If you are at least 62 years old, you can receive federal Social Security retirement benefits and Michigan state unemployment compensation if you have earned the SSA's 40 required work credits and qualify for unemployment under Michigan statutes and regulations. The two programs are independent of each other and may be combined to stabilize your income.
There are two important points to remember if you elect to take early retirement. First, your Social Security benefits at age 62 will be approximately 75% of what you would receive if you file at full retirement age (most likely 66); and second, if you find work and your annual earned income exceeds $14,160 (or $1,180 per month during the first year), your Social Security benefits will be temporarily reduced by $1.00 for every $2.00 earned over the limit.
The SSA will offset any overage by withholding benefit checks, beginning in January of the following year, until the total amount is repaid. This may result in several months or more of zero benefits. You have the option of "unretiring" when you return to work in order to prevent this kind of problem, and can then re-retire at any time in the future.
No. If you qualify under each program's guidelines, you will receive a full check for both Social Security and unemployment. Michigan no longer offsets unemployment compensation when you receive Social Security income.
Social Security is not a solution for unemployment. It was meant for those retiring or disabled and was contributed to while the person was working. Unemployment benefits are paid into the system by businesses for those who lose their jobs.
Social security act
Yes, as long as you qualify for each of them individually.
No, unfortunately, you have to be at least 62 years old to receive Social Security retirement benefits.
Social Security has no affect on Colorado's unemployment benefits. Only 4 other states have their unemployment offset by a portion of Social Security.
You can only draw Social Security benefits at age 55 if you are disabled.
Yes you can, but they may deduct your social security to offset the unemployment.
You can get social security at that age if you are disabled, a disabled widow, the widow of a spouse who was already collecting social security and you are not a worker. You can get social security if you are a child of a deceased parent or your grandparents are on social security and they are your sole source of care.
Yes.
No. Alabama is not one of the 4 states that do offset unemployment with the Social Security.
You can draw both unemployment and Social Security in all 50 states.