What would you like to do?
This social program pays retirement benefits to participants?
2 people found this useful
Was this answer useful?
Thanks for the feedback!
You have to be someone that is at least 62.
If nothing is done to change Social Security what can a 26-year-old individual in 2006 expect to receive in retirement benefits from the program?
Benefits for all retirees could be cut by twenty-six percent and continue to be reduced every year thereafter by the year 2040.
If nothing is done to change Social Security, what can a 26-year-old individual in 2006 expect to receive in retirement benefits from the program?
Benefits for all retirees could be cut by twenty-six percent and continue to be reduced every year thereafter by the year 2040. .
Yes as long as you continue to work for and earn income that you provide your services for and are still breathing you will continue to be subject the social security and medi…care taxes.
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 benefits . If 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 $32,000 . If your total AGI is $32-$44,000, you will pay tax on 50% of your Social Security benefits . If your total AGI is above $44,000, you will pay tax on 85% of your benefits
How many years must someone contribute to the social security program to receive maximum benefits when they retire?
Generally you need 40 credits. You should go to the SSA gov web site for more information. Click on the below link
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.
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.
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.
Are Social Security retirement benefits the only Entitlement Program benefits where individuals and their employers directly contribute money for that sole purpose?
I think the answer is no. The reason I say I think that is because that's not quite exactly how Social Security really works, and if that statement is true of Social Security …it's probably also true of, say, unemployment insurance and in some states state disability insurance.
The Medicare premium of $134 is usually automatically deducted fromyour Social Security check every month. If you want a Medicare part C or part D plan too, you will have topa…y for that yourself and the amount will depend on the insurancecompany and the plan you select.