Social Security Benefits

Social Security Benefits and Tips

Social security which was introduced in the year 1935 has been a safety net for those who are unable to save enough for their retirement years. Planning for the social security benefits is important in being able to secure income sufficiency for a lifetime. This can be termed as annuity for a lifetime. Listed below are some types of social security benefits you can avail of if you plan.

1. Retirement Benefits:

Most people receiving the social security benefits are retirees. This specific benefit is for those who have reached 62 years of age and who have worked for a specific time span for the eligibility. You need to have at least 40 work credits to be eligible for this benefit.  Partial benefits can be got at the age of 62, but the total benefits can be availed only at 70. It is important to make an informed decision only after educating yourself on the benefits amount.

The benefit amount depends on the average of the earnings. Social security benefits for the spouse are applicable only if the retired worker is living and has a child who is either disabled or younger than 16 years in age. Divorced spouses can collect retirement benefits through their ex-spouses only if the marriage lasted for a period of 10 years or more and if they have been granted the divorce since a minimum period of 2 years and have not been remarried. The spouse can receive their own Social security benefit or half of the worker’s benefit, whichever works out higher. This is a separate amount and does not come from the worker’s benefit.

2. Disabled Social Security Benefits:

The social security benefits are also given to those who have worked but have got disabled during this time. For those who are more than 24 years of age, you can avail of this benefit depending on the severity of the disability. The disability needs to be on the list of the Social security impairment. They can get this benefit only if they are unable to carry on the job they had or even work on any other job they qualify for. The disability needs to last for at least a year.

This social security benefit is also available to the worker’s spouse only if he/she is 62 years in age, has a child who is 16 years old or younger, or is divorced after being married to the worker for a period of 10 years. Children of workers can get this benefit only if they are in high school and are under 19 years of age or are adults who are facing a disability.

Applying for Social Security Benefits:

Once you have applied for the Social security benefit a caseworker determines if you are eligible. You are asked for specific documents like the birth certificate, social security card and also military papers. This helps in determining the amount of benefits you can receive. You need to also provide bank details so that the benefit is directly transferred to your account.