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.
Social Security taxes are typically deducted from you with every paycheck that you receive from your employer. For most people, Social Security is used for the purpose of retirement benefits that they can avail of when they reach the age of retirement. Many people are not aware however that part of the Social Security tax can be used in the form of a disability plan. Federal law states that in the event of an injury or some type of illness or disease that effectively hinders your ability to work, you can claim some Social Security benefits even though you have not reached retirement age yet. These benefits can be used to provide you with an income source in the event that you are not able to work.
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.
Sadly, though, the rules that go into determining how many credits you have and need for the last ten years of work makes meeting your credit requirements rather difficult. Any social security lawyer or advocate can tell you to expect this to happen if you haven’t worked enough. But it also can happen due to delays in application, or a “disability onset date” which is adjusted by a judge or other official during the application process.
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Speak with the social security disability examiner assigned to your case if you believe you have not been treated fairly by the doctor who provided your CE. If that doctor provided an exam for a previous case of yours that was not approved, for instance, you can request a different physician. The physicians who provide CEs for social security disability claims are not Social Security doctors. Social Security has a contract with independent doctors who will perform the examinations.
Q: Is it possible to get retroactive benefit payments for social security disability?
A: Many social security disability claims are awarded back payments for benefits.
Q: Do I need to have a social security attorney to apply for disability benefits through social security?
A: You do not necessarily need to hire a social security attorney. Many who apply for benefits with the Social Security Administration are denied approval. Those wishing to appeal their case would be wise to seek counsel from a social security attorney. Keep in mind that just because you have a social security attorney, that alone does not guarantee that you will win your appeal. It simply helps to assure that your case is properly handled.
There are actually a few disability benefits offered by the Social Security system. The rules for each one can be quite complicated, which is why hiring a social security lawyer can be helpful. A social security lawyer will be able to tell you the differences between each one and which will best suit your needs. In this article however, we will focus on two major types: Social Security Disability Insurance or SSDI, and Supplemental Security Income or SSI. Your eligibility of SSDI is dependent on your work history and disability, while SSI takes into consideration disability, as well as your income, old age or blindness.
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Those that are 65 or older will normally be eligible for Medicare coverage if they’ve worked for ten years or more in a Medicare covered position. 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.
When they first become disabled, most Medicare applicants who don’t work with a social security lawyer do not realize that they will have to wait at least 24 months before receiving coverage. This waiting period begins at the time you become disabled.
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To make the process easier, here are answers to some of the questions frequently asked by applicants for disability benefits.
SSA is only for people whose disability is complete and who have been disabled (or are expected to be disabled) for one year or more, so there are no partial disability social security benefits. If you need partial disability, you will have to apply through a state or local disability program. Being denied disability benefits from SSA will not automatically disqualify you from receiving benefits through state and local programs.
However, you can continue to work while receiving disability social security benefits as long as you are able to work only at a low level or for short periods of time.
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Your SSI payments could stop or simply be decreased, once you have employment income again. If your earnings are equal to or exceed the income threshold set by Social Security, your SSI payments may end. That amount for 2008, for example, was $940 per month before taxes. It is important that you report all your earnings to Social Security. You are responsible for repaying any benefits that were paid that you should not have received due to income.
If there is a chance that the condition will improve, a review will be done in 3 years. If the member is determined to have a permanent medical condition, the review will be undertaken after 5 to 7 years have passed.
The review will be conducted by the Disability Determination Services department of the Social Security Administration in order to find out if the member should go on receiving Social Security benefits. The member will go through an interview process and will be asked about his or her condition since being granted Social Security benefits. A medical examiner will then determine the present state of the member’s medical condition.
A decision on a case can vary from months to years, so it is advantageous to submit your application for benefits as soon as you can. There is a required waiting time of five months after the onset date of your injury before you can receive your first benefits check, but there is no waiting period for applying.
Q: Can you work while your social security disability claim is pending?
A: You are allowed to be employed and receive social security disability benefits. The factor that influences your eligibility for benefits is not the employment itself, but how much income you make. You cannot earn above the limit Social Security has established as substantial gainful activity.
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Many claimants refinance their property, so they will have money to put toward living costs while they wait. If you currently rent, look into finding a less expensive property. Some claimants are able to rely on loved ones for a loan or other resources during the interim period. Apply for any and all state and federal aid programs for which you qualify. Contact your utility companies to see if they offer aid programs.
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A notice of hearing date is sent to your lawyer and you. The administration may dismiss your case, if you willingly failed to show up for your hearing. You will then have to reapply for disability, if that occurs. If you do not yet have a social security lawyer, it would be wise to hire one to help you through rescheduling and the subsequent hearing.
Q: Are SSDI and SSI the same thing?
A: Social Security Disability Insurance and Supplemental Security Income are two different programs.