Key Takeaways Social Security benefits provide partial replacement income for qualified retirees and disabled individuals, as well as for their spouses, children, and survivors. For instance, originally, monthly payouts of old-age benefits were slated to start on January 1, In their latest reportthe OASDI trustees project that the retirement fund's reserves will become depleted in for the retirement trust fund; for the disability trust fund.
As partisan politicians continue to debate the problem each year, the Social Security Administration—which is now an independent government agency—works behind the scenes to keep Social Security intact.
Many employees and retirement and disability systems opted to keep out of the Social Security system because of the cost and the limited benefits. Self-employed professionals, field hands and domestic workers were excluded.
The debate about the social security system in the United States has been ongoing for decades and there is much concern about its sustainability. This multi-dimensional deprivation could be affecting less active poor persons such as the elderly or the disabled and active poor persons such as the unemployed.
The bill included: unemployment insurance funded by employers health insurance for people in financial distress financial assistance for widows with children financial assistance for disabled individuals After much debate, Congress passed the Social Security Act to provide benefits to retirees based on their earnings history and on August 14,Roosevelt signed it into law.
Employers are required  to report wages for covered employment to Social Security for processing Forms W-2 and W