As discussed in ‘Congress Expected to Extend Payroll Tax Holiday into 2012′ there is quite a debate going on in Congress right now regarding Social Security. While the main question is whether to extend the Social Security tax cut, an underlying question is how to keep Social Security solvent. Every year, Congress waits until the [...]
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Before the end of the year, Congress will be voting on whether the current payroll tax holiday will be extended into 2012 or it will be allowed to expire at the end of 2011. Without an extension, taxes for the average American family would be approximately $1,000 higher next year. Update 12/24/11 – The House [...]
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Good news for the millions of Americans who rely on Social Security… they will be getting a raise in 2012, the first time since 2009. The Social Security Administration (SSA) announced that the cost of living allowance (COLA) increase for 2012 will be 3.6%. According to SSA, the average monthly benefit for retirees will increase [...]
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What is the Social Security tax rate for 2011? If you are an employee, you know that part of your paycheck goes towards payroll taxes. A big chunk of those taxes go towards Social Security to pay for retirement and disability benefits to people who qualify. The Act that requires employers to withhold Social Security [...]
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Close to Retirement? Get Ready to Submit Your Social Security Application Online To cut costs, and in anticipation of the 80 million baby boomers who will be applying for Social Security retirement benefits in the next 20 years, the Social Security Administration is ramping up it’s website and online services. If you haven’t been to [...]
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What You Need to Know to Replace a Lost Social Security Card You need your Social Security number for a lot of things these days: when you start a new job, to file your tax return, and to receive Social Security benefits. So if you lose your number – or your card – it can [...]
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We all know that if we work hard and pay our taxes (including Social Security and Medicare), we will be entitled to Social Security retirement benefits eventually. But as we have stressed in previous articles, you need to determine how much you will likely get from your Social Security benefits in order to do effective [...]
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What Happens When You Apply for Disability Benefits? You should apply for disability as soon as you become disabled since it takes time to process your application. One reason why the process takes so long is that Social Security does not review the applications; they contract with state governments to review and process the applications. [...]
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Understanding Social Security Disability Benefits Most people are aware that there are Social Security disability benefits, but the possibility of becoming disabled is not something most people want to think about. Unfortunately, the chance of becoming disabled during your working years is greater than you might think. Studies show that young workers have a 30% [...]
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While millions of Americans rely on Social Security benefits in their retirement years, not everyone qualifies.
Here are some general guidelines regarding Social Security eligibility:
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