In what year was Social Security established?

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Presentation transcript:

In what year was Social Security established? QUESTION: In what year was Social Security established? ANSWER: 1935

QUESTION: What is the name of the first person to receive a Social Security benefit check? ANSWER: Ida Mae Fuller

How much money did Ida Mae Fuller pay into the Social Security system? QUESTION: How much money did Ida Mae Fuller pay into the Social Security system? ANSWER: $24.75

When did Ida Mae receive her first check, and for how much? QUESTION: When did Ida Mae receive her first check, and for how much? ANSWER: January 31, 1940 $22.54

$22,888.92 Over 924 times her withholdings QUESTION: What was the total amount of money Ida Mae Fuller received before her death on January 31, 1975? ANSWER: $22,888.92 Over 924 times her withholdings

QUESTION: What is the minimum number of years you must work to be eligible to collect Social Security benefits? ANSWER: 10

QUESTION: Your highest income years count toward increasing your Social Security check. What is the limit on the total number of years that the Social Security Administration considers? ANSWER: 35

You can start collecting Social Security early at what age? QUESTION: You can start collecting Social Security early at what age? ANSWER: 62

By waiting, you can collect your full benefit at what age? QUESTION: By waiting, you can collect your full benefit at what age? ANSWER: 66

QUESTION: By waiting even longer, you can increase your full benefit to maximize your Social Security income. At what age can you maximize your income? ANSWER: 70

Some or all of your Social Security income will be withheld. QUESTION: If you are still working in your primary occupation, it may not make sense to begin collecting early Social Security income. Why? ANSWER: Some or all of your Social Security income will be withheld.

QUESTION: If you are single and choose to work while collecting Social Security income, will your benefits be taxed? ANSWER: Yes. If you earn over $25,000, 50% of your SS income is subject to tax. If you earn over $34,000, then 85% is subject to tax.

QUESTION: If you are married and choose to work while collecting Social Security income, will your benefits be taxed? ANSWER: Yes. If you earn over $32,000, 50% of your SS income is subject to tax. If you earn over $44,000, then 85% is subject to tax.

What percentage of Social Security funding comes from payroll taxes? QUESTION: What percentage of Social Security funding comes from payroll taxes? ANSWER: 86.4% - Interest income brings in 10.1% and taxes on SS benefits accounts for the final 3.5%.

Over 61 million received $918 billion in benefits QUESTION: How many Americans received Social Security benefits in 2016? ANSWER: Over 61 million received $918 billion in benefits

QUESTION: What is the Social Security Administration’s Cost of Living Adjustment (COLA) in 2016? ANSWER: 0.0%

QUESTION: What is the Social Security Administration’s Cost of Living Adjustment (COLA) in 2017? ANSWER: 0.3%

What were the COLAs in 2017, 2016, 2015, and 2014 respectively? QUESTION: What were the COLAs in 2017, 2016, 2015, and 2014 respectively? ANSWER: 0.3% (2017), 0.0% (2016), 1.7% (2015), and 1.5%(2014)

QUESTION: What percentage of all who collected Social Security benefits in 2016 were women? ANSWER: 55%

QUESTION: What percentage of people over the age of 85 who are collecting Social Security are women? ANSWER: 66%

QUESTION: Some people collect Social Security benefits due to a disability. What is their average age in 2014? ANSWER: 54

6.2% if an employee 12.4% if self-employed QUESTION: What percentage is withheld from your paycheck in the form of Social Security taxes? ANSWER: 6.2% if an employee 12.4% if self-employed

QUESTION: As of December 2015, for those retired, what was the annual Social Security income for women? ANSWER: $14,184

QUESTION: As of December 2015, for those retired, what was the annual Social Security income for men? ANSWER: $18,000

QUESTION: In 2014 almost half of elderly women relied on Social Security for what percentage of their income? ANSWER: 90%

QUESTION: According to the bureau of Labor Statistics, as of 2013, what percentage non-union private-sector workers are covered by an employer pension? ANSWER: 13%

QUESTION: Are the numbers of Americans who can collect from a private pension upon retirement rising or falling? ANSWER: Falling

QUESTION: Social Security offices have limited office hours. In 2017 SSA offices will be open from 9 a.m. to what time on every day except Wednesday? ANSWER: 3 p.m.

What time will SSA offices close on Wednesdays in 2017? QUESTION: What time will SSA offices close on Wednesdays in 2017? ANSWER: Noon

QUESTION: How much does the Social Security Administration have in the fiscal year 2017 budget to administer the program? ANSWER: $13.23 billion

James was #1, followed closely by John, Robert and Michael. QUESTION: According to the SSA, during the 100-year period 1914-2014 what was the most popular boys’ name? ANSWER: James was #1, followed closely by John, Robert and Michael.

The second most popular girls’ name was Patricia. QUESTION: During the 100-year period ending 2014 the most popular girls’ name was Mary by a 2-to-1 margin over this name? ANSWER: The second most popular girls’ name was Patricia.

What has been the average COLA since 1985? QUESTION: What has been the average COLA since 1985? ANSWER: 2.6%

What has been the average COLA since it was introduced in 1975? QUESTION: What has been the average COLA since it was introduced in 1975? ANSWER: 3.8%

QUESTION: According to the SSA, what is the average benefit for retired couples in 2017? ANSWER: $2,260

18 including American Sign Language! QUESTION: As of December 2016 how many different languages does the SSA.gov website support on its Multilingual Gateway? ANSWER: 18 including American Sign Language!