% as well, for a total of 12.4%. This video dives into the specifics of how Social Security functions from a financial perspective. CNBCEstimate your Social Security benefitsTo calculate your Social Security benefit, the government uses information such as your birthday, current earnings, future retirement date, and more. Calculate an estimation for your future Social Security monthly benefit here. The 1935 Social Security Act drew inspiration from European social insurance modelsMany of these, such as German Chancellor Otto von Bismarck's 1889 retirement system, emerged decades before America adopted them. This article dives into the modern history of economic security and the key legislation that created Social Security. Roughly 68.5 million Americans were enrolled in Social Security benefits in December 2024That amounted to nearly 90% of people ages 65 and older. The federal government spent $1.5T on Social Security in fiscal year 2024 (nearly a quarter of the total federal budget). This article details how these figures contribute to the perception that Social Security is “running out.” USAFactsSocial Security's model assumes more people are paying than receiving, but that's no longer trueAs more Baby Boomers start collecting Social Security for more years than the system anticipated—and, simultaneously, birth rates trend down—the Social Security system is feeling the squeeze. When fewer workers pay into Social Security, there's less money overall for retirees to collect. Learn more about what's next for Social Security in this video. 1440 DailySocial Security’s financial operations are handled through two federal trust fundsOne is called the Old-Age and Survivors Insurance trust fund, and the other is called the Disability Insurance trust fund. Combined, these two trust funds were valued at roughly $2.7T as of the end of 2024. VoxRoughly 22% of US tax dollars go to Social SecuritySocial security is the US government’s largest expense. You can see other government expenses in a visual breakdown of what one US tax dollar actually pays for. Total spending amounts were converted to cents on the dollar and percentages. Visual CapitalistThe Social Security System was created to protect Americans from economic disasters like the Great DepressionPresident Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression. FDR Presidential Library3 types of people who should claim Social Security at 62Popular wisdom suggests people should wait as long as possible to claim their Social Security benefits. This article argues there are three types of people who would benefit from claiming sooner rather than later—such as people with short life expectancies. To see the other two groups of people who might want to claim as soon as possible, read the article here. USA TODAYDoes Social Security contribute to the national debt?Social Security operates through a trust fund built from payroll taxes. When costs outpace revenue, as they have since 2021, the program redeems Treasury bonds to cover the gap. To repay these bonds, the government often borrows more money, indirectly adding to the national debt and impacting fiscal policy. 1440Calculate your Social Security full retirement ageThe year you were born determines when you become eligible for your Social Security full retirement age benefit. Spoiler alert, that age is no longer always 65. If you want to use this calculator to determine your full retirement age—and learn more about the drawbacks of claiming Social Security early—click here. Kiplinger'Most of man's problems upon this planet, in the long history of the race, have been met and solved either partially or as a whole by experiment based on common sense and carried out with courage.'-Frances Perkins (1880-1965), first female member of US Cabinet Social Science SpaceExplore the important legislation that has shaped US immigration policy Read about pivotal immigration legislation from the 1882 Chinese Exclusion Act—the first law restricting immigration by nationality—through DACA, examining how economic conditions, national security concerns, and social attitudes shaped American immigration policy throughout history. Council on Foreign RelationsThe New Deal shifted economic and social authority to the federal governmentFranklin D. Roosevelt's response to the Great Depression expanded federal power through economic regulation and social welfare programs, permanently reshaping federalism by shifting responsibility for financial security to Washington while leaving states to administer many of these programs. Center for the Study of FederalismHawaii is the most expensive state for funding a 40-year retirementIf someone wanted to retire by the time they were 40 years old in Hawaii, they would need to save an estimated $4,557,767. See how other states meaasure up in this article. GOBankingRatesAfter emancipation, many slaves went from working for free to working for tipsIn 1938, the New Deal established a minimum wage for one-fifth of the labor force, with many sectors—including service workers—not covered. Today, although the subminimum wage of $2.13 an hour is enforced, a large portion of those paychecks go to taxes like Social Security and Medicare. YouTubeSome attorneys are using true crime fans to their advantageTrue crime fans are notorious for falling down rabbit holes. Now that passionate interest is being exploited by attorneys marshaling influencers to serve as informal public relations representatives, a trend that's blurring the lines between fan theories and reality. Pirate WiresUnderstanding the differences between capitalism and socialismThe two economic systems are rarely found in their pure form. Capitalism emphasizes private property, capital accumulation, and limited government regulation, while socialism favors government control of production to meet the needs of everyone rather than to generate profit. Most economies are a mix of both. InvestopediaPeople with annuities (annuitants) tend to skew older, with most approaching retirement ageHowever, others also invest in an annuity contract when they come into a large sum of money, like an inheritance. There are lots of myths surrounding annuities, such as the idea that they're only for the wealthy. KiplingerIn 2025, ByteDance agreed to sell the app's US branchIn 2024, US lawmakers passed a requirement for parent company ByteDance to sell TikTok or face a ban in the country, which the company challenged in court. After several extensions granted by President Trump, ByteDance agreed to sell the company's US branch to a group of US investors, including Oracle, which will oversee the app's security and cloud computing. CNBCThere are six primary governing bodies at the UNThe United Nations is structured around six main bodies: the General Assembly, Security Council, Economic and Social Council, Trusteeship Council, International Court of Justice, and the Secretariat. Each plays a distinct role in promoting peace, justice, and cooperation worldwide. United NationsIn 2025, Apple devices couldn't send audio messages with the phrase 'Dave & Buster's'The transcription engine in iOS 18, which converts speech to text in the Messages app, had been incorrectly processing phrases with the ampersand ("&") symbol. The error was corrected via a bug fix after extensive user error reports. Search EngineTracking US spending this yearSee an up-to-date accounting of how much money the US federal government has spent this fiscal year. This helpful and interactive webpage from the US Treasury Department gives an expansive overview of how the government has spent its money and how spending trends have evolved over time. US Treasury Fiscal DataTry to balance the budgetThis interactive calculator challenges users to rebalance the federal budget by adjusting taxes and spending. Try your hand at weighing difficult trade-offs that shape long-term deficits, debt growth, and the sustainability of US public finances. America Off BalanceThe Constitution gives Congress sweeping control over the federal budgetArticle I, Section 8's Spending Clause authorizes Congress to tax, pay debts, and promote the "common Defence and general Welfare," making it one of Congress's most powerful tools—and the constitutional foundation of federal budget control. Congress.govDecentralized applications are blockchain-based and run without a central authorityThese apps use smart contracts to automatically execute functions, ensuring security, transparency, and censorship resistance. Built on platforms like Ethereum, Solana, and Binance Smart Chain, DApps power DeFi, NFTs, gaming, and social media, offering users control over their data and assets. InvestopediaThe US has carried debt since 1791After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share. 1440Nearly 70% of the US government’s debt is domesticThis includes intragovernmental holdings like the Social Security Trust Fund and investments from US citizens, banks, and mutual funds. About 30% is foreign-held, with countries like Japan and China as major creditors, investing in US Treasury securities due to their perceived safety. 1440Frances Perkins was the first woman in the US to hold a cabinet positionPresident Franklin D. Roosevelt named her the United States Secretary of Labor in 1933. In her cabinet seat, she not only helped establish the first federal minimum wage in the US, but also the Social Security Act. Encyclopaedia BritannicaA work-free retirement is a relatively recent development in human historyThough it looks different in other countries, economic historians trace retirement's rise in the US to a growth in personal income through pensions, GDP, and Social Security. Economic History AssociationMost popular baby names in the US by yearThe Social Security is one of the most authoritative sources for data on baby names each year. Here's the list of last year's top ten baby names among those children born in the US. Social Security Administration
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