"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|
|Publisher:||Library of Congress. Congressional Research Service|
|Retrieved From:||Federation of American Scientists: http://www.fas.org/sgp/crs/index.html|