Baltimore Social Security Lawyers: Surprising Facts About Social SecurityMay 10, 2017
Social Security is federal program that provides financial benefits to those who are retired, people with disabilities, or surviving dependents of workers who have passed away. A percentage of an employee’s wages are deducted from each paycheck. It is put into a trust fund that qualified employees can access if and when they need it. Most people think of Social Security benefits as a source of income for retirees. While this is true, Social Security is an important financial resource that many people across the United States rely on just to make ends meet. The following little-known facts about Social Security may surprise you.
More people rely on Social Security than you might think
Depending on your financial situation and the type of work you do, you may have a pension or a retirement savings program that allows you to contribute a percentage of your paycheck, enabling you to save a substantial amount of money for retirement. Unfortunately, this option is not available to everyone. As a result, many lower-income citizens rely heavily on Social Security to pay their bills, and for day-to-day spending. In fact, approximately one-third of all retired beneficiaries rely on their Social Security payments for over 90 percent of their income.
Social Security benefits have increased significantly
Just as people’s salaries have increased markedly over the past several decades, Social Security benefits have also gone up a great deal. Both married and non-married retirees have seen increases in their Social Security income.
Social Security in not just for retirees
This might be the biggest misconception. While approximately 55 percent of Social Security beneficiaries are retired workers, 33 percent are either survivors or dependents, and 14 percent are disabled workers. At the close of 2014, over 8 million Americans qualified for Social Security disability benefits. What may also come as a surprise is the fact that 20 percent of Social Security beneficiaries are under the age of 62, which is the age at which you can start claiming Social Security based on your years employed.
The Social Security Trust Fund may run out of money
Although experts estimate that the Social Security Trust Fund will be depleted within the next twenty years, it is unlikely that the program will disappear. The federal government will continue to deduct FICA taxes from current workers and distribute it to qualifying individuals. However, considering the number of people who rely on Social Security, the anticipated 25 percent cut in benefits could make it difficult for some people to make ends meet.
Baltimore Social Security Disability Lawyers at LeViness, Tolzman & Hamilton Help Clients Obtain the Benefits They Deserve
If you are among the many disabled Americans who depend on Social Security benefits, contact the reputable Baltimore Social Security disability lawyers at LeViness, Tolzman & Hamilton at your earliest convenience. Our dedicated team will provide the skilled legal representation you deserve, ensuring that you receive the full benefits to which you are entitled. For a free consultation, call us today at 800-547-4LAW (4529) or contact us online.
Our offices are located in Baltimore, Columbia, Glen Burnie, and Towson, allowing us to represent disabled individuals across Maryland, including those in Anne Arundel County, Carroll County, Harford County, Howard County, Montgomery County, Maryland’s Western Counties, Southern Maryland, and the Eastern Shore, as well as the communities of Catonsville, Essex, Halethorpe, Middle River, Rosedale, Gwynn Oak, Brooklandville, Dundalk, Pikesville, Nottingham, Windsor Mill, Lutherville, Timonium, Sparrows Point, Ridgewood, and Elkridge.