Whats the difference between SSA & SSI?
In August 1935, President Franklin D. Roosevelt signed the Social Security Act to create a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement. To qualify for benefits, a worker must “pay” into the SSA system a modest amount with each paycheck, which then makes them eligible to receive benefits at the time of retirement. In the 1950’s, the SS Act was amended to provide benefits to disabled workers who were no longer able to work. It’s important to know that Social Security benefits were never intended to be the only source of income when you retire or become disabled, or your family’s only income if you die. It is intended to supplement other income you have from pension plans, savings, investments, etc. The Social Security Administration also administers the Supplemental Security Income (SSI) Program. Rather than being paid by the Social Security trust fund, the SSI makes monthly payments to people who have a low income and few
