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Social Security - Coggle Diagram
Social Security
Types of OASDI Benefits
Disability Benefits:
Taxation of Benefits:
Retirement Benefits:
Death Benefits (Survivor):
Lump-Sum: $255 to spouse/children.
Spouse: PIA (age/care-for-child dependent).
Child: 75% PIA (until 18/19 or disabled pre-22).
Parents: PIA % (62+, half-supported).
Max: Family benefit limits.
Who is Not Covered by Social Security
Gov't Employees
Pre-1984 Federal
State/Local Gov't
Railroad Workers
Foreign Workers
Foreign Government
Nonresident Aliens
Specific Exemptions
Low-Income Self-Employed
Low-Earning Domestics
School Student Workers
Religious Groups
Child/Parent Business
Who is Covered by Social Security
Covered vs. Eligibility
Fully Insured: 40 credits, full benefits
Currently Insured: 6 credits/13 quarters, limited survivor benefits
Quarters of Coverage
FICA-funded
How Social Security Benefits are Determined
Taxes
Pay as you go
FICA
Calcuation
Weighted average: 35 indexed earnings years.
Primary Insurance Amount from weighted avg AIME.
Purpose of Social Security- OASDI
Protection for all Americans.