Summer is coming as is a time for enjoying Milwaukee at its best. The news doesn’t stop now and much of the headlines you hear concern areas that have an impact on us older adults or our friends and family who are older. You may hear that there are questions about Social Security and if it is in danger. Social Security is a federal program in the U.S. designed to provide financial protection to individuals during retirement, in the event of disability, or to survivors of deceased workers. Established in 1935, Social Security was created to help reduce poverty and provide economic stability for older Americans. The program is funded primarily through working people’s payroll taxes FICA. Workers and employers each contribute a portion of earnings into the system, and those funds are used to pay benefits to current recipients.
Most Americans become eligible for Social Security benefits by working and paying into the system for at least ten years. Once they reach the minimum retirement age-currently 62, though full benefits come later depending on the year of birth— they can start collecting monthly payments. Social Security is especially vital for millions of retirees who rely on it as a major or sole source of income. The program also provides disability benefits to individuals who are no longer able to work due to a medical condition and survivor benefits to family members when a worker passes away.
In Wisconsin, over one million people receive Social Security retirement benefits and 138,000 disabled worker benefits. Every year in Wisconsin, bring $28.2 billion to the economy! Social Security is so very important to many of us.
AARP is a nonprofit organization dedicated to advocating for the interests of people aged 5 and older. One of AARP’s top priorities is to protect and strengthen Social Security. The organization recognizes that Social Security is a lifeline for millions of Americans, and it actively works to ensure the program remains financially sound and accessible. For over sixty years AARP has worked with our nation’s leaders to protect our Social Security. In August, Social Security will celebrate its 90th birthday. Keep in touch with the column and other news to help us celebrate this great milestone. It also gives you a chance to learn more about it and show you care to people making decisions about Social Security’s future.
