Monday, May 16, 2022

How Do I Find Out My Social Security Work Credits

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What If My Dli Has Expired

How Social Security Work Credits Help You Get Disability Benefits

You can still file for Social Security disability benefits if you stopped working more than five years ago. However, you would need to show that you became disabled before your DLI expired. You must have medical evidence that shows you couldnt work before your DLI. Sometimes, this can be very difficult. Older medical records might not be available. You may not remember all of the doctors that treated you. How Can I Check My Social Security Disability Credits?

Using Your Benefit Estimates

As your statement will show, your Social Security retirement benefits will vary depending on when you claim them before or after your full retirement age . The longer you wait to start receiving payments, the higher your benefit amount will be.

However, it’s not always better to wait until your full retirement age to claim your Social Security benefits. If you need your Social Security benefits for living expenses, or you have a health condition that makes it unlikely that you will live past age 75 or so, you may be better off collecting your benefits sooner rather than later. You can use a calculator at the Social Security website to see which retirement age makes the most financial sense for you .

For comprehensive practical information about how and when to claim Social Security benefits, see Social Security, Medicare & Government Pensions, by Joseph Matthews with Dorothy Matthews Berman .

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  • Federal Income Taxation Of Benefits

    Originally the benefits received by retirees were not taxed as income. Beginning in tax year 1984, with the Reagan-era reforms to repair the system’s projected insolvency, retirees with incomes over $25,000 , or with combined incomes over $32,000 or, in certain cases, any income amount generally saw part of the retiree benefits subject to federal income tax. In 1984, the portion of the benefits potentially subject to tax was 50%. The Deficit Reduction Act of 1993 set the portion to 85%. Moreover, since the taxable income threshold is not indexed to inflation, the portion of beneficiaries’ social security payments subject to income tax has risen significantly in real terms since the threshold was set in 1984.

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    How To Check If Someone Else Is Using Your Social Security Number

    CassandraRead more May 5, 2021

    The rise of technology has brought new threats to your personal data and its security. Identity theft is a crime that strikes at the heart of a modern citizens wealth, employment, social services, and more. Our identity specifically, the electronically-encoded identity that serves as the gateway to our bank accounts, to our home security systems, to our e-mail and network resources can be stolen by unscrupulous people and used for crimes great and small.

    At best, an identity thief may use part of your identity as the launchpad for some phony persona that they are using to commit acts of fraud and light scams. At worst, they can drain your bank accounts, destroy your credit rating, and wipe out your hard-earned retirement benefits. Identity theft is not a minor crime in 2018, more than 60 million Americans reported that they were affected by identity theft.

    What Is The Future Of Social Security

    How Do I Check My Social Security Account

    If youre skeptical about the future of Social Security or wary of potential changes such as means testingwhich could reduce or eliminate benefits for the wealthy, or an increase in the full retirement ageyou may be tempted to start benefits early, under the assumption that its better to have something than nothing. The 2020 annual report from the Social Security Trustees, released in April, projects that the Social Security Trust Fund has enough resources to cover all promised retirement benefits until 2035, and will cover 79% of scheduled benefits for new retirees thereafter without changing the current system. The 2020 report does not include an adjusted projection due to impacts, if any, from the pandemic.

    Over the longer term, changes such as later benefit dates or means testing may be considered.

    In any situation, if youre particularly concerned about the future prospects for Social Security, thats a good reason to save more, and earlier, for your retirement.

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    Social Security Retirement Benefits Vs Disability Benefits

    To be insured for Social Security Retirement Insurance benefits, a worker must be âfully insured.â He or she becomes fully insured by having 40 earned quarters â typically four per year for 10 years of work. There is no requirement that these credits have been earned during any particular time period. On the other hand, in order to claim Social Security Disability Income benefits a worker must be âinsured for disabilityâ â which is a different and more complicated standard. First, the worker must have accumulated a certain number of credits that vary with the workerâs age. Second, depending on the age of the worker at the time of disability, credits must be acquired during a certain time period.

    What Should I Do When I Get My Credit Report

    Your credit report has a lot of information. Check to see if the information is correct. Is it your name and address? Do you recognize the accounts listed?

    If there is wrong information in your report, try to fix it. You can write to the credit reporting company. Ask them to change the information that is wrong. You might need to send proof that the information is wrong for example, a copy of a bill that shows the correct information. The credit reporting company must check it out and write back to you.

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    How Can You Find Out How Many Credits You Have

    Your Social Security statement should tell you whether you have enough credits to be eligible for benefits. You should also be able to calculate your number of credits from your earnings history.

    Social Security benefits are a vital part of your financial planning, so making sure you have enough Social Security credits to qualify is important. Checking to be sure you know where you stand is a smart thing to do before you end up needing benefits.

    What If Someone Steals My Social Security Number

    Social Security Disability FAQ: What are Work Credits?

    All of this is of course very interesting, but lets bring it back to the point of this article: what if some bad guy steals, obtains, guesses at, or otherwise gets hold of your Social Security Number? As it happens, all kinds of bad things!

    Because you have to have a Social Security Number to get a job in the United States , crooks are very fond of stealing SSNs specifically for the purpose of selling them to people who do not already have permission to work in the United States, so that those people can get a job.

    Nothing is wrong with people getting jobs, of course, but if they are using your Social Security Number, it can cause untold confusion and issues with your taxes and your Social Security benefits. You could even LOSE your Social Security benefits and that can be hundreds of thousands of dollars.

    As you can see, it is very important for you to be able to tell whether someone is using your Social Security Number without your permission. In this article, I will show you several methods of detecting whether your Social Security Number has been compromised.

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    If You’re Not Sure Why You Received A Payment

    Contact the authorizing agency directly to find out why they sent the payment. You may be able to find the authorizing agency in the memo line of the check. View this diagram of a sample Treasury check to help you locate the authorizing agency contact information on your own check. Scroll about half way down the page to see the diagram.

    If you’re unable to find which agency authorized the payment, . They can help you determine which government agency you need to contact. To find which RFC you need to call, look for its city and state at the top center of the check.

    Use the Treasury Check Verification System to verify that the check is legitmate and issued by the government.

    What Are Social Security Credits

    Basically, Social Security credits are accounting units that you earn when you work and pay Social Security taxes.

    Sometimes called quarters of coverage, credits are a key part of how Social Security functions. You must collect a certain number to qualify for retirement benefits, survivor benefits for family members after your death or Social Security Disability Insurance if you become unable to work.

    In 2021, you get one credit for every $1,470 you earn in wages or self-employment income. By earning $5,880, you get four credits, which is the most you can obtain in one year. The amounts are adjusted annually based on national wage trends.

    No one needs more than 40 credits to qualify for any Social Security benefit, but the eligibility threshold varies among them.

    The rules are laid out in greater detail in the Social Security publication “How You Earn Credits.”

    Keep in mind

    • Earning more than 40 credits during your working life does not affect your benefit amount. Credits are used only for qualification purposes.
    • You need not accrue 40 credits consecutively to qualify for retirement benefits. If you stop working, the credits you have stay on your record, and you resume earning them if you return to work.
    • No credits are required to receive spousal benefits. You may be able to collect benefits on the earnings record of a husband or wife even if you have never worked.

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    Pose Your Questions To Larry Here

    However, I do not see any extra added income to those years to apply any extra credit. The SSA webpage indicates that for every $300 of military pay earned, you will be credited with an additional $100 in earnings up to $1,200 a year. What I dont know is how to tell if I have been given these extra credits in my current benefit. The SSA website states that From 1968 through 2001, you dont need to do anything to receive these extra credits. The credits were automatically added to your record. Id like to be sure of this as I dont see evidence in my SSA earnings record that shows me how this has been added to my benefit.

    Another thing that makes me think that I have not been given this credit is that when I applied for Social Security online, I was never given the opportunity to insert any of my military service info. I called the SSA and spoke to someone about this. Unfortunately, it was after I started receiving my Social Security benefit, which was also after my retired military friend told me about the extra credits. The SSA representative told me the reason I didnt get prompted by the online application for military service is because it is invoked based on the persons age. He said I am too young to have served in Korea or WWII. This, to me, appears to be a flaw in the application process because that doesnt account then for armed forces reserves for the period from 1968 through 2001 talked about on their website.

    How Do Benefits Work And How Can I Qualify

    Social Security Cards Explained

    While you work, you pay Social Security taxes. This tax money goes into a trust fund that pays benefits to:

    • Those who are currently retired

    • To people with disabilities

    • To the surviving spouses and children of workers who have died

    Each year you work, youll get credits to help you become eligible for benefits when its time for you to retire. Find all the benefits Social Security Administration offers.

    There are four main types of benefits that the SSA offers:

    • Learn about earning limits if you plan to work while receiving Social Security benefits

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    How Do I Know If I Got Credit For My Army Service On My Social Security Benefit

    How do I know if I got credit for my Service in the Army on my Social Security Benefit?

    There’s really no simple way to verify that you received credit for your military service. What you should have received credit for are deemed military wages in addition to your actual military wages for the periods of time that you served on active duty . The combined amount is then used in the normal Social Security benefit calculation formula . Starting with 1968, DMWs are automatically added to a person’s Social Security earnings record, so it’s a virtual certainty that you would have received all of your credits from 1968-on.

    When you file an application for Social Security retirement benefits, one of the questions on the application asks if you had any active U.S. military service from 1939 to 1967. Assuming you answered that question affirmatively, Social Security should have asked you for proof of your active duty if any of those years would have been among your highest 35 years of wage-indexed earnings used to calculate your benefit rate. If that was done in your case you can likely rest assured that you’re receiving full credits for your military time.

    Best, Jerry

    How To Correct An Error On Your Social Security Statement

    If you have evidence of your covered earnings in the year or years for which you think Social Security has made an error, call Social Security’s helpline at 800-772-1213, Monday through Friday, from 7 a.m. to 7 p.m. This is the line that takes all kinds of Social Security questions, and it is often swamped, so be patient. It is best to call early in the morning or late in the afternoon, late in the week, or late in the month. Have all your documents handy when you speak with a representative.

    If you would rather speak with someone in person, call your local Social Security office and make an appointment to see someone there, or drop into the office during regular business hours. If you drop in, be prepared to wait, perhaps as long as an hour or two, before you get to see a representative. Bring with you two copies of your benefits statement and the evidence that supports your claim of higher income. That way, you can leave one copy with the Social Security worker. Write down the name of the person with whom you speak so that you can reach the same person when you follow up.

    The process to correct errors is slow. It may take several months to have the changes made in your record. After Social Security confirms that it has corrected your record, request another benefits statement to make sure the correct information made it to your file.

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    How To Get A Copy Of Your Social Security Statement

    The SSA mails out Social Security Statements to follks age 25 and over before their birthdays during their 25, 30, 35, 40, 45, 50, 55, and 60 years. For those age 60 until retirement, the SSA will send out statements every year. You can also go online to get a copy of your statement or view it online. Go to www.ssa.gov/mystatement/ and open an account with Social Security to view your statement.

    Workers Who Retire In Certain Foreign Countries

    What are Social Security work credits? (2019)

    U.S. citizens who travel toor live inmost foreign countries after they retire usually can receive Social Security benefits. However, if that country is Azerbaijan, Belarus, Cuba, Kazakhstan, Kyrgyzstan, Moldova, North Korea, Tajikistan, Turkmenistan, or Uzbekistan, then the government will not send them Social Security payments. Exceptions may be available in all of these countries except Cuba and North Korea. Use the governments Payments Abroad Screening Tool to see if you will be able to continue receiving Social Security benefits while living abroad.

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    How Can I Get A Social Security Statement That Shows A Record Of My Earnings And An Estimate Of My Future Benefits

    You can get your personal Social Security Statement online by using your mySocial Security account. If you dont yet have an account, you can easily create one. Your online Statement gives you secure and convenient access to your earnings records. It also shows estimates for retirement, disability and survivors benefits you and your family may be eligible for. To set up or use your account to get your online Social Security Statement, go to . We also mail paper Statements to workers age 60 and older three months before their birthday if they dont receive Social Security benefits and dont yet have a mySocial Security account. Workers who dont want to wait for their scheduled mailing can request their Social Security Statement by following these instructions. The Statement will arrive by mail in four to six weeks.

    Important Information:

    Your Social Security Card

    Whether youve lost your social security card or someone an acquaintance used the number, this is another common way that someone has obtained this information. Keeping your social security card safe, not keeping it in your wallet, and making sure that no one can get to it is another way to protect your identity.

    Also Check: How Can I Get My Son’s Social Security Number

    How Do I Improve My Credit

    Look at your free credit report. The report will tell you how to improve your credit history. Only you can improve your credit. No one else can fix information in your credit report that is not good, but is correct.

    It takes time to improve your credit history. Here are some ways to help rebuild your credit.

    • Pay your bills by the date they are due. This is the most important thing you can do.
    • Lower the amount you owe, especially on your credit cards. Owing a lot of money hurts your credit history.
    • Do not get new credit cards if you do not need them. A lot of new credit hurts your credit history.
    • Do not close older credit cards. Having credit for a longer time helps your rating.

    After six to nine months of this, check your credit report again. You can use one of your free reports from Annual Credit Report.

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