Social Security Administration, or SSA, gives cash to retired workers and their families and to people with disabilities.
Most workers pay into Social Security while they are working. Along with taxes, your pay stub will show deductions for the Federal Insurance Contribution Act, also known as FICA. These deductions are the money or "premiums" which you pay into the Social Security system. Whatever amount you pay for Social Security, your employer pays an equal amount. SSA then uses that money to pay people who are eligible to receive benefits.
The amount of money you get from Social Security depends on the amount you and your employers paid to Social Security. The amount also depends on whether you choose to begin receiving retirement benefits at age 62 or wait until you reach full retirement age. When the cost of living goes up, SSA adjusts the amounts of monthly benefits.
In addition to income benefits, a surviving spouse or dependent child entitled to dependent's benefits may also apply for a lump sum payment to help pay for burial costs. This lump sum is paid to the surviving spouse who was living with the deceased at the time of his or her death. If there is no eligible surviving spouse, then a dependent child may apply for the lump sum instead.