Social Security Administration (SSA)

What Is the Social Security Administration (SSA)?

The Social Security Administration (SSA) is a U.S. government agency that oversees social programs covering disability, retirement, and survivors' benefits, among different services. It is likewise responsible for giving Social Security numbers and dealing with the program's finances and trust fund.

Understanding the Social Security Administration

The SSA oversees the Social Security program. Social Security is an imperative part of the retirement income planning strategy of numerous Americans, particularly as savings rates stay low — 7.1% in October and 6.9 percent in November 2021. The drop mirrors the winding down of pandemic-related assistance programs, according to the Bureau of Economic Analysis (BEA).

In any case, the breadth of services the SSA provides ranges numerous crucial areas of the U.S. social safety net. In December 2021, for instance, almost 70 million Americans, including retired workers, disabled workers, and survivors, received Social Security benefits, according to the SSA. Social Security is one of the biggest government programs in the world.

The benefits are funded with payroll taxes of employers, employees, and the self-employed. The tax revenue goes into two Social Security trust funds — the Old-Age and Survivors Insurance (OASI) Trust Fund for retired people and the Disability Insurance Trust Fund (DI) for disability recipients — which pay benefits to individuals eligible for them.

In contrast to the majority of U.S. federal government agencies, the SSA isn't headquartered in Washington, D.C. All things considered, the agency is situated in the city of Woodlawn, Md., which is a suburb of Baltimore. Altogether, the Social Security Administration has 10 regional offices, six processing centers, and roughly 1,230 field offices in urban areas across the country. It utilizes north of 60,000 workers.

Due to the COVID-19 pandemic, all neighborhood Social Security offices stay closed for stroll in service, however in-person arrangements might be scheduled by telephone in advance.

Social Security Administration Services

The SSA has seen various name changes and operational corrections throughout its presence as different administrations have formed the agency. In addition to directing retirement and disability benefits programs, the SSA provides a wide scope of services, including determining citizen qualification and premium payments for the Medicare program.

It likewise manages the giving of Social Security numbers (SSNs), which have turned into a de facto national identification number that must be provided to access various services, like credit, insurance coverage, and even hunting licenses.

History of the Social Security Administration

The Social Security Administration was made in 1935 when President Franklin D. Roosevelt marked the Social Security Act into law. Beforehand operating under the Department of Health and Human Services, the SSA has worked as a wholly independent agency starting around 1994.

In July 2021, President Biden fired SSA commissioner Andrew Saul and designated Kilolo Kijakazi, deputy commissioner for retirement and disability policy at the SSA, as acting commissioner. Saul was reprimanded for efforts to reduce access to disability benefits, delays in providing the data needed to issue stimulus payments, and conflicting with employee unions over safety planning during the COVID-19 crisis.

The SSA is an independent agency and Saul was designated until January 2025, however two Supreme Court decisions have given presidents greater authority to eliminate deputies. One, on June 29, 2020, determined that President Trump was free to fire the head of the Consumer Financial Protection Bureau (CFPB), and a second, on June 23, 2021, authorized President Biden to eliminate the chief of the Federal Housing Administration (FHA).

Social Security Administration: Annual Report

Consistently, the board of trustees of Social Security issues a report on the current and projected financial status of the SSA's programs. Per the 2021 report, the Social Security Board of Trustees gauges that the reserves of the Old-Age and Survivors Insurance Trust Fund (OASI) will become depleted in 2033 (versus 2034 for every the 2020 report), due in part to the COVID-19 pandemic that prompted reduced employment and earnings. Around then, the continuing tax income will be sufficient to pay 76% of scheduled benefits going ahead. The report additionally conjectures that the Disability Insurance Trust Fund (DI) will dry up in 2057 (versus the 2065 estimate in the 2020 report).

That's what the report suggests: "Lawmakers ought to address these financial difficulties quickly. Making a move in the near future will permit consideration of a broader scope of arrangements and provide additional opportunity to phase in changes with the goal that the public has adequate opportunity to prepare."

Features

• The SSA is likewise responsible for giving Social Security numbers and dealing with the program's finances and trust funds.
• Benefits that the SSA oversees include Social Security retirement income and disability income programs, among others.
• The Social Security Administration (SSA) regulates and runs the Social Security program in the United States.

FAQ

How Do I Replace My Social Security Card?

In the event that you really want to supplant your Social Security card, with no different changes, you can request another card online at the Social Security website. You can likewise finish up a print variant of the application and return it by means of mail.

What Is the Difference Between Supplemental Security Income and Social Security?

Supplemental Security Income (SSI) provides month to month cash distributions to elderly or disabled individuals who have practically no income to assist them with meeting their essential necessities. This program is separate from the retirement and disability benefits that Social Security manages.

What Programs Does the Social Security Administration Oversee?

The Social Security Administration (SSA) manages the Social Security program, which provides benefits for qualified retired folks, disabled individuals, and their life partners, children, and survivors. The SSA likewise provides a wide scope of services, for example, laying out citizen qualification and premium payments for Medicare and giving Social Security numbers.