Social Security Benefits Concerns
Posted by admin on Dec 29, 2008
Q: I have a business under my name but my spouse runs it. Can I have still apply for social security benefits?
A: As defined by the Social Security Administration, disability is the “inability to engage in any substantial gainful activity.” They determine substantial gainful activity according to the National Average Wage Index, which gives a dollar amount per month. The SSA considers an applicant to be working or employed at any time the that person “is the owner or part owner of a trade or business even if he or she does not actually work in the trade or business or receive any income from it.”
Your business income may affect your social security benefits. The income you receive from your business, regardless of who runs it, may be considered substantial if it exceeds a determined SGA (or substantial gainful activity) level. This level is determined by comparing your business earnings to your pre disability earnings, and the earnings of a non disabled person engaged in the same business.
Q: What will happen to my claim if I die while in the process of applying for benefits?
A: According to the Social Security Administration, if a person who may be eligible for social security benefits dies (this includes Supplemental Security Income), their survivors may apply for a Lump Sum Death Payment. This means that, if you were to die in the process of applying for social security benefits, your survivors may make a case for the social security benefits you may have earned after the waiting period. To do this, surviving family members need to prove that their deceased relative did or could have qualified for social security benefits in the month that they died.
Lump Sum Death Payment of social security benefits is available only to particular surviving family members. As part of the application process, the SSA will request information about the deceased’s Social Security record and application (if they applied for social security benefits). The SSA will also want to see information about the deceased’s overall disability, starting at fourteen months before death.
Q: What will happen to my social security benefits, once I am already on them, and I die?
A: When you are receiving social security benefits, and have paid social security taxes, some family members may be eligible to receive survivor’s benefits upon your death. For one’s family to be eligible for survivor’s benefits, up to 10 years of work is needed, depending on one’s age. The following relatives may be eligible for survivors’ social security benefits:
• A spouse, with full benefits when they reach retirement, or some benefits beginning at age 60
• A disabled spouse aged 50 or over
• Unmarried children under 18 (or up to 19 if attending high school)
• Currently disabled children who were disabled at less than 22 years of age
• Dependent parents who are 62 years old or older.
Social security information
Posted by admin on Dec 15, 2008
At last, you have finally reached the age at which it is time for you to begin considering applying for social security retirement benefits; but there are so many different rules and stipulations that it can be somewhat confusing to prospective retirees. However, there is no need to wade through numerous pages to get an understanding of the social security benefits you are entitled to. The following primer will help you decipher basic rules and guidelines for applying.
In order to qualify for social security benefits, you will need 40 credits, which equates to ten years of work. Your social security benefits are based on your earnings over the course of your life, and the more you earn, the more benefits you will be entitled to. You can retire and apply for social security benefits as early as age 62. However, keep in mind that the earlier you apply for your social security, the less benefits you will receive. In other words, the longer you wait to receive your social security benefits, the higher you benefits payments will be.
Each year, the Social Security Administration (SSA) mails all workers over the age of twenty five a record of earnings that estimates the benefits they will be eligible for. Normally, the statement will arrive around three months before your birthday. However, if you do not receive your statement, you can visit your local SSA office or the SSA website and fill out a request to receive this information. Since it is not uncommon for there to be errors, be sure to review this statement to ensure that your earnings over the years have been reported accurately. This is extremely important since your future benefits are based on the information contained in this report.
The age at which you can receive full social security benefits is dependent upon the year in which you were born. For example, individuals born in 1937 or earlier can opt to receive their full social security benefits at the age of 65. You can refer to the SSA website or you local SSA office for complete information concerning when you are eligible to receive full social security benefits.
Many people opt to receive their social security benefits before their full retirement age, which is as early as age 62. However, you should be aware that your social security benefits will be reduced by 5/9ths of 1 percent for every month between the date you retire and your full retirement age, up to 36 months. After this period, the reduction decreases to 5/12ths of 1 percent. You should keep in mind that this is a permanent deduction. The decision of when to apply is entirely up to you and depends on your financial situation.
You should also realize that working while you receive social security retirement can reduce your benefits. If you are not yet at full retirement age, $1 in benefits is deducted for every $2 you earn above the annual limit. In the year that you will reach your full retirement age, $1 in benefits is deducted for every $3 you earn above the annual limit. When you reach full retirement, you are allowed to work as much as you would like with no reduction in benefits.
To receive your social security benefits, you will need to apply either online or at your local SSA office two to three months before your projected retirement date. The Social Security Administration recommends that you visit your local SSA office at least year before, though, to discuss how applying for benefits will affect you financially. They can also better walk you through the application process.
Do I Need a Social Security Lawyer?
Posted by admin on Dec 14, 2008
Applying for disability with the Social Security Administration can be confusing and challenging. Educating yourself about the process is wise, regardless if you plan to hire a social security lawyer or do it yourself. The following are frequently asked questions about applying for Social Security Disability benefits.
Q: Am I eligible to receive Social Security disability benefits, if I currently receive workers compensation benefits?
A: If you receive workers compensation benefits, you are still eligible to receive Social Security Disability benefits. You are entitled to collect benefits from both, but cannot exceed 80 percent of your estimated annual income average. The average income of every applicant is different. That means one worker may have a high enough cap to collect full benefits, while another may not. Your Social Security allotment will be decreased to meet that 80 percent limit, if the combined total of your workers compensation and social security benefits are more than your income average limit. Say that your monthly average income was $5000, your 80 percent maximum monthly cap would be $4000. If you are currently receiving $2500 per month in workers compensation, and are eligible for $2500 in Social Security benefits, you would be exceeding your 80 percent limit by $1000. Your Social Security benefits would be reduced to $1500 to meet your cap of $4000.
Consider consulting a social security lawyer or a Social Security representative, if any of your current workers compensation benefits are increased, reduced, or paid via one large sum (instead of in installments). Your Social Security allotments are often affected when the amount or method of payment of workers comp is altered from when you originally applied.
Q: Are my Social Security benefits contingent upon my assets?
A: The disability benefits awarded to you under Social Security should not be influenced by your assets. Social Security Disability benefits are awarded based on how long you were in the workforce and how much you paid into the Social Security system. It is a benefit that is earned. You should receive the same amount of benefits, regardless of your assets. Your assets do matter if you are applying for Supplemental Security Income (SSI). SSI benefits are awarded based on need, so any income and assets you have must be considered.
If you are unsure how to report your assets or confused about whether you qualify for SSD or SSI benefits, contact a Social Security claims representative or seek advice from a social security lawyer.
Q: SS wants me to see one of their doctors. Do I have to?
A: Not in all cases. Your disability examiner should not request that you have a consultative examination (CE), unless he could not gather enough information about your case. If, for example, your doctor cannot provide many details about your condition or you have not received recent care for your treatment, your disability examiner may request a consultative examination. The medical specialist that provides the CE will be able to provide an updated profile of your condition. The CE should not be given more weight than previous examinations provided by your other doctors. The Social Security Administration will pay for your CE. Contact your case representative, if you feel you should not have to go through another exam. If you are confused about next steps to take, you may wish to contact a social security lawyer.
Talking to Your Social Security Lawyer about Medicare and SSD
Posted by admin on Dec 4, 2008
Q: How long will I have to wait to receive Medicare coverage?
A: If you talk to a social security lawyer, he or she will talk about Medicare for retired persons as fairly simple. If you are 65 years old or older, and worked for at least ten years in a Medicare covered job, you will generally be eligible for Medicare even if you’re working. If you are under 65 and suffering from a disability, you may also be eligible for Medicare. But you may want to talk to a social security lawyer about some of the complications involved in getting Medicare due to disability.
If you don’t talk to a social security lawyer or advocate when your disability first presents itself, you may not know that you will have to wait 24 months for Medicare coverage. This waiting period begins at the time you become disabled. In order to receive Medicare coverage for your disability, you are also required to be eligible for social security disability. When you combine the waiting period for Social Security Disability with the waiting period for Medicare, it can be a very long time before you see coverage. It’s generally a good idea to speak with a social security lawyer at the beginning of the process to gauge how long your wait may be.
Q: According to the Social Security Administration, I am one credit short of the number I need to be eligible for benefits. What does this mean?
A: Social Security Disability eligibility is a complex system (which is why it’s a good idea to work with a social security lawyer). In order to qualify as “insured” under SSD, most adults need to have earned 20 credits during the last ten years (counting towards your total number of working credits). This is a rolling ten year period that is supposed to end on the day that your disability is judged to have begun.
Unfortunately, due to the combination of rules requiring a certain number of credits for people of a certain age, and a certain number of those credits earned in the last 10 years, not meeting the credit requirements is easy. A social security lawyer will tell you that this often happens when an applicant simply hasn’t worked enough. Unfortuantely, though, it can also happen when you’ve waited too long to apply for SSD, or when a judge has decided to change your disability’s official onset date. If this happens, your first step should be to consult a social security lawyer or advocate to find out your options.
Q: Can I work while I have a claim pending?
A: Your social security lawyer will describe disability that is eligible for benefits as any that keeps you from earning a substantial income. This doesn’t necessarily mean, though, that you cannot work at all. If the amount you earn falls below the income limit for “substantial gainful activity,” it may not affect your claim. Talk to a social security lawyer or advocate for details.