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For example, aged spouses and aged survivors who claim spouse or survivor benefits before the full retirement age receive reduced spouse or survivor benefits. The increase in the full retirement age from the 1983 Amendments to the Social Security Act was phased in at a slightly different pace for survivor benefits and the full retirement age is ...
The Social Security Old-Age and Survivors Insurance (OASI) Trust Fund pays retirement, spousal, and survivors benefits. Before President Biden signed the Social Security Fairness Act into law, the ...
Social Security Act of 1935; Other short titles: Social Security Act: Long title: An Act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment laws; to ...
On Sept. 1, 1954, President Eisenhower dramatically expanded Social Security to include 10 million more Americans in the Old-Age and Survivors Insurance Program. The fund was opened to self ...
The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion.
In an alarming annual report released in March, the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds said that Social Security will be ...