Retirement - Social Security Benefits Facts You Need to Know Before Investing
The social security benefits suffer a great influence from a number of factors of which the age of retirement is a primary one. Thus, Depending on the year of birth, the categories of retirees include people born before 1932 who retired at 65, others born up to 1943 who retired at 66 and finally people born in the 60s who will be able to retire when they are 67 of age. This means that if one retires before time, the social security benefits drop with several percents depending on the age.
The same rule applies for delayed retirement too when the employee can increase the number of social security benefits with several credits, that can be then used by the spouse in case of death. According to US law, a worker's spouse and children can use the social security benefits, according to a regulation passed in 2000. In case of death, even divorced spouses can receive social security benefits. Disabled people can also receive various disability benefits when they have a long enough work history.
A legal hearing is usually appointed before determining whether the disabled will receive social security benefits or not. Due to the huge number of applications filed for social security benefits, Administrative Law Judges have difficulties coping with the huge work level. A request could take as long as 90 days to be solved. Yet, waiting times can increase up to eighteen months in some parts of the country, and such cases are the least fortunate of all.
A tax free income and a higher monthly revenue, these are the two main advantages that come with social security benefits. While you receive disability services you are not counted as employed. the average earnings over the last 30 years will actually determine the amount of money you will get. In recent years, the world financial crisis has given rise to lots of new applications for social security benefits.
The system is already put under pressure because of the recession, and it now suffers the burden of increasing numbers of retirees. Statistics indicate that 150,000 more people request their social security benefits yearly. During the recession, the elderly have troubles finding a job, and therefore, social security benefits become a safety net. Someone who closes retirement will hardly be interested in more education or be able to continue work once he/she has become unemployed. - 23159
The same rule applies for delayed retirement too when the employee can increase the number of social security benefits with several credits, that can be then used by the spouse in case of death. According to US law, a worker's spouse and children can use the social security benefits, according to a regulation passed in 2000. In case of death, even divorced spouses can receive social security benefits. Disabled people can also receive various disability benefits when they have a long enough work history.
A legal hearing is usually appointed before determining whether the disabled will receive social security benefits or not. Due to the huge number of applications filed for social security benefits, Administrative Law Judges have difficulties coping with the huge work level. A request could take as long as 90 days to be solved. Yet, waiting times can increase up to eighteen months in some parts of the country, and such cases are the least fortunate of all.
A tax free income and a higher monthly revenue, these are the two main advantages that come with social security benefits. While you receive disability services you are not counted as employed. the average earnings over the last 30 years will actually determine the amount of money you will get. In recent years, the world financial crisis has given rise to lots of new applications for social security benefits.
The system is already put under pressure because of the recession, and it now suffers the burden of increasing numbers of retirees. Statistics indicate that 150,000 more people request their social security benefits yearly. During the recession, the elderly have troubles finding a job, and therefore, social security benefits become a safety net. Someone who closes retirement will hardly be interested in more education or be able to continue work once he/she has become unemployed. - 23159
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posted by X - Men @ 2:29 AM
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