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Social Security Administration: Benefits
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AKRON, Ohio, June 26 /PRNewswire/ -- Virtual Hold Technology(R), LLC (VHT), the leading developer of virtual queuing solutions, announced today that the Social Security Administration (SSA) will implement Virtual Hold in its customer contact centers. The SSA processes between 40 and 50 million calls per year from Americans who require information regarding retirement, disability and survivors benefits for workers and their families.
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The Social Security Administration has announced Social Security benefits cost of living increases for 2008. In the information pasted below, the first number in each instance is for 2007, and the second number is for 2008.
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The first Social Security office opened in Austin, Texas, on October 14, 1936. Social Security taxes were collected first in January 1937, along with the first one-time, lump-sum payments.[6] The first person to receive a Social Security benefit was Ernest Ackerman, who was paid 17 cents in January 1937. This was a one-time, lump-sum pay-out, which was the only form of benefits paid during the start-up period January 1937 through December 1939. The first person to receive monthly retirement benefits was Ida Mae Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940 was in the amount of US$22.54.[7]
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In March 1997, the Social Security Administration set up a web site to allow individuals to obtain their own Personal Earnings and Benefit Estimate Statement (PEBES) over the Internet. To receive a PEBES by email or on a display screen, users were asked to provide their name, social security number, date and place of birth, and mother's maiden name.
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This database contains names and basic information about persons with Social Security numbers whose deaths have been reported to the Social Security Administration. A survivor requesting death benefits may have reported the death to SSA. It may have been reported to stop Social Security benefits to the deceased. Funeral homes often report deaths to the SSA as a service to family members. Beginning in 1962, the SSA began to use a computer database for processing requests for benefits. About 98 percent of the people in the SSDMF died after 1962, but a few death dates go back as far as 1937.
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Economic predictions are all over the map on this, but one guesstimate is that about the year 2017 the Social Security system will start to see that incoming payroll taxes aren’t enough to match outgoing retirement and disability benefits. The timing is less important than the inevitability of the event. Every year from 2008 until 2025 will see another wave of Boomers retiring. Somewhere during that time span, the benefits will outgrow the income.
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