Grandparents and other relatives play an important caregiving role in family well-being. Support from extended family is especially vital in families with low incomes.
Social Security benefits are paid through a self-financing system.
Social Security program administration has multiple functions. It processes applications and payments and operates field offices around the country.
Some proposals to address Social Security solvency would adjust the calculation of initial benefits. Others adjust benefit growth over time.
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From time to time, Social Security’s long-term solvency challenges have been used to justify basic structural changes.
Successful proposals to achieve Social Security solvency and adequacy should adhere to the following principles.
Some proposals for Social Security’s long-term solvency would base the receipt of Social Security benefits on the income people have outside of Social Security.
Recipients of Social Security benefits generally receive an annual cost-of-living adjustment (COLA).
As people consider retirement, they must decide when to claim their Social Security benefits. Social Security determines their basic benefit amount based on the benefit formula.