The future of Social Security is a hot topic for debate: will it continue to exist or will it bedramatically altered? No one knows for sure, but Charlotte Social Security disability lawyers can help explain how it began, how it has evolved, and what changes are being discussed.
The Social Security Act of 1935
As the nation slowly dug its way out of the economic depths of the Great Depression, the original Social Security Act was a social insurance program that provided lump sum payments for:
- Dependent children
- Disability insurance
- Unemployment insurance
The Next Phase
In 1940, lump sum payments were replaced by monthly payments. At this time, workers were contributing to the system with contributions from their own paychecks.
One of the bigger changes has been the transfer of the unemployment insurance program to a joint Federal-state program. Social Security currently focuses on retirement benefits, survivor benefits, and disability benefits. Additionally, Medicare has been incorporated under the Social Security Administration’s authority.
As the population shifts to a higher percentage of people of retirement age and a lower number of workers, some commentators suggest changes may be afoot, such as:
- Raising the retirement age
- Raising payroll taxes
- Lowering benefits
Contact Charlotte Social Security Disability Lawyers for Legal Advice
As you approach retirement age, it is essential to keep up with the ever-changing Social Security rules and regulations. For any questions, contact the Charlotte Social Security Disability Lawyers at Bridgman Law Offices by calling (704) 815-6055.