Social Security Benefits At a Glance?

Answer 1

Each person that works pays taxes into the Social Security system. They can apply for the benefits they have paid in and earned when they retire or become disabled. The longer a person has worked and the amount of money they have made will be used in determining the amount of the Social Security benefits they will receive. These benefits will never lose their value and are often adjusted to keep up with inflation. In a job covered by Social Security, a person earns Social Security credits. A minimum of 40 credits must be obtained by an individual in order to qualify for and receive Social Security retirement benefits. The older a person is when they begin to receive benefits, the more money they will receive monthly.

Statements from Social Security

Each year Americans receive a Social Security Statement. These arrive sometime before an individual’s birth month. In most cases, they receive these around three months before their birthday. Statements are sent after a person becomes 25 years of age. It lists the amount one has contributed to Social Security each year.

Payment of Benefits

Before benefits can be paid to an individual, they must first apply for them. Special forms are available from local Social Security offices and online. Persons applying will need to provide certain articles or documents such as a Social Security card, proof of U.S. citizenship if they were not born this country and a birth certificate. Depending on the type of benefits being sought, some other documents may be requested. Payments will be sent by mail or can be also issued through a direct deposit account at a chosen banking institution. To ensure you are being credited for all the years you work, you should carefully read this document. If you determine there is a mistake you should check your own records and contact any past employer so this mistake can be promptly corrected.

Other Benefits

Adults and children who are disabled and have limited resources and income are often eligible for SSI or Supplemental Security Income. SSI is also payable to anyone 65 or older without any disabilities when they meet the proper financial limits. Social Security disability or SSDI is available to individuals and certain members of their family if they have worked a certain amount of time and paid taxes into Social Security. Other Social Security benefits are available and to get more information one should visit or call their local Social Security office or check them out online.