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What is the age of social security benefits?
If you're talking about retirement benefits, you should receive your first check or deposit in the month following your first month of eligibility; benefits are always paid in… arrears. If you're talking about disability benefits, there is a five month waiting period, so you should receive your first check or deposit in the sixth month after the date disability was approved. Benefits are paid according to the birth date of the person whose earning record is being used to issue payment: 1st - 10th.....................second Wednesday of month 11th - 20th...................third Wednesday of month 21st - 31st....................fourth Wednesday of month SSDI + SSI...................third day of month Approved prior to 1997...third day of month SSI only........................first day of month If the regularly scheduled payment falls on a holiday, the benefit will be issued one business day prior to the usual date.
Yes - if your total income is greater than $25,000 If you file jointly, you have to pay tax if both you and your spouse have a combined income greater than $32,000
No. Social Security benefits are non-transferable, so they can't be garnished, attached or levied by most creditors. Only the federal government can garnish Social Security ch…ecks, and only for limited purposes, like payment of back taxes, alimony, and child support, debt to other federal agencies, and some victim compensation awards. Generally, they withhold only a portion of the benefit to help satisfy these obligations (e.g., maximum of 15% for past due taxes).
No. Only earned income is counted toward the $14,160 annual cap and still allow you to receive full benefits between the ages of 62 and the year in which you achieve the full …retirement age of 66. The earning cap increases to $37,680 in January of the year you turn 66, and is lifted completely the month of your birthday. Afterward, there is no earned-income limit. Pension checks, 401k payouts, annuities, capital gains, and other investments are not counted toward the income limit at any time.
We all do in the long run. It provides income to those who have worked their lifetime and have contributed (along with their employers) into the program. The beneficiaries are… survivors of the contributor, the disabled, medicare recipients, and retired people.
The portability of social security benefits is in regards to the ability of workers to maintain social security rights while in the midst of changes. To learn more, Wikipedia …has all the information about the portability of social security benefits.
Yes, if you were married for a minimum of ten years.
Yes. It has been found, however, that for some reason some states (Virginia, for example ) reduce the amount of your unemployment compensation by the amount of your SS, which …they should not because they are 2 separate and distinct programs that have no bearing on the purpose of each other. You should check with your own state for its handling of the matter.
At age 65 which is no longer the benchmark retirement age, you are subject to the earnings test until you reach the year of your normal retirement or full retirement age. Fo…r 2010 the amount would be 14,160. The earnings limit for workers who are younger than "full" retirement age (age 66 for people born in 1943 through 1954) will remain $14,160. (We deduct $1 from benefits for each $2 earned over $14,160.) The earnings limit for people turning 66 in 2010 still will be $37,680. (We deduct $1 from benefits for each $3 earned over $37,680 until the month the worker turns age 66.) There is no limit on earnings for workers who are "full" retirement age or older for the entire year. You can find the above information and more by clicking the below related link for Social Security On Line.
Social Security Online has benefit calculators to help you estimate how much retirement income you may receive. Bear in mind that retiring at 62 will reduce the monthly amount… to about 75% of the benefit you would receive at full retirement age. For people born between 1943 and 1955, full retirement age is 66. You can also call the Social Security Administration at 1-800-772-1213 between the hours of 7:00 am and 7:00 pm EST, and request that they send you a statement of projected retirement benefits. See Sources and Related Links, below, to access the benefits calculator.
Can back child support be withheld from social security benefits
People over 65 get free money from the government I would humbly point out that like all taxpayers, I have been paying 6.2% of my earnings into this program for years, so t…hat I will get "free money" in the future. Assuming they do not run out of money, which, at present rates, they will in a few years. Most expensive "free" thing I have had lately. Social Security pays for the elderly , the retired , or handicap. The money is received from everyone paying taxes. It can be extremely helpful if one gets into an accident or if a spouse has deceased.
do social security disability benifits decrease at age 66
In the United States, Social Security refers to the Old-Age, Survivors, and Disability Insurance (OASDI) federal program. The original Social Security Act (1935) and the… current version of the Act, as amended, encompass several social welfare and social insurance programs.