“Social security” indicates the benefits provider for the old age citizens or the person having any disability. There is a great need to have a social security program to provide better living standards and meet senior citizens' needs for their betterment both financially and physically.
The social culture strives to provide better economic and healthcare facilities to the individual to meet their need or demand hassle-free. In this article, we will discuss the importance of security and several tips to consider while making the social security explained videos.
Part 1 What is Social Security?
The term “social security” is used for the federal old-age, disability insurance, and survivors program implemented and governed through the Social Security Administration. In the year 1935, Franklin D. Roosevelt introduces the “Social security Act “that helps in persevering the right of the individual to receive equal recognition among the society. The Act imposed will be focusing on different social insurance and welfare programs to offer better living conditions to individuals.
According to the sources, the average social security advantage by the end of 2019 was recorded at $1,382. However, the overall cost included in the social security program functioning during 2019 was recorded approximately$1.059 trillion or about 5 percent of U.S. GDP for 2019. The social security explained videos help to understand how the individual has attained the benefits after introducing the “social security Act”. It is funded initially by the Federal Insurance Contribution Act tax, payroll taxes, or Self Employed Contributions Act Tax (SECA).
The total earning or wages under the covered employment up to an amount defined by the law are subjected to the Social security payroll tax. The number of earnings and wages above the defined taxes are not eligible to be taxed. Considering; the current year, the maximum amount of taxable income is recorded as $142,800.
How Social Security Works
“Social security” refers to the insurance program in which workers typically pay through the payroll withholding concerning the place where they work. The workers are liable to gain up to four credits in a year. Concerning the year 2021, for every $1,470 earned by an individual, one credit is granted, up to $5,880, or four credits earned by the worker. The sum of the amount will go into 2 social security trust funds i.e., OASI Trust Fund for the retired staff and Disability Insurance Trust Fund available for the disability beneficiaries. The money which is not spent will remain in the trust funds.
The sum of the amount will go into 2 social security trust funds i.e., OASI Trust Fund for the retired staff and Disability Insurance Trust Fund available for the disability beneficiaries. The money which is not spent will remain in the trust funds.
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The board of trustees is accountable for the overall economic operation of both social security trust funds. Medicare is one of the most prevalent health insurance programs designed for people over 65 years. It also supports the person having any sort of disabilities by the payroll withholding. The money will go into the third trust fund, controlled and governed through the Centers for Medicare and Medicaid Services.
It can be said that social security works through mandatory pooling contributions made by the workers towards the large pot and offering benefits to eligible individuals. If someone works, they need to pay into the system some of their earnings, which is earmarked for the social security program.
According to different sources, the maximum taxable income for the year 2017 is approximately $127,200. Later on, when you become eligible for privileges, you get to accumulate them preferably of funding for the benefits of others.
In addition to such, the Social security administration report demonstrates that $0.85 of Social security goes to the trust fund. The trust fund is liable to provide monthly benefits to retired professionals and their families. The surviving spouse or children of the eligible recipient who died are also eligible to receive the benefit. However, the remaining part goes to people having any disability and their family members.
Benefits of Social Security
1. Disability and Retirement Income
The main benefit of social security are that it provides some monthly money when an individual gets retired. According to the Social Security Administration report, it is found that 81 cents of the dollar paid will be given to the retired professional, and the remaining will be sent to the person having disabilities. Therefore, if someone has any disease or medical condition that restricts their lifespan, they can receive social security benefits early.
2. Age Affects Benefits
Social security discovers its advantage when an individual chooses to retire, putting every person in finance administration. The person can select retirement and avail of the benefits as early as age 62. However, during such age, you will receive smaller monthly payments throughout their lives. If someone delays receiving benefits after retirement, usually between 66 years and 67 years, liable to receive a large monthly payment.
Note: The best-recommended age to receive the benefits according to financial experts is 70 years.
3. Dwindling Funds
The existing social security system is partially funded, which means when you work, Social security taxes paid with each paycheck assists the retired professional to receive the benefits.
Alternatively, an individual can choose a fully-funded system where the benefits get paid from the trust fund.
Part 2 5 Awesome security explained video tips
Tip 1: How To Calculate Social Security Benefits
The above social security explained video would help you understand how you can easily measure the social security benefits according to earning or salary.
While creating the social security explained videos, it is recommended to use simple language to make it well-accepted by the majority of the listener. The length of the video needs to be short so that audience finds it engaging and makes sure to go through the complete video. This offers businesses a high chance of getting picked up by the audience to understand how to calculate the social security benefits.
Tip 2: Social security basics
This video explains the social security basics so that audience can easily understand the significance of social security explained videos and what age group of individual avails the benefits
It is recommended to keep the video informative and straightforward. This will help the audience to understand the definition of social security easily. At times, videos seem to be complex if it includes challenging vocabulary and undefined term. Try to define terms used in the social security explained videos clearly.
Tip 3: Reasons To Privatize Social Security
The videos will explain the significant reasons to privatize the social security program in the US. It explains that having a personal retirement account is very useful for establishing the level of wealth creation.
While you are making a social security explained video that includes reasons and effects, it is necessary to follow the specific format so that each point of the video is explained to the audience. As the name suggests, explainer videos explain the phenomena and give a clear message to the audience regarding the topic.
Tip 4: How does social security work?
The video explains how social security works for better-retired professionals and people who have disabilities.
While making the explainer video, it is necessary to have a solid video script as it defines the content included in the video. The video's title has to be clear and catchy so that user doesn’t find trouble to understand whether the video will clear their doubt or not.
Tip 5: Tips for getting the most from social benefits
The video will explain that how an individual can receive the most from the social security benefits.
It is essential to make sure to choose the right music background and voiceover for the video. The video includes a clear voice and music; therefore, it doesn’t disturb and is audible to the audience.
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Some Final Thoughts
● For qualifying the Social security retirement benefits, an individual needs to have an age of at least 62 years and be paid into the system for over 10 years.
● The individuals looking to receive social security benefits up to 70 years seem to gain higher monthly advantages.
● The person with any disability possibly will be eligible for the advantage if they meet specific requirements of receiving the social security benefits.
● The spouse might also be eligible for receiving the social security advantage depending on the former partner's record of the earnings.