What is Social Security.
Social Security Administration (SSA), a federal agency run an OASDI program, short for Old-Age, Survivors, and Disability Insurance. Social Security provides you with a source of income when you retire or if you can’t work due to a disability. It can also support your legal dependents (spouse, children, or parents) with benefits in the event of your death. It is estimated that roughly 1 in 5 US residents are availing social security benifits in 2022
How much benifits you get at retirement depends on
- Your earnings over your lifetime
- The age at which you’ll begin receiving benefits
- Whether you’ll be eligible to receive a spouse’s benefit instead of your own
Visit following sites to get better understanding of rationale behind social security:
What is SSN Card
- When a Social security Number is assigned to you, you will receive SSN Card with Social Security Number printed on it.
- This card can be used as supplimentary ID proof along with other primary id proofs at multiple places like DMV, School admissions.
Who can ask for Social Security Number
- Companies from which you are applying for credit: credit cards, loans of any type, cell phone service
- Your department of motor vehicles
- Employers
- The three main credit reporting agencies: Equifax, Experian, and TransUnion
- Federal and state agencies when applying for benefits: Social Security, Medicare, disability, Medicaid, and other aid programs`
- Investment advisors and brokerage houses
- Banks :- Opening your first bank accountin America
- Companies with which you have a cash transaction of $10,000 or more: car dealerships, RV and boat dealerships, etc.
- Companies facilitating real estate transactions
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