What is Social Security and Do I Qualify?
Governmental programs can sometimes be confusing. Don’t worry, though. You’re not the only one who’s thinking, “ What is Social Security? ” So, let us break down the basics of social security for you.
What is Social Security?
Social Security is a federal income and health insurance program that aids retirees, the disabled, the impoverished, and others. Social Security works in that you pay taxes for people currently receiving Social Security benefits, and other people will pay taxes that contribute to your future benefits. In other words, Social Security is a pay-as-you-go program.
Who Gets Benefits from Social Security?
Social Security helps retirees, the disabled, the impoverished and others. But it’s more complex than that. For example, if you recently went through a divorce, or if a family member receiving benefits has died, you may be eligible for Social Security. Here are the main categories of Social Security.
1. Retirement
The Social Security Administration provides retirement benefits based on two factors: 1) the age at which the person retires, and 2) lifetime earnings.
Generally, the full retirement age is around age 67. It is possible to retire earlier or later, though the benefit will increase or decrease accordingly. Taking an early retirement permanently reduces the amount you’ll receive, and retiring late (up to age 70) permanently increases the amount you’ll receive.
Also, lifetime earnings affect how much you’ll receive. Higher lifetime earnings yield more benefits, and lower lifetime earnings yield fewer benefits. In addition, before you qualify for retirement benefits, you must have worked for 10 full years.
2. Disability
If you cannot work because of a physical or mental disability that you expect to last for more than one year or result in your death, you may qualify for Social Security Disability Insurance. You must keep in mind, however, that your disability is supposed to prevent you from working. If you are able to work, or if your medical condition ever improves, you may lose your benefits.
3. Survivors
Social Security gives benefits to children, widows and widowers of someone who had Social Security and passed away. Survivors receive anywhere from 75% – 100% of the deceased’s Social Security benefits, and the total amount for the whole family cannot exceed 180% of the deceased’s benefits, generally speaking.
4. Medicare
Medicare is the federal health insurance program that covers people who are 65 or older, certain young people with disabilities, and people with permanent kidney failure (End-Stage Renal Disease). Do not confuse Medicare with Medicaid.
5. Supplemental Security Income (SSI)
SSI aids individuals who make little income that meet the definition of disability, are blind, or age 65 or older. It is possible to be eligible for SSI along with other Social Security benefits. Learn more about SSI here.
Have More Questions about Social Security?
We know that Social Security can be confusing to deal with, so contact Social Security Disability Advocates USA for help. We can be reached 24/7 at 602-952-3200. You can also chat with a live representative using our LiveChat feature. Consultations are free, so don’t hesitate to contact us.
This is attorney advertising. SSDA, LLC is a group of attorneys that pursues claims for Social Security Disability benefits on behalf of its clients against the Social Security Administration. SSDA, LLC is in no way a part of the Social Security Administration. Further, the information on this blog is for general information purposes only. Nothing herein should be taken as legal advice. This information is not intended to create, and receipt or viewing does not constitute, a representative-client relationship.
