ABSTRACT

Social Security Primer [November 30, 2017]   [open pdf - 808KB]

"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. Workers 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) [...] This report provides an overview of Social Security financing and benefits under current law."

Report Number:CRS Report for Congress, R42035
Author:Nuschler, Dawn
Publisher:Library of Congress. Congressional Research Service
Date:2017-11-30
Copyright:Public Domain
Retrieved From:Federation of American Scientists: http://www.fas.org/sgp/crs/index.html
Format:pdf
Media Type:application/pdf
URL:https://www.hsdl.org/?view&did=806208
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