Social Security
What are Social Security benefits?
Social Security benefits are earned by paying taxes out of your earnings over
a lifetime. As you work and pay into the system you earn "credits"
that result in eligibility for Social Security benefits in the future. A maximum
of 4 credits per year can be earned and you need a minimum of 40 credits (10
years of work) to qualify for these benefits.
There are five categories of benefits paid for through your Social Security
taxes:
1. Disability benefits are payable to anyone who has accumulated sufficient
credits and has:
a) an acute mental or physical disability that will prevent him or her
from conducting "substantial" work for a year or more (generally
defined as earnings of $780 or more per month); or
b) a mental or physical condition that is anticipated to result in death.
2. Family benefits are those paid to the family of the disabled or
retired person while the person is also receiving benefits. These are only
available to certain family members according to the following conditions:
a) a spouse if he or she is at least 62 years old,
b) a spouse if he or she is under 62 but caring for a child under age 16,
c) children if they are unmarried and under age 18,
d) children under 19 but still in school,
e) children 18 or older but disabled, or
f) ex-spouse if he or she is eligible for benefits on beneficiary's record.
3. Medicare benefits are a form of health insurance payable to those
age 65 or older. Click
here for more information about Medicare.
4. Retirement benefits are payable at full retirement age (with reduced
benefits available as early as age 62) for anyone with enough Social Security
credits. The full retirement age is 65 for persons born before 1938. The age
gradually rises until it reaches 67 for persons born in 1960 or later. People
who delay retirement beyond full retirement age get special credit for each
month they don't receive a benefit until they reach age 70.
5. Survivor benefits are paid to the family of the deceased if he
or she acquired enough credits while alive. These benefits are only available
to certain family members according to the following conditions:
a.) a widow(er) age 60 or older,
b.) a widow(er) age 50 or older if disabled,
c.) a widow(er) any age if caring for a child under age 16,
d.) children if they are unmarried and under age 18,
e.) children under 19 but still in school,
f.) children 18 or older but disabled,
g.) parents if the deceased was their primary means of support,
h.) a one-time payment of $255 may be made to your spouse or minor children
when you die, or
i.) ex-spouse if he or she is eligible for benefits on the record of the
deceased.
Source: Social Security Administration of U.S. Government
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What are Supplemental Security Income benefits?
Supplemental Security Income benefits (SSI) augment income for those who have
low earnings and very few assets. This is only payable to those who are 65 or
older or are disabled. SSI benefits are financed by general tax revenues and
therefore are not paid from Social Security trust funds and are not based on
past earnings.
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How do I file for Social Security Income?
To file for benefits, get information or speak to a Social Security representative,
call the toll-free number 1-800-772-1213. You also can use that number to set
up an appointment to visit your local Social Security office.
Eligibility documents are necessary to file for benefits. These include a birth
certificate of each family member applying, a marriage certificate if your spouse
is applying, and your most recent W-2 form (or tax return if you're self-employed).
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Where can I learn more about Social Security benefits or filing procedures?
You can speak with a Social Security representative or set up an appointment
at your local Social Security office by calling the toll-free number for the
Social Security Administration, 1-800-772-1213. You can also find information
and answers to frequently asked questions at the Social Security Administration's
web site: www.ssa.gov.
Source: Social Security Administration of the U.S. Government
Keep in mind that premium costs may increase in the future. ^ Back to Top
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