Social Security Retirement
The Social Security Retirement Program pays benefits to individuals who are at least 62 years old and have earned enough credits to qualify. About 94 percent of workers in paid employment or self employment are covered under the OASDI program. Roughly 90 percent of the population 65 and older receives Social Security benefits.
When the cost of housing and other basic life needs surpasses an individual’s income, it can cause homelessness. The Social Security Retirement Program prevents this from happening for many Americans by providing a monthly benefit that is based on prior earnings and Social Security tax contributions. The average monthly Social Security benefit for a retired worker was about $1,177 at the beginning of 2011. Social Security Retirement is a critical safety net for millions of Americans as they transition from working to retirement.
Adults age 62 or older and have enough credits to qualify are eligible. The number of credits needed to get retirement benefits depends on when the individual was born. For individuals born in 1929 or later, 40 credits (10 years of work) are required. For those receiving retirement benefits, some family members may also be eligible. Additional details for families may be found here.
The program is financed through worker payroll tax contributions, and monthly benefits are paid from the OASI Trust Fund.