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      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, 83.5% are retired or disabled workers; family members of retired, disabled, or deceased workers make up the remainder. In March 2020, approximately 64.5 million beneficiaries received a total of $89.5 billion in benefit payments for the month; the average monthly benefit was $1,387.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. For 2020, an estimated 93% of workers will work in paid employment or self-employment covered by Social Security, and their earnings are subject to the Social Security payroll tax. Employers and employees each pay 6.2% of covered earnings, up to an annual limit on taxable earnings ($137,700 in 2020).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2019, the Social Security trust funds had receipts totaling $1,062 billion, expenditures totaling $1,059 billion, and accumulated assets (U.S. Treasury securities) totaling about $2.9 trillion. Over the program\u2019s 85-year history, it has collected roughly $23.0 trillion and paid out $20.1 trillion, leaving asset reserves of about $2.9 trillion at the end of 2019 in its two trust funds. Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2035 (under the intermediate set of assumptions). Projections also show that Social Security expenditures are estimated to exceed income by at least 20% over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "title": "Social Security Primer",
      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, 83% are retired or disabled workers; family members of retired, disabled, or deceased workers make up the remainder. In March 2019, approximately 63.3 million beneficiaries received a total of $85.3 billion in benefit payments for the month; the average monthly benefit was $1,347.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 93% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. Employers and employees each pay 6.2% of covered earnings, up to an annual limit on taxable earnings ($132,900 in 2019).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2018, the Social Security trust funds had receipts totaling $1,003 billion, expenditures totaling $1,000 billion, and accumulated assets (U.S. Treasury securities) totaling $2.9 trillion. The Social Security Board of Trustees (the trustees) notes, \u201cOver the program\u2019s 84-year history, it has collected roughly $21.9 trillion and paid out $19.0 trillion, leaving asset reserves of $2.9 trillion at the end of 2018 in its two trust funds.\u201d Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2035 (under the intermediate set of assumptions). Projections also show that Social Security expenditures are estimated to exceed income by at least 20% over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "title": "Social Security Primer",
      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, almost 83% are retired or disabled workers; family members of retired, disabled, or deceased workers make up the remainder. In December 2018, approximately 62.9 million beneficiaries received a total of $84.4 billion in benefit payments for the month; the average monthly benefit was $1,342.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 94% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. Employers and employees each pay 6.2% of covered earnings, up to an annual limit on taxable earnings ($132,900 in 2019).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2017, the Social Security trust funds had receipts totaling $997 billion, expenditures totaling $953 billion, and accumulated assets (U.S. Treasury securities) totaling nearly $2.9 trillion. The Social Security Board of Trustees (the trustees) notes, \u201cOver the program\u2019s 83-year history, it has collected roughly $20.9 trillion and paid out $18.0 trillion, leaving asset reserves of more than $2.9 trillion at the end of 2017 in its two trust funds.\u201d Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034 (under the intermediate set of assumptions). Projections also show that Social Security expenditures will exceed income by at least 20% over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, almost 83% are retired or disabled workers; family members of retired, disabled, or deceased workers make up the remainder. In May 2018, about 62.5 million beneficiaries received a total of $80.9 billion in benefit payments for the month; the average monthly benefit was $1,295.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 94% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. Employers and employees each pay 6.2% of covered earnings, up to an annual limit on taxable earnings ($128,400 in 2018 and an estimated $132,300 in 2019).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2017, the Social Security trust funds had receipts totaling $997 billion, expenditures totaling $953 billion, and accumulated assets (U.S. Treasury securities) totaling nearly $2.9 trillion. The Social Security Board of Trustees (the trustees) notes, \u201cOver the program\u2019s 83-year history, it has collected roughly $20.9 trillion and paid out $18.0 trillion, leaving asset reserves of more than $2.9 trillion at the end of 2017 in its two trust funds.\u201d Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034 (under the intermediate set of assumptions). Projections also show that Social Security expenditures will exceed income by at least 20% over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "id": 575989,
      "date": "2017-11-30",
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      "title": "Social Security Primer",
      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, almost 83% are retired or disabled workers; family members of retired, disabled, or deceased workers make up the remainder. In August 2017, nearly 62 million beneficiaries received a total of $77 billion in benefit payments for the month; the average monthly benefit was $1,258.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 94% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. Employers and employees each pay 6.2% of covered earnings, up to an annual limit on taxable earnings ($127,200 in 2017 and $128,400 in 2018).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2016, the Social Security trust funds had receipts totaling $957 billion, expenditures totaling $922 billion, and accumulated assets (U.S. Treasury securities) totaling nearly $3 trillion. The Social Security Board of Trustees (the trustees) notes, \u201cOver the program\u2019s 82-year history, it has collected roughly $19.9 trillion and paid out $17.1 trillion, leaving asset reserves of more than $2.8 trillion at the end of 2016 in its two trust funds.\u201d Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034 (under the intermediate set of assumptions). Projections also show that Social Security expenditures will exceed income by about 20% on average over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "title": "Social Security Primer",
      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, almost 83% are retired or disabled workers; family members of retired, disabled, or deceased workers make up the remainder. In August 2017, nearly 62 million beneficiaries received a total of $77 billion in benefit payments for the month; the average monthly benefit was $1,258.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 94% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. Employers and employees each pay 6.2% of covered earnings, up to an annual limit on taxable earnings ($127,200 in 2017 and $128,700 in 2018).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2016, the Social Security trust funds had receipts totaling $957 billion, expenditures totaling $922 billion, and accumulated assets (U.S. Treasury securities) totaling nearly $3 trillion. The Social Security Board of Trustees (the trustees) notes, \u201cOver the program\u2019s 82-year history, it has collected roughly $19.9 trillion and paid out $17.1 trillion, leaving asset reserves of more than $2.8 trillion at the end of 2016 in its two trust funds.\u201d Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034 (under the intermediate set of assumptions). Projections also show that Social Security expenditures will exceed income by about 20% on average over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, approximately 82% are retired or disabled workers, and 18% are the family members of retired, disabled, or deceased workers. In October 2016, nearly 61 million beneficiaries received a total of $75 billion in benefit payments for the month; the average monthly benefit was $1,241.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 94% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. In 2017, employers and employees each pay 6.2% of covered earnings, up to the annual limit on taxable earnings ($127,200 in 2017).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (or unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2015, the Social Security trust funds had receipts totaling $920 billion, expenditures totaling $897 billion, and accumulated assets (in the form of Treasury securities) totaling nearly $3 trillion. The Social Security Board of Trustees (the trustees) notes, \u201cOver the program\u2019s 80-year history, it has collected roughly $19.0 trillion and paid out $16.1 trillion, leaving asset reserves of more than $2.8 trillion at the end of 2015 in its two trust funds.\u201d Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034 (under the intermediate assumptions). Projections also show that Social Security expenditures will exceed income by about 19% on average over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "title": "Social Security Primer",
      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, approximately 82% are retired or disabled workers, and 18% are the family members of retired, disabled, or deceased workers. In October 2016, nearly 61 million beneficiaries received a total of $75 billion in benefit payments for the month; the average monthly benefit was $1,241.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 94% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. In 2017, employers and employees each pay 6.2% of covered earnings, up to the annual limit on taxable earnings ($127,200 in 2017).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (or unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2015, the Social Security trust funds had receipts totaling $920 billion, expenditures totaling $897 billion, and accumulated assets (in the form of Treasury securities) totaling nearly $3 trillion. The Social Security Board of Trustees (the trustees) notes, \u201cOver the program\u2019s 80-year history, it has collected roughly $19.0 trillion and paid out $16.1 trillion, leaving asset reserves of more than $2.8 trillion at the end of 2015 in its two trust funds.\u201d Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034 (under the intermediate assumptions). Projections also show that Social Security expenditures will exceed income by about 19% on average over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "date": "2016-10-24",
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      "title": "Social Security Primer",
      "summary": "Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, approximately 82% are retired or disabled workers, and 18% are the family members of retired, disabled, or deceased workers. In August 2016, nearly 61 million beneficiaries received a total of $75 billion in benefit payments for the month; the average monthly benefit was $1,238.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 94% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. In 2016, employers and employees each pay 6.2% of covered earnings, up to the annual limit on taxable earnings ($118,500 in 2016).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (or unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2015, the Social Security trust funds had receipts totaling $920 billion, expenditures totaling $897 billion, and accumulated assets (in the form of Treasury securities) totaling nearly $3 trillion. The Social Security Board of Trustees (the trustees) notes, \u201cOver the program\u2019s 80-year history, it has collected roughly $19.0 trillion and paid out $16.1 trillion, leaving asset reserves of more than $2.8 trillion at the end of 2015 in its two trust funds.\u201d Projections by the trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034 (under the intermediate assumptions). Projections also show that Social Security expenditures will exceed income by about 19% on average over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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      "date": "2016-02-09",
      "retrieved": "2016-04-06T17:13:32.004053",
      "title": "Social Security Primer",
      "summary": "The Social Security program was established in the 1930s and has been modified by Congress many times over the years. Today, Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, approximately 82% are retired or disabled workers, and 18% are the family members of retired, disabled, or deceased workers. In November 2015, nearly 60 million beneficiaries received a total of $74 billion in benefit payments for the month, with an average monthly benefit of $1,227.\nWorkers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. An estimated 94% of workers in paid employment or self-employment are covered, and their earnings are subject to the Social Security payroll tax. In 2016, employers and employees each pay 6.2% of covered earnings, up to the annual limit on taxable earnings ($118,500 in 2016).\nAmong other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker\u2019s initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (or unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later).\nIn addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2014, the Social Security trust funds had receipts totaling $884 billion, expenditures totaling $859 billion, and accumulated assets (in the form of Treasury securities) totaling $2.8 trillion. Projections by the Social Security Board of Trustees show that, based on the program\u2019s current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034. The projections also show that Social Security expenditures will exceed income by about 19% on average over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain groups of beneficiaries) have made Social Security reform an issue of ongoing congressional interest and debate.\nThis report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits.",
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