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How does Social Security help retired people?
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.
Yes if you get a pension.
For the future at this time in life August 7 2010 Who knows what the future will be for the social security system. So you should make your plans about the social security ben…efits for your retirement time in life very carefully. Because when you are no longer working and have any other sources of income the monthly social security check will not be large enough for you to continue your life style that you would like to keep on having at that time. At this time in the life of a lot of taxpayers the SSB amounts that they are receiving is the only source of income that they have available to them
Yes, unfortunately this is the case. It's a pro-rated amount after your AGI exceeds a certain threshold. The generally increased per year so you can check the IRS web page or …check the social security web page for the AGI limitation. Charles Coker,CPA Charles, I think you answered a different question; What I think the original question was, is: "Do you pay FICA taxes on earned income after retiring (retirement meaning: collecting a SS benefit)?". I think the answer is simply: yes. Are there other ways that work can increase your benefits? Yes. Each year we review the records for all Social Security recipients who work. If your latest year of earnings turns out to be one of your highest years, we refigure your benefit and pay you any increase due.
I was getting partial retirement benefit since 2010, but I did not get paid in 2011 from Sept 2011 to December 2011, they paid me 769. in the month of Jan 2012 after that they… I am getting any payment since Feb 2012 till Dec. 2012, I am suppose to get 935. per month, they said I owed 10,560. if you calculate 935. time 11 month total will be 10,285. it means I paid 10,285. if you add one more month the total will be 11,220.00 they should start to pay me Feb 2013 935. per month, but they said I owed more money, and they will start payment from July 2013 I am not agree with this unfair business,please help me to resolve this problem ASAP.
For most as they pay into it over the life of their career with few exceptions.
Every year, I get a statement... the total monthly draw will depend on how much you've earned over the total life of your work history. At least, that's how it currently works… in the US...
You can receive social security benfits at the age of 65 or if you were born after 1959, 67. This is said to possibly increase with the increasing number of older individuals …in our country and the dwindling number of younger individuals putting money into social security.
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.
No, the earliest you can collect Social Security retirement benefits is age 62. While you may be able to retire at age 55, you will need to have other resources to draw from u…ntil you are eligible for Social Security. Retiring at age 55 is difficult for most people. Not only are not you not eligible for Social Security for many more years, but in general, you can't access your retirement accounts until you reach age 59 1/2. Also, you don't qualify for Medicare until age 65. All of these combined make it very difficult for the average person to retire at 55. If you are retiring because of disability and qualify for Social Security disability benefits, you can collect those before age 62.