What is Social Security? Social Security is a federal program that was created to provide economic security to workers in the United States. Social Security benefits are funded by payroll taxes collected from workers and self employed people. Social Security actually has two main programs, the Old Age, Survivor and Disability Insurance (OASDI) program and [...]
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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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About Social Security Disability: What You Should Know Before Filing for Disability Benefits Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don’t [...]
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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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Spouses who do not work or who have substantially lower earnings than their spouse may be able to collect Social Security benefits based on their spouse’s earnings. Below is a common question about spousal benefits.
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You’re getting ready to retire and you’ve made the decision to start collecting your Social Security retirement benefits. What’s the next step? You need to actually apply for your benefits (they aren’t automatic). Probably one of the most common Social Security questions is how to apply for Social Security benefits. There are three ways to [...]
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Most people underestimate the impact that Social Security retirement benefits will have on their retirement. They either assume it won’t be there for them, or that it won’t be enough to make a difference. The truth is that Social Security will be there for you (although I suspect it will be revised several times to [...]
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Earlier this year, retirees on Social Security saw one of the largest COLA increases they’ve seen in years – since the 1980s to be exact. Unfortunately, the Social Security COLA is expected to be zero for the next few years. If you’ve been receiving Social Security for a while, you know that your benefits are [...]
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How to Maximize Your Social Security Benefits Now that you understand a little more about how Social Security retirement benefits work, and how important this income stream can be to your retirement, here are some tips to help you get the maximum Social Security benefits you are entitled to: Maximize Your Social Security Earnings Your [...]
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