It is finally here. Social Security’s highly anticipated list of the top baby names of 2017. Some of the names may in fact surprise you, such as William or Isabella. Here is a list of the top 5 baby names from Social Security, separated by gender. For females, first is Emma, second place is Olivia, third is Ava, fourth is Isabella, and last but not least, number five is Sophia. For males, the most popular name is Liam. Second is Noah, William came in at third, James is fourth, and Logan is fifth.
You may be asking yourself at this point, “Why is Social Security sending out a list of baby names?” Well the answer is quite simple. The Social Security Administration assigns Social Security numbers to all newborns. Because the Social Security Administration (SSA) assigns the Social Security numbers, it is quite easy for the organization to calculate the baby names in terms of popularity.
What Does the SSA Do?
The SSA does so much more than just hand out Social Security numbers and keep tallies on baby names. Managed by the federal government, the SSA not only assigns Social Security numbers, but also handles Social Security Retirement Benefits, Social Security Disability benefits, and Social Security Medicare health insurance.
- The Social Security Retirement Benefits program is age-based. This is a mandatory program that we pay taxes into based upon our earnings, throughout our entire working lives. The taxes you have paid go into a fund that you are able to draw from once you reach retirement age. You can elect for early retirement at age 62 at a reduced monthly rate (approximately 25% of the full retirement) or you can wait until you are 66 to draw retirement to get the full amount. This is a monthly benefit based upon your Social Security earnings record – meaning that it is based upon what you have paid into the system throughout your work history.
- The Social Security Disability program again is a mandatory program in which your earnings are taxed. As long as you have paid enough in taxes into the disability program, you will be eligible for disability coverage in the unfortunate event you find yourself unable to work. You can collect early retirement in conjunction with disability. However, your disability will be offset by your early retirement amount. Essentially, if you are collecting early retirement and you can prove you are disabled, the Social Security Disability benefit will supplement the penalty you took by collecting the early retirement (i.e., that 25%).
- The Social Security Medicare program provides health insurance for people age 65 or older. Or, if you are found disabled under the Social Security regulations, you may receive Medicare benefits as well.
The SSA name may be well known, but it is not common knowledge what the administration actually does. At the LaBovick Law Group, we specialize in working with the SSA. If you or a loved one is considering applying for benefits, specifically Social Security Disability attorneys can help benefits, give us a call at (561) 623-3681. We would be happy to provide a free consultation, assess your situation, and help you apply for disability benefits.