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Social Security by Ravell Chrystal

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13y ago
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6d ago

This describes a pay-as-you-go system, where current workers fund benefits for current retirees through taxes. It's commonly used in social security programs.

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Q: The Administration collects taxes from workers to pay benefits and living expenses to persons covered under the program when they retire?
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Continue Learning about Gerontology

Who can collect a New York State pension and Social Security benefits?

Individuals who have worked in both the public sector in New York State and in jobs covered by Social Security may be eligible to collect both a New York State pension and Social Security benefits. It depends on their specific work history and contributions to each system.


Does Medicare cover long term care insurance?

No, Medicare does not typically cover long term care insurance. Long term care insurance is designed to cover services such as nursing home care, assisted living, and in-home care that are not covered by Medicare. Individuals may need to purchase a separate long term care insurance policy to help cover these services.


What percentage of your social security will your wife be able to receive?

A spouse may be eligible to receive up to 50% of the Social Security benefits earned by their spouse, depending on various factors such as the age at which they start receiving benefits and their own Social Security work history.


Is the nystrs retirement pension affected by wep?

Yes, the New York State Teachers' Retirement System (NYSTRS) pension can be affected by the Windfall Elimination Provision (WEP) if you also receive a pension from a job where you did not pay Social Security taxes. WEP can reduce the amount of Social Security benefits you receive based on your non-covered pension.


Who is responsible for a person of age of majority's medical bills in Wisconsin?

In Wisconsin, individuals of the age of majority (18 years old) are responsible for their own medical bills. They are legally considered adults and are expected to manage their own healthcare expenses.

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Medical expenses not covered by insurance policies?

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A covered expense is an expense paid for usually by a company for their customers or a business for their employee. Covered expenses are a benefit defined by the company.


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Assuming you mean the VA (Veterans Administration), you have to wait 2 years, and you must show you are now managing your expenses to be able to afford paying a mortgage.


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Are living expenses covered by homeowners insurance during an evacuation?

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What is meant by Pre and Post hospitalization?

Expenses before hospitalization is called Pre-Hospitalization expenses and expenses after discharge from the hospital are called Post-Hospitalization expenses. Usually 30 days pre-hospitalization and 60 days post hospitalization expenses are covered under mediclaim policies.


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4 reasons you cannot rely on your employment for to provide retirement benefits?

You could be demoted, or your work week cut back. You could lose your job, through dismissal or downsizing. Your benefits and pay might not keep pace with your expenses. Your promotions might put you into a higher tax bracket, and bring on additional expenses that might not be tax deductible or covered by company expense accounts. Your company might go out of business, and try to renege on retirement plans.


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