Social Security Series – An Introduction

If there is one thing that Americans can agree on it is positive support for Social Security. Social Security, which is officially known as the Old-Age, Survivors, and Disability Insurance (OASDI) program, will turn 90 years old in 2025. Using payroll taxes collected from employees, employers, and self-employed people, it pays out monthly benefits primarily to three groups of people:

  • Retired individuals, i.e. people who have reached an eligible age to receive Social Security
  • Survivors of individuals who qualified for or were receiving Social Security, e.g. spouses, minor children
  • Disabled people

Reduced social security benefits are a possibility in the future. However, there is a high likelihood that Social Security will be available for years to come. The program is a lifeline to many seniors whose benefits are essential to providing a dignified quality of life from retirement until death.

Even if you are 20 or more years away from retirement age, it is important to understand how Social Security benefits are calculated and the future benefits you can expect to receive.

Social Security Series

In the posts below, I focus on the group of people who will be retired individuals at some point in the future. The series does not dive into the topics of survivor or disability benefits.

In the series, I provide:

  • Basic information about Social Security
  • How to access and interpret the information provided by the Social Security Administration online in the My Social Security portal
  • Knowledge and tools to forecast your future Social Security benefits for people who have not yet reached minimum retirement age, 62 years old for people born in 1960 or later

If you have already reached the minimum retirement age, congratulations! You can view accurate information about your future or current benefits on the My Social Security portal.

This series expands on my original post, Estimating Your Future Social Security Benefits.

Posts

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