Social Security – Social Security Retirement Benefits Planner

Social Security is a system of government that offers monetary assistance to individuals with an inadequate or no income, it is a term commonly used for old-age, survivors, and disability insurance (OASDI) program in the United States. The program is managed by the Social Security Administration (SSA), which is a federal agency. Even though it is best known for retirement benefits, it also offers survivor benefits and disability income.

Social Security - Social Security Retirement Benefits Planner

Social Security and How it Works

Social Security offers a source of income in the event. Of your retirement or if you are unable to work due to a disability. It may also support your legal dependents (spouse, children, or parents) with. Benefits in the event of your death.

Retirement Benefits

Workers who have paid into the Social Security. System for at least 10 are eligible for early. Retirement benefits at age 62. Howbeit, they will still get a higher monthly benefit if they can wait until their ‘full retirement age’ – 66 for those born in 1954, then add two months for. Each year until it reaches 1960, at which point 67 becomes the new full. Retirement age for all, and an even higher one, if they happen to wait as late as age 70. At which point their benefit maxes out.

As regards workers, their Social Security benefits. Are computed based on their average indexed monthly earnings (AIME) during their. 35 highest earning years. Spouses can also claim benefits. Depending on either their own earnings record or that of their spouse. A divorced spouse who is not currently married can receive benefits. Depending on an ex-spouse’s earnings record if the marriage. Had lasted for at least 10 years. Children of retirees can also get benefits until they turn 18. But longer if the child is disabled or a student. If you are taking care of a child who is not your own, the cutoff is 16.

ALSO READ:  Bank Reconciliation - Bank Reconciliation Account

Disability Benefits

People who are physically or mentally disabled and. Can’t work, because of a disability that is expected to last a year or more. Or result in death may be eligible for Social Security disability benefits. To qualify, you have to generally meet certain earnings tests and family. Members of disabled workers can also be eligible.

Survivors Benefits

A spouse and children of a deceased worker. May be eligible for survivor benefits depending on the worker’s earning records. These include surviving spouses who are 60 years of age or older, or 50 or older and disabled, as long as they have not remarried. A surviving spouse that is taking care of a child who is younger than 16, or is disabled may be eligible for these benefits also.

In order for children to receive benefits, they must generally be younger than 18 or disabled. Under certain circumstances, a stepchild, grandchild, step-grandchild, or adopted child may also be eligible for Social Security benefits.

Parents who are age 62 or older, who are dependent upon a deceased worker for at least half of their income may also be eligible to collect benefits. In other circumstances, surviving spouses and minor children are also entitled to a one-time payment of $255 after an eligible worker’s death.

ALSO READ:  Nonperforming Loan - How Does Nonperforming Loan Works?

Social Security Retirement Benefits Planner

The amount of Social Security income you get depends on:

  • Your earnings over your lifetime
  • The age at which you will start receiving benefits
  • If you will be eligible to receive a spouse’s benefit rather than your own.

You can make use of Social Security’s retirement benefits planner to:

  • Firstly, estimate your benefits at each age, starting from 62 (the earliest you can receive them) to 70 (when you hit your highest amount).
  • Secondly, apply for retirement benefits
  • Also, learn about earning limits if you are planning to work while receiving Social Security benefits.

How to Get, Replace, or Correct a Social Security Card

The Social Security Administration issues Social Security cards to the following classes of people:

  • S. citizens
  • Secondly, permanent Residents
  • Thirdly, non-citizens who work in the U.S.

To get a Social Security Card:

Start by gathering your documents you will need to get an original, replacement, or corrected Social Securitys card. These documents apply for children and adults, be they U.S. citizens or noncitizens.

Then complete your application for a new, replacement, or corrected card.

Then mail your application

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.