Social Security

Established in 1935 to provide a federal safety net for elderly Americans, the disabled, children, and survivors of a deceased spouse/parent. Social Security benefits havehas become the primary source of income to many elderly Americans and will provide $1.2 trillion in benefits to 70 million people in 2021. For about half of seniors in the United States, Social Security benefits provideprovides at least 50% of their income and provideprovides at least 90% of income for about a quarter of all seniors. As of 2021, the maximum monthly retirement benefit a person can receive from Social Security is $3,895.

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