If you're relatively young and healthy, you may have never stopped to think about social security. Chances are you're paying taxes that help fund the system. Yet you may not know exactly what social security does, and who it can help. Basically, social security was developed to provide protection for retired workers, and for workers and their families who suffer loss of income due to disability or death. There are three major types of social security benefits available.

Doctors' offices often need your Social Security number to process your health insurance claim. For example, Medicare and many commercial insurers use the customer's Social Security number as a primary identifier. Even as insurers move to change this practice, the customer's Social Security number may still be needed when coordinating benefits between a patient's primary and supplemental insurances, each of which may use a separate identifying number.

Social Security numbers and other confidential information will be hidden in the Operational Data Store. However, individuals with the PO Purchaser, PO Requester, all but one Labor Distribution responsibilities, several HR/Payroll responsibilities, and central office users will see social security numbers. All users who have access to this information will be required to sign an Electronic Access Agreement form prior to receiving access.

Social Security benefits are determined by wages reported each year for you. Benefits are calculated on the earnings a person receives during his/her lifetime. The higher the earnings and the number of years worked, the more the monthly benefit will be. Benefits are payable at full retirement age for anyone meeting the minimum criteria for social security credits (with reduced benefits available as early as age 62).

Beginning in tax year 2007, you may deduct up to 20% of taxable social security and social security disability benefits. The deductible percentage of your social security and social security disability benefits will increase until 2012. A breakdown of the yearly percentage is as follows: In order to be eligible for the full deduction, your Missouri adjusted gross income must fall within certain income limitations. If your income exceeds the limitation, you may qualify for a partial exemption.

Like all federal spending programs, Social Security operates exactly as it does today, except that its funds come from a broad, progressive sales tax, rather than a narrow, regressive payroll tax. Employers continue to report wages for each employee, though, to the Social Security Administration for the determination of benefits. The transition to a reformed Social Security system is eased while ensuring there is sufficient funding to continue promised benefits.

You are advised to declare payments made to you when you complete a study. The PPD Clinic is required by law to provide information to the IRS about payments to volunteers enrolled in studies.

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The Social Security Act was signed by FDR on 8/14/35. Taxes were collected for the first time in January 1937 and the first one-time, lump-sum payments were made that same month. Regular ongoing monthly benefits started in January 1940. The term was first used in the U.S. by Abraham Epstein in connection with his group, the American Association for Social Security.

A fellow named Ernest Ackerman got a payment for 17 cents in January 1937. This was a one-time, lump-sum pay-out--which was the only form of benefits paid during the start-up period January 1937 through December 1939. A woman named Ida May Fuller , from Ludlow, Vermont was the first recipient of monthly Social Security benefits.

From 1937 (when the first payments were made) through 2005 the Social Security program has expended more than $8.9 trillion.

Yes they do. By law, the assets of the Social Security program must be invested in securities guaranteed as to both principal and interest. The Trust Funds hold a mix of short-term and long-term government bonds. The Trust Funds can hold both regular Treasury securities and "special obligation" securities issued only to federal trust funds. In practice, most of the securities in the Social Security Trust Funds are of the "special obligation" type.

Because reverse mortgages are considered loan advances and not income, the IRS considers them to be not taxable. Similarly, having a reverse mortgage should not affect your Social Security or Medicare benefits. If you receive SSI, Medicaid, or other public assistance, your reverse mortgage loan advances are only counted as "liquid assets" if you keep them in an account past the end of the calendar month in which you receive them.

Clayton State University complies with all legal requirements for use of SSNs. Your SSN is handled in a confidential manner and when the conversion is complete, the SSN will not be published or requested as the primary identifier to access records in University systems. It will only be used for mandated business functions such as tax reporting to federal and state government agencies.