Social Security: It’s for you, para nosotros

Trying to understand Social Security can make anyone's head spin. What is it? Who really benefits from it? For younger Gen X'ers, millennials, and even older Gen Z'ers, it may be that mysterious amount of money that is taken from our paychecks. The thing is, Social Security isn't just for people of a certain age or nuestros abuelitos (our grandparents). Social Security helps people of all ages. So, if you're wondering whether Social Security is for you or will benefit you or nosotros? The answer is yes, and we can make sure it stays strong for generations to come. It is important to note that Social Security doesn't see race or ethnicity. People with identical earnings are treated the same when it comes to benefits. To help explain this essential federal program, we’re spilling the tea.

Social Security Benefits Lowdown
Not only is Social Security a critical part of financial stability in retirement, here are the other benefits that Social Security provides.

• Survivors - With certain requirements, children, spouses, ex-spouses and survivors can receive Social Security benefits on your record; survivors of deceased beneficiaries may also qualify for this benefit
• Supplemental Security Income - Financial support for disabled adults, children with limited income and resources, and non-disabled people age 65+ who have limited income and resources
• Disability - People who can't work due to a medical condition that’s expected to last at least one year or result in death
• Medicare - Program pays for healthcare coverage for people 65+ and younger people receiving Social Security disability benefits; Medicare helps offset the cost of health care, but all medical expenses or the cost of most long-term care are not covered
• Retirement – Provided to people who are 62+ and retiring

Busting Social Security Myths
Several myths and misconceptions about Social Security scare people away from the program. These concerns and confusion have become widespread as the program has endured many changes since it began in 1935.

Myth 1: Social Security is running out of money.
Fact: According to the SSA, Social Security cannot run out of money even if Congress allows trust funds to drain. Social Security would be reliant on continuing income, which would cover 79% of benefits scheduled to release in 2035.

Myth 2: The money in the trust funds has been spent.
Fact: Every dollar of income is invested by law in interest-bearing securities backed by the full faith and credit of the United States. These are not “worthless IOUs”! In fact, securities are issued at market yield rates. They are held by the Trust Funds have always been honored, as have all other Treasury issues social security cards.

Myth 3: Social Security is responsible for the federal debt.
Fact: OASI (Old-Age and Survivors Insurance), DI (Disability Insurance), HI (hospital insurance) Trust Funds do not add to the debt, they finance part of it. The programs can't borrow if trust fund reserves ever depleted.

Myth 4: My tax contributions have been saved up for ME.
Fact: Social Security is a “social contract” which means that benefits paid today are financed from contributions by recent workers. In other words, the workers of the day share with the retirees, survivors, and disabled of the day.

Myth 5: Benefits scheduled in the law would be all I need.
Fact: The best way to reach retirement security is to adhere to the 3-legged stool theory. That means to prepare for retirement you should estimate your income coming from Social Security benefits, pension and personal savings.

AARP’s goal is to debunk myths by sharing accurate information to AARP members and non-members in the community. 
Source:  https://www.ssa.gov/oact/presentations/scgoss_20210525.pdf 

Look up your SS benefits
SSA reports 65 million retirees, survivors, and disability recipients benefited from social security in 2020. You will need to create a free online account through the SSA website to see your current benefits. It’s easy and convenient for people of all ages to view their earning history and learn more about social security programs and benefits. During the process, you will need to share personal information and answer other questions to verify your identity. The account will give you access to different features like checking your social security benefits, requesting a replacement for your social security card, or monitoring the status of an application. 
Source: https://www.ssa.gov/myaccount/ 
Source: https://www.ssa.gov/myaccount/security.html 

*Estimate your SS benefits with this Social Security Calculator.

Keeping Social Security Solvent
Did you know that President Franklin D. Roosevelt signed the Social Security Act in 1935? He did, and since then, there have been discussions on how to keep social security funded for the future. Legislation has shaped what social security is today. The OASDI (Old Age, Survivors, and Disability Insurance program) trust funds, which provide payment for social security, held $2.9 trillion at the end of 2020. Many proposals have also been introduced to adjust social security to assure that full benefits are available for Americans. Some proposals include raising the retirement age and increasing payroll taxes. AARP continues to highlight the programs and initiatives keeping social security on track for current and future generations. 
Source: https://www.investopedia.com/articles/personal-finance/120415/how-secure-social-security.asp Social Security Terms
Where to Apply for Social Security
Apply for retirement, spousal or disability benefits online or by phone at 800-772-1213; For survivor benefits, you can apply by phone
Source: https://www.ssa.gov/benefits/retirement/planner/credits.html 

More information: AARP Social Security