No one plans on becoming disabled. On the contrary, most people assume they will remain healthy and able to work until they reach the age of retirement or beyond. Unfortunately, an accident of illness could cause you to become disabled at any age. If that happens, how will you cover the costs of medical treatment? How will you cover your daily living expenses? For many disabled individuals either the Social Security Disability Insurance, or SSDI, program, and/or the Supplemental Security Income, … [Read more...] about Do You Qualify for SSI or SSDI?
Student Loans and Social Security
If you are counting on Social Security to assist in your retirement, you have something new to worry about beyond the constant political cry that the system will go broke before you can use it. The federal government can withhold a portion of your Social Security check to recover unpaid student loans. They have recently stepped up enforcement of this ability. In 2000, there were a total of six cases of the government withholding from Social Security for student loans. On August 6, 2012, 115,000 … [Read more...] about Student Loans and Social Security
SSDI Survivors’ Benefits
Unlike children of parents who received disability benefits through the Supplemental Security Income (SSI) program, children of Social Security Disability Insurance (SSDI) benefits’ recipients may be able to receive survivors’ benefits. Although the U.S. Social Security Administration administers both programs, the SSDI program allows some surviving family members to receive survivors’ benefits. According to federal law, the Social Security Administration may pay SSDI benefits to dependent … [Read more...] about SSDI Survivors’ Benefits
What is the Windfall Elimination Provision?
If you’re among the dwindling minority of Americans who can rely on a pension when you retire, you might wonder whether you’ll be able to collect your full social security retirement benefit, too. For most people, the answer to this question is “yes”, but it depends on whether you’ve always worked for an employer that participates in the social security system. There are certain government agencies, nonprofits, and foreign employers that don’t pay Social Security tax on behalf of their … [Read more...] about What is the Windfall Elimination Provision?
Social Security: What’s the Right Retirement Age for You?
You can choose to start receiving Social Security retirement benefits at any time between ages 62 and 70. So, how do you know when the time is right? Here’s a short overview of how your benefits are affected by the age at which you begin receiving them. Social security benefits are calculated based on two elements. The first is your earnings history, and the second is the difference between your “normal retirement age” and the age at which you begin receiving benefits. Normal Retirement … [Read more...] about Social Security: What’s the Right Retirement Age for You?
What Happens to Social Security Benefits When Your Spouse Passes Away?
Social Security does not only provide benefits for primary recipients, it also provides benefits for surviving spouses. These benefits are called “widow’s” benefits, although they’re payable to either a surviving husband or a surviving wife. How do they work? Here’s a brief overview: Generally, the widow’s benefit is equal to the deceased spouse’s Social Security benefit. However, if your spouse has passed away and he or she had a lower Social Security benefit than you, your benefit will not be … [Read more...] about What Happens to Social Security Benefits When Your Spouse Passes Away?
What is Normal Retirement Age?
What is normal retirement age for purposes of Social Security? The answer to this question depends on your date of birth. Normal retirement age, as defined by the Social Security Administration, operates on a sliding scale system. For example: If you were born in 1937 or before, then your normal retirement age is 65. For those born after 1960, normal retirement age is 67. If you were born in between 1937 and 1960, your normal retirement age is somewhere between age 65 and age 67. You can … [Read more...] about What is Normal Retirement Age?
Social Security: Can You Work While Collecting Retirement Benefits?
Did you know that you’re allowed to work while collecting Social Security retirement benefits? Whether or not your paycheck affects the amount of your Social Security depends on your age. When it comes to determining whether your benefits are affected, the government takes a three-tiered approach: Before You Reach Full Retirement Age. If you haven’t yet reached full retirement age (the range is from 65 to 67, depending on your year of birth), then earning too much money will result in a … [Read more...] about Social Security: Can You Work While Collecting Retirement Benefits?