Social Security Administration (SSA) administers retirement, disability, survivor, and family benefits, and enrolls individuals in Medicare. Social Security Administration (SSA) also provides Social Security Numbers, which are unique identifiers needed to work, handle financial transactions, and determine eligibility for certain government services.
Social Security provides retirement income for almost every American worker. Social Security also administers Supplemental Security Income (SSI) to some individuals 65 and older who have limited income and resources.
When you have a medical condition that affects your ability to work for twelve months or longer, or if your medical condition is expected to end in death, Social Security may be able to provide support. For children, Social Security may be able to provide support if they have a condition that significantly affects their daily activities.
Social Security administers two disability-related programs. Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). While SSDI and SSI have different work and financial rules to qualify, at the core, both benefits are intended to provide financial support to individuals who are disabled.
The death of a loved one can bring financial uncertainty and challenges for surviving spouses and children. Social Security administers Survivor benefits to widows, widowers, minor children, and some disabled adult children who have experienced the death of a spouse or parent. In addition to monthly payments, individuals may also be eligible for a one-time payment of $255, called the Lump Sum Death Payment, immediately following the loss of a spouse or parent.
Both marriage and divorce can have significant effects on short- and long-term life plans, choices, and financial goals. Social Security helps in changing your name and provides Spousal, Survivor, and Family benefits to certain spouses, widows, and divorced spouses and widows based on factors such as age, length of the marriage, and the presence of a disability.
Not everyone is entitled for this type of government help. Thus, this post will include information relating to who qualifies for Social Security, how Social Security benefits work, and how to begin collecting Social Security benefits.
What Are Social Security Benefits?
The Social Security definition states that Social Security is any government program that provides financial assistance to individuals with little to no income. This “New Deal” program was established to assist the American citizens that are most in need, including the elderly, disabled, children, and widows.
Social Security Administration is an independent federal agency overseeing social insurance programs that provide survivor benefits, disability, and retirement. To be eligible for social security, a person must pay for 40 quarters of Social Security taxes (a quarter includes 3 months at a time), which accumulate to ten years in total. The payments you will eventually receive come from the Social Security Trust Fund, and are paid to people eligible for retirement or disability benefits, along with other members of your family.
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About one trillion dollars of Social Security benefits serve about 65 million Americans as partial income supplementation (often regarded to as replacement), to help people financially if they have decreased their work extent or are out of work (to include retirement). This accounts for 90% of Americans above age 65 years old. Receiving these funds requires careful and mindful planning, via a retirement plan.
Analyses of the Social Security modal show that this modal could be destined for failure. Thus, it is important to save for retirement more than ever before. Doubt hovers over Social Security Administration’s ability to provide full benefits. An excellent retirement plan must offer a solution for a person outliving their funds during their golden years (retirement).
How Do Social Security Benefits Work?
The Social Security programs and all its benefits are funded by payroll taxes that come from the Federal Insurance Contributions Act (FICA) and the Self-Employed Contributions Act (SECA); an act legislated for self-employed workers. Social Security tax is about 6.2% of your earnings (salary) that goes into the OASI Trust Fund and the DI Trust Fund, up to a maximum amount of about $138K.
On top (this amount can change on an annual basis). In addition, your employer also contributes 6.2% Social Security tax on your earnings. Yet, if you’re self-employed, you must pay the entire 12.4% Social Security tax yourself. The funds that you pay go into a general pot of money and not a personal account. It comes down to the fact that younger people are contributing to the Social Security of the older.
How Do You Qualify for Social Security Benefits?
There are two paths to being eligible for Social Security benefits, yet only one of them applies to you. If you have not been completely vetted by 2020, you will earn one “credit point” for every $1,140 earned with a cap of 4 credits per year. To be fully vetted you must accumulate 40 credits in total (after possible adjustments for in inflation). Prior to that, to be fully vetted, a person must have accumulated 40 quarters of paying Social Security taxes, which would naturally take ten years, if paid straight, one after the other.
To qualify for disability benefits you must be disabled as defined by the Social Security Administration where a person is unable to work for at least a year, if not more, due to their disability. Social Security Administration calculates your Average Indexed Monthly Earnings (AIME) by summing your top 35 highest-earning years, then dividing that sum by the total number of months in those years and rounding down to the next dollar amount.
The average Social Security benefits are as follows (subject to changes on an annual basis, and personal basis):
Retirement benefit – about $1,500 per month (about 40% of pre-retirement earnings)
Disability - about $1,250 per month
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Can You Collect Social Security?
IF eligible, you may claim Social Security retirement benefits as early as age 62, but in order to be eligible for the highest benefit amount, you must wait until your Full Retirement Age (FRA). The Full Retirement Ages for receiving full Social Security benefits goes as follows:
65 years old if you were born in 1937 or earlier
65 and 2 months if you were born in 1938
65 and 4 months if you were born in 1939
65 and 6 months if you were born in 1940
65 and 8 months if you were born in 1940
65 and 10 months if you were born in 1942
66 if you were born between 1943 and 1954
66 and 2 months if you were born in 1955
66 and 4 months if you were born in 1956
66 and 6 months if you were born in 1957
66 and 8 months if you were born in 1958
66 and 10 months if you were born in 1959
67 if you were born in 1960 or later
If you’re a wife, husband, dependent, divorced wife, divorced husband, or another survivor, you may be eligible to receive survivor or spousal benefits. Certain family members might be eligible to receive monthly benefits, these may include:
A widow or widower as early as 60 or older
A widow or widower as early as age 50 or older if disabled
A divorced spouse (wife or husband), who was married for 10 years or longer and hasn’t remarried
Surviving spouses caring for children younger than 16 or disabled
Children under the age of 16
Children younger than 19 enrolled in elementary or secondary school
Surviving parents age 62 or older who were depended on you for at least half of their support
Surviving spouses and children may also be eligible for a one-time lump-sum death payment of $255 if they meet certain requirements, such as living in the same household as the worker who has died. As for the amount, your spouse or children can receive 71.5 – 100% of your Social Security benefits, up to a maximum of 150% and 1805 of the basic benefit rates.
If you are in the United States based on a non-immigrant visa, your visa type determines if you are entitled to Social Security benefits, and thus also have the legal duty to pay Social Security taxes. The eligibility to Social Security benefits is accompanied with the issuing of a Social Security Number (SSN).
No matter what the circumstances of your case are, make sure to obtain legal immigration advice and/or services from an immigration attorney, which can found according to U.S. state on www.usaimmigrationhub.com.
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