Social Security and you
During your work life, portions of your paychecks have been deducted under the acronym "FICA." This stands for the Federal Insurance Contributions Act, and it is the legislation under which Social Security contributions are collected.
Three general categories of Social Security benefits exist:
- Retirement benefits — available to retirees over the age of 62
- Disability benefits — for those under 65 who qualify as a person with a disability
- Dependents’ and survivors’ benefits — for the spouse and/or children of a retired/disabled person or a spouse and/or children of a deceased worker
Retirement benefits are the most common type of Social Security benefit taken, with 9 out of 10 Americans age 65 or older receiving Social Security benefits (Social Security Administration, 2010).
