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It is a supplement, along with other savings and assets to provide the retiree with sufficient funds to live comparatively comfortably after their working years, when they are no longer able physically, mentally, or emotionally to compete in the marketplace.
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NO YOUR SOCIAL SECURITY WILL NOT BE TAKEN AFTER A FORECLOSURE. THE ONLY TIME SSI CAN BE GARNISHED OR TAKEN AWAY IS IF YOU HAVE CHILD SUPPORT THATS BEHIND OR YOU OWE A FE…DERAL DEBT SUCH AS TAXES LIENS ETC... SORRY DONT KNOW ABOUT RETIREMENT BECAUSE IT DEPENDS ON WHAT KIND OF RETIRMENT YOU HAVE SET UP.
How many people are currently receiving social security checks in the U.S.?
Legal businesses who employ individuals for work in exchange for money in the USA have a tax ID number that is unique and attached to all finances which is on file by the Inte…rnal Revenue Service (IRS) and the Federal Treasury Department (also known as FMS, Financial Management Services). To be a legal and legitimate employee, an individual employee must have a Social Security Number that is unique and attached to their personal full name, date of birth, city and state of birth and mother's maiden name and is kept on a Master Beneficiary Number file through their lifetime for earnings, taxes, identification, and other references. From each pay check earned for services, work, compensation or tips that an individual receives from their employer it includes a taxation from their gross earning that is set aside into an account for Social Security and Medicare. It is strictly money that comes from the EMPLOYEE only. The taxed funds do not include money from any other source: not the employer, the county, or state. It is from the worker's earned income only. It is not the same as Workers Compensation Fund. A person may have one employer his entire working career or he may have several, dozens, hundreds of different employers until he retires or becomes disabled and unable to do any gainful work. The uniquely identifiable Social Security Number assigned to you, the employee, follows your earning history and the special taxable amounts set aside into the Social Security and Medicare funds are always accruing and kept up to date. Therefore, when you retire from your profession, trade, skilled labor, etc., you notify Social Security Administration and begin to receive back all the moneys you paid into that fund which the Federal government taxed out of your paychecks in monthly benefit checks. So you receive a monthly check, a pension, regularly, from money which YOU EARNED AND SAVED for retirement or should a serious disability arise that forces you to stop working and begin receiving those funds. The funding in Social Security Administration to beneficiaries comes from THEIR paid work. It is not generated by the government itself nor public taxes: the social security administration check I received this month is actually money I saved while I was younger and able to work at my job. This is not to be confused with Social Security Insurance, known as 'SSI'. Social Security INSURANCE recipients receive a monthly stipend that is funded by state and county public taxes. Therefore, a small child can be a recipient of SSI, or a young blind person, or anyone who is ultimately unable to fend for themselves financially and would otherwise be unfed, without a home or the ability to pay for medication and living expenses necessary for survival. Due to our society's economic structure, this social insurance is funded by public taxes and is necessary for the health, safety and welfare of the general public. Without it, those who are unable to have adequate jobs and medical benefits for illness, medicine, hospitalization, childbirth, etc. would be at a total disadvantage, mainly through no fault of their own for whatever reason exists, to survive and would basically resort to desperate crimes to be able to eat, have shelter and live with the rest of the society. However, the beneficiaries of Social Security Administration Retirement are people who are receiving money they earned themselves and are classified different ways. Some are early retirement people, who became disabled and paid enough into their funds to collect it sooner; some are veterans who are retirement age or were injured while serving in the military forces; some are retired that worked for the railroad industry their whole working career, which is a major contributor and factor in our country's economic success. Others are spouses who did not work outside of the home but contributed by raising children and making sure they were educated and fed in a safe home so they could go on and become independent, self sufficient members in society and therefore are entitled to receive a retirement pension of their own from the husband or wife's working fund, because the Federal government and society recognizes that to be the same as being employed full time, even more so. We hope you have a better understanding and answer about how or where the funds come from regarding Social Security Administration's Retirement. It is a good question that many people think about often but is often overlooked when talked about or read in books and newspapers.
If you remain disabled until you reach full retirement age, your disability benefits will convert to retirement benefits at the same monthly amount.
The answer depends on your individual circumstances. If you are retired and Social Security benefits are your only source of income, you may file, but generally will not be …taxed. If you also receive income from sources other than Social Security, your benefits will be taxed if your total taxable income exceeds a certain threshold. The formula is very simple. Your adjusted gross income (AGI), meaning income from all taxable sources, will fall into one of the following categories. Depending on your personal situation, you could be taxed on 0% of your Social Security benefits, on 50% of your benefits, or on 85% of your benefits. For a single taxpayer the base amount (cap) is $25,000.If your total AGI is $25-34,000, you will pay tax on 50% of your Social Security benefitsIf your total AGI is above $34,000, you will pay tax on 85% of your benefits For married couples filing jointly, the base amount is $32,000If your total AGI is $32-$44,000, you will pay tax on 50% of your Social Security benefitsIf your total AGI is above $44,000, you will pay tax on 85% of your benefits
taxes on employers and employees.
Yes if you get a pension.
This would happen if you are your NORMAL RETIREMENT AGE (NRA) or FULL RETIREMENT AGE (FRA). You can go to the SSA.gov website SOCIAL SECURITY BENEFITS ONLINE and use the searc…h box for What are the benefit amounts a spouse may be entitled to receive? A spouse receives one-half of the retired worker's full benefit unless the spouse begins collecting benefits before full retirement age. In that case, the amount of the spouse's benefit is reduced by a percentage based on the number of months before he/she reaches full retirement age. For example, based on the full retirement age of 66, if a spouse begins collecting benefits: * At 65, the benefit amount would be about 46 percent of the retired worker's full benefit; * At age 64, it would be about 42 percent; * At age 63, 37.5 percent; and * At age 62, 35 percent. However, if a spouse is taking care of a child who is either under age 16 or disabled and receiving Social Security benefits, a spouse gets full (one-half) benefits, regardless of age. If you are eligible for both your own retirement benefit and for benefits as a spouse, we always pay your own benefit first. If your benefit as a spouse is higher than your retirement benefit, you'll receive a combination of benefits equaling the higher spouse's benefit.
There are at least two important factors involved in increasing your Social Security benefits. The first is, earn as much money as you possibly can because the benefits you re…ceive at retirement are tied directly to how much you paid into the system during your working years. The second is, vote. Be aware that some politicians want to dismantle Social Security and reduce benefits because of the cost. Don't cast a vote for anyone who wants to eliminate important financial safety nets, and don't sit home on election day thinking your one vote doesn't count, because it does. It's also a good idea to learn as much as you can about saving and investing some of your take-home pay so that you're not entirely dependent on Social Security benefits when you retire.
For most as they pay into it over the life of their career with few exceptions.
No. Social Security is not a good source of income for retirement. Many people planning to just live on Social Security discover they must return to work. You will find 80 yea…r old greeters in some stores who thought they could live on Social Security. You need an IRA and something else. Food costs will be the same. Housing costs will be higher as you need more care. Clothing costs will go down as you do not wear out so many clothes working.
Your question is confusing. Are you asking about receiving monthly Social Security checks? Or are you asking about Social Security Disability payments. They are two differ…ent types of Social Security Benefits.
The answer is 'No". Social Security benefits are to help those on retirement with help for everyday living costs, like food and/or rent. They do not help with credit debts.