0
Is social security disability payments higher than social security retirement income?
Wiki User
∙ 7y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is the definition of social security taxes?
The amount of money deducted from your gross salary, supposedly put in a "lock box" for future use as a "retirement benefit" from US Govt. when one reaches the age of 62 or later. The older one is before one begins withdrawing SS, the more one should receive each month, up to your maximum input permanent retirement. If one has been married for at least ten years, gets divorced, the person with the lower SS earnings is able to collect 50% of the other spouse's SS benefits, without reducing the higher earner's benefits until the lower earner remarries. If one is on disability , SS no longer is withdrawn from disability check. One can also receive SS disability , should one qualify. That amount is then deducted from one's company's disability payments, but is no taxable, like income from work disability.
What is the difference between state disability and federal disability and how do either affect child support?
State disability covers short term disabilities: from 6 to 12 months in duration. Only five states have such a program: CA, HI, NJ, NY, and RI. Federal disability is also known as Social Security Disability. This is long term disability coverage, but you must be permanently disabled in order to collect. If you are receiving benefits from any of these programs it may be considered income by a family court. This depends on your home state, and their family law statutes. The higher your income, the higher your support obligation.
How much will your wife be able to draw from your Social Security in retirement?
Your wife can draw 50% of your qualifying benefit if she has never worked, or the benefit calculated from her own work record, whichever is higher.
Describe how a personal retirement account can help you in the future?
Voluntary personal retirement accounts are individual accounts that allow workers to invest a portion of their Social Security payroll taxes in bond and stock funds. Personal retirement accounts offer younger workers the opportunity to receive higher benefits than the current system can afford to pay, and build a nest egg for retirement that the government cannot touch.
If a person works past retirement age and collects social security while they work do they continue to pay into social security and medicare?
Yes, and their benefit can get higher as time goes on, because it is based on their highest 35 years of earnings, put in today's dollars.
What has the author James M Mulanaphy written?
James M. Mulanaphy has written: 'Retirement preparation in higher education' -- subject(s): Retirement, Study and teaching (Higher)
Is social security a good source for retirement?
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 year 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.
Does Line R on a Social Security application concern disability?
"Line R" is part of a come-on used to promote Steve Sjuggerud's TrueWealth investment advisory; you won't find a specific reference to this anywhere else, unless the person is talking about Steve Sjuggerud's investment program.Line R refers to "File and Suspend," filing for Social Security retirement benefits and immediately telling the Social Security Administration to suspend the claim. This allows a spouse to receive retirement benefits while the person who filed the claim continues working.This particular "secret" only applies to married couples, and only if one spouse is full retirement age (65, if born before 1943; 66 if born between 1943-1954) and plans to continue working beyond retirement age. It provides the most advantage to a family where one spouse doesn't work, or only works part-time and earns $14,160 per year or less, and the other spouse works full-time until age 70.The non-earning (or low-earning) husband or wife can retire as early as age 62 and draw social security benefits against the working spouse's earnings record, if the working spouse is at least full retirement age. Minor children, if any, are also eligible to receive benefits.In order for this to work, the 65/66-year-old worker must file for Social Security retirement then suspend the claim (on Line R) and continue working in to earn credits toward higher future benefits (these max out at age 70). Under these circumstances, the family will receive social security payments for the non-working spouse, but nothing for the working spouse until he or she re-files for retirement a few years later.Contrary to popular belief, this is not really a "secret the government doesn't want you to know," but the bi-product of too many regulations and loopholes and too much documentation for most people to keep track of.You can learn other tips about maximizing your Social Security benefits and minimizing your taxes by reading free articles from credible sources. To get started, see Sources and Related Links, below.
How do I stop Social Security payments and wait until I am 66?
You can contact the Social Security Administration and request they suspend benefits at any time; however, if you filed for early retirement (before age 66) and have already received cash benefits, you will have to repay the money to the Social Security Administration before your new wages will begin increasing your future benefit amount. If you don't return the money, then your benefit remains frozen at the rate you qualified for when you first filed your retirement claim.For example, if you retired at age 62, you would receive only 75% of the benefit you'd receive by waiting until your full retirement age of 66.If you were projected to receive a $1,000 monthly benefit at age 66, your monthly payment at age 62 would be only $750.This reduction is permanent, unless you repay the money you've already received from Social Security, in order to restart the retirement clock at zero.If you suspend retirement and are able to repay the benefits and continue working, your future benefits will be higher. At full retirement age (66) you would be eligible for 100% of your benefit; if you delay retirement until age 70, you would become eligible for an 8% increase for each year you remain employed, up to 132% at age 70 (benefits max out at 70).
What is the maximum amount you can collect from Social Security?
Retirement (2010)If you've reached full retirement age (65 for people born prior to 1943; 66 for people born between 1943 and 1954), there is no limit to how much you can earn.In the year you reach full retirement age, you can earn $37,680 annually, but for every $3.00 over the limit, $1.00 is withheld from your benefits until the month your reach full retirement age.If you are under full retirement age, you can earn $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits.Disability (2010)Most people on Social Security Disability (SSDI) can earn a maximum of $1,000 per month, or $1,640 per month if blind. Any earned income in excess of that amount is considered Substantial Gainful Activity (SGA) and can result in temporary or permanent loss of disability status.
At full retirment age 66 can you and your husand collect own separate benefits check from social security?
Yes, if you both earned enough credits to qualify for Social Security, then you can each collect your own benefits. To qualify for Social Security retirement benefits, you must have earned 40 credits (approximately 10 years of work). You can actually collect your own benefit as early as age 62, but you won't receive your full benefit until you reach your full retirement age. Once you are at your full retirement age, you can choose to collect either your own benefit, or the spousal benefit, whichever is higher.
My wife and I both draw social security. If one of us dies will the living spouse draw any or part of the deceased social security benefit?
Basically, you draw benefits based on the highest possibility. So, if you would die first, depending on if your benefit or her benefit would be higher, the payments would be based on that one. They give you the higher of the two.
