What Is Social Security In The US?

by | Feb 13, 2018 | Lawyers and Law Firms

Social Security is not new. It is a pension program that was established following the Civil War that provided money to disabled military personnel and widowed mothers. This level of public support has never wavered. In 1935, the Social Security Act was signed into law. The original intention was to assist those that could not work but has since been altered to encompass a concept that ensures protection against economic risk from literally birth to death.

What is Social Security?

Social Security in Kansas City pays monthly benefits to those that have paid into the system and then became disabled, retired, or die. At that point, benefits go to their family. The Social Security system is far more expansive than just helping retirees or supporting the disabled. Currently, Social Security benefits about 20 percent of the US population. Over 41 million people are getting retirement benefits; there are over four million widows and widowers receiving benefits, close to nine million disabled people receive benefits and over three million children under the age of 18 are getting dependent’s benefits.

Social Security funding:

Social Security is funded by FICA (Federal Insurance Contributions Act). Although there is a single tax, the revenue is separated from the Disability Insurance Trust Fund and Old Age and Survivors Insurance. All benefits are paid from one or the other of these funds. As FICA is separate from the federal budget, the national debt is not affected by Social Security. Revenue from these funds is used to pay benefits for those deemed eligible for Social Security in Kansas City.

Rarely would an applicant for retirement benefits have their application denied. The same, however, cannot be said for those claiming disability benefits. Approximately 70 percent of all claims are disavowed. The majority of those that were denied benefits will hire a Social Security disability attorney to help them win on appeal.

The laws that apply to Social Security in Kansas City are complex. If you are disabled and planning to claim benefits, you should consult with a knowledgeable attorney. For a free initial consultation, contact the Grundy Disability Group, LLC. Like us on our facebook page.

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