Southland News
Secure your future with Social Security
Social Security is an important source of financial support for retirees, disabled individuals and families of deceased workers. Understanding eligibility, work credits and the different types of benefits can help you plan for a secure future. This blog breaks down the essentials to help you navigate the Social Security system with confidence.
Understanding Social Security: The basics
Social Security is a federal program designed to provide financial support to retirees, disabled individuals and families of deceased workers. Funded through payroll taxes, it serves as a safety net for millions of Americans. While many associate Social Security with retirement, it also includes disability and survivor benefits. Understanding how the system works can help individuals maximize their benefits and secure their financial future.
Eligibility and qualifications for Social Security benefits
Eligibility for Social Security benefits depends on work history and earnings. Workers earn “credits” based on their income, with most needing 40 credits (about 10 years of work) to qualify for retirement benefits. Disability benefits (SSDI) require a sufficient work history and a qualifying medical condition, while survivor benefits support spouses, children and dependents of deceased workers. Supplemental Security Income (SSI) is available for low-income individuals who are elderly, blind or disabled, regardless of work history. Checking your Social Security earnings record regularly ensures accuracy and helps with long-term financial planning.
Types of Social Security benefits
Social Security provides different types of benefits to support individuals in various life circumstances. These include:
Retirement benefits
Social Security provides retirement benefits starting at age 62. Waiting until 67 gives full benefits, and delaying up to 70 increases them. Since Social Security only covers part of retirement income, additional savings like 401(k)s or pensions are important.
Disability benefits (SSDI)
Social Security Disability Insurance (SSDI) provides financial support to disabled workers who can no longer work. To qualify, applicants must have a severe medical condition that prevents substantial work and is expected to last at least a year or result in death. Benefits are based on past earnings and require enough work credits. Unlike private disability insurance, SSDI does not cover short-term or partial disabilities, and the approval process can be lengthy, often requiring appeals.
Survivor benefits
Survivor benefits provide financial assistance to the families of deceased workers. Eligible recipients may include:
- Spouses (including widows and widowers)
- Children under 18 (or older if disabled)
- Dependent parents (age 62 or older)
The amount received depends on the worker’s earnings record and the survivor’s relationship to the deceased. In some cases, a widow or widower can claim reduced benefits as early as age 60 or full benefits at full retirement age.
Estimate your Social Security benefits with the official Social Security benefit calculator.
Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is a need-based program that supports low-income individuals who are elderly, blind or disabled. Unlike other Social Security benefits, SSI is funded through general tax revenue instead of payroll taxes. Eligibility depends on strict income and asset limits and the program offers monthly payments to assist with basic living costs.
Understanding these benefits helps individuals make informed choices about their future financial security.