Friday, September 30, 2022

When Can You Qualify For Social Security

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Earnings And Their Impact On Your Benefit Amount: How Much Will My Social Security Payment Be

Can You Apply for Social Security Disability Benefits if You are Still Working?

Certain types of earnings may reduce your actual retirement benefit amount, while others will not. Those that may reduce the amount you receive include:

  • Wages earned as an employee. These dollars will be calculated for the taxable year that you earn them.
  • Self-employment net earnings. These dollars are calculated for the taxable year that they are received.
  • Work related income, including commissions and bonuses.

Other types of earnings will not impact the amount of the retirement benefit you receive. Generally, these will include:

  • Retirement and pension payments
  • Investment income
  • Income earned after you reach your full retirement age

In some instances, other types of income may affect the bottom line of your retirement benefit amount. Its best to check with your tax professional or call the Social Security Administration at 1-800-772-1213.

If You Work While Getting Social Security

Yes, you can work full or part-time while also getting Social Security retirement benefits. However, if you have not yet reached your full retirement age, and if your net income from working is higher than the annual earnings limit, your annual benefits will be reduced. Beginning in the month you reach full retirement age, Social Security will stop reducing your benefits no matter how much you earn.

During any full calendar year in which you are under full retirement age, Social Security deducts $1 from your benefit payments for every $2 you earn above the annual net income limit. The income limit changes every year. In 2017, the income limit was $16,920.

Emphysema May Indicate Other Serious Health Problems

Emphysema is sometimes a symptom linked to another illness or associated condition rather than the sole impairment. Some illnesses where emphysema may be an associated condition include:

  • Chronic obstructive pulmonary disease
  • Chronic or acute bronchitis

And emphysema can lead to further complications that strengthen your disability benefits claim. Because it weakens your lungs, emphysema sufferers are more likely to develop:

  • Collapsed lung
  • Heart problems
  • Bullae

Dont assume you already have these conditions before you apply. Have your doctor confirm all suspected issues or related symptoms. The more health problems you list on your claim, the higher your chances for approval!Other symptoms that likely limit your ability to work include:

  • Fatigue
  • Mental impairment
  • Dizziness

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Earn Ssa Work Credits In Some Countries

You may not have enough credits from your work in the United States to qualify for retirement benefits. But, you may be able to count your work credits from another country. The SSA has agreements with 24 countries. If you earned credits in one of those countries, they can help you qualify for U.S. benefits.

How To Boost Your Social Security Benefit With Supplemental Security Income

Can I Help My Spouse Apply for Social Security Disability ...

The Supplemental Security Income program provides a monthly benefit to adults and children with a disability or blindness and resources below specific financial limits. SSI payments are also made to people ages 65 and older who meet the financial qualifications even if theyre not disabled.

The Social Security Administration states that you may be eligible to receive SSI monthly payments even if you are already receiving Social Security Disability Insurance or retirement benefits.

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Health Care Benefits Based On Receiving Ssa Benefits

Depending on the type of Social Security benefit you receive, you may be eligible for health care benefits too.

  • If you receive SSI, you will be eligible for Medicaid starting in the month your benefit payments start. You only need to be receiving $1 of SSI in order for Medicaid coverage to kick in.
  • If you receive SSDI, you become eligible for Medicare 2 years after the date your SSDI entitlement begins.

If you are receiving Social Security Retirement benefits, you should automatically be enrolled in Medicare.

Social Security Phone Number

You can contact Social Security by phone by calling their toll-free number, 1-800-772-1213. If you are deaf or hard of hearing, their TTY phone number is 1-800-325-0778. You can use their automated telephone services to obtain recorded information and to conduct some business 24 hours a day. You can speak with a Social Security representative if you call between 7am and 7pm Monday through Friday. You can also reach their TTY number if you call between 7am and 7pm Monday through Friday. For instructions on their Automated services click here.

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Im Seriously Injured Or Sick Do I Qualify For Social Security Disability

In order to qualify for disability benefits, you must be unable to perform work of any kind and your disability must be expected to last for at least one year or result in death. You must also have earned enough “credits” at least 5 years of work in the 10 year period prior to the onset date for your disability. In addition, you must be fully insured under Social Security, which means you must have worked for 40 quarters . The 5 years of work prior to becoming disabled counts in calculating the 40 quarters. The SSA receives numerous applications for disability benefits. Because of the large volume of applications, it can take a long period of time to receive a decision.

Can Long Covid Qualify You For Social Security Disability Benefits

Social Security Disability FAQ: Can I Work while applying for Disability?

President Biden said in July that long COVID could soon qualify as a disability under federal law.

Most people who suffer from the coronavirus, and survive, recover relatively quickly. But other survivors keep suffering symptoms and effects for a long time afterward, in a phenomenon known as long COVID or long-haul COVID.

Can those who have suffered from long COVID qualify for Social Security disability benefits? CNBC recently explored that question.

We certainly have seen an increase of claims because of COVID-related issues, including long haulers, one advocate who handles Social Security disability claimants told CNBC. That person added that while some in that situation have been awarded benefits, the majority of those have been people with lingering complications from being put on ventilators.

Most of those who receive Social Security disability benefits are those who have suffered an illness for twelve months or longer, and not many sufferers of long-haul COVID have had the disease for that long.

President Biden said in July that long COVID could soon qualify as a disability under federal law, per NBC News.

“We’re bringing agencies together to make sure Americans with long COVID who have a disability have access to the rights and resources that are due under the disability law, which includes accommodations and services in the workplace and school, and our health care system so they can live their lives in dignity,” the president said last month.

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Benefit Increasesthe Power Of Social Security

The most important part of Social Security is that the benefit increases each year. This is called a COLA

Many people choose an age to apply for social security, but dont account for the COLA. This is a big mistake.

The COLA is powerful because it protects your income from inflation. Think about how much you made twenty or thirty years ago. Could you live off of that today? What were house prices back then? What about gas or cheeseburger prices?

Inflation affects your retirement, too.

The average retirement lasts twenty to thirty years. On top of that, medical costs tend to increase faster than other types of costs. And we all know medical costs become more important later in life. This is why its important to have inflation protection on your income. And thats exactly what Social Security offers.

Each year the benefit goes up a little bit based on the CPI-W, which is a measure of inflation. The CPI-W differs slightly from the regular CPI by measuring inflation costs for urban workers. HIstorically, its been slightly higher than the standard CPI, which is a good thing, but there is talk of changing it to the standard CPI in the future.

Heres a chart showing the power of the COLA. In this example, you have a monthly benefit of $3,000 claimed at a full retirement age of 67, and an average COLA of 2% per year.

Age

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Who Qualifies For Ssdi

  • People who have worked for a number of years and had enough money taken out of their paychecks for Social Security
  • Self-employed people who paid self-employment taxes
  • You must meet Social Securitys very strict definition of disability to qualify for SSDI.
  • Having a low income or financial needs do not affect whether you can get SSDI.

If you get turned down for SSDI, reapply, and appeal if necessary. Many cases end up being approved after an appeal. The amount you get from SSDI will be based on how long you worked, and how much Social Security tax was taken from your pay. Once you apply for SSDI, the disability clock starts running.

If your disability application is approved, you will usually receive your first benefit payment six months after the date the Social Security Administration finds that your disability began. You will also become eligible for Medicare after you’ve received SSDI benefits for 2 years.

If you qualify and start getting SSDI, your spouse and any eligible children can also apply for SSDI. If you find you dont qualify for SSDI, but you are disabled and have limited income and resources, look into Supplemental Security Income . This program also can pay benefits to the disabled, but is based on your income and need.

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Social Security Benefits For Children

More than four million children receive Social Security benefits each month because one or both of their parents are disabled, deceased or retired.

These funds help stabilize families and children at a critical time in their lives, helping them to complete high school and give them a good start toward college or being able to work full time with a high school diploma.

Biological, adopted and dependent step-children are eligible to get benefits if they meet certain criteria:

  • At least one parent who is disabled or retired and eligible for Social Security benefits.
  • A parent who passed away after attaining enough work credits in a job where he or she paid Social Security taxes.
  • The child must be unmarried and under age 18, or
  • 18-19 years old and a full-time student who is in no higher than grade 12. College students are excluded.
  • 18 years or older and disabled.

When a child meets these criteria and a parent begins receiving Social Security retirement benefits, the child may be eligible for up to half of the parents full benefit amount or 75 percent if the parent is deceased. However, there is a maximum amount per family that ranges from 150 to 180 percent of the parents full benefit amount. When payments exceed this threshold, each family members benefit is reduced proportionally until the total is equal to the maximum amount allowed for the family.

Emphysema Test #: Dlco

What Age Can You Apply For Social Security

This emphysema test measures the gas exchange levels across your lungs cell membranes. Or, how efficient are your lungs at transferring oxygen from the air you breathe into your red blood cells? The SSA averages your two DLCO measurements. Your exam doctor then uses that final number to evaluate your respiratory disorder.

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You Have Been Convicted Of A Crime

Certain conditions related to conviction of a crime or imprisonment will prevent you from receiving Social Security disability insurance benefits. They are as follows.

  • You are in prison after being convicted of a felony, unless you are in a court-approved rehabilitation program that is likely to result in your getting a job when you get released, and your release is expected to occur within a reasonable amount of time.
  • You were injured while committing a felony and were convicted of the crime. The impairmentor the worsening of an existing impairmentthat you suffered during the commission of a felony cannot be used as a basis for applying for disability benefits.
  • You were injured while in prison. The impairmentor the worsening of an existing impairmentthat you suffered while you were in prison cannot be used to obtain benefits. But you can generally receive benefits after being released from prison.

However, it’s worthwhile to apply for SSDI benefits even if one of the above situations apply to you, because even if you can’t get cash benefits, you may be granted a period of benefit-free disability that will “freeze” your earnings record, keeping your eventual disability, retirement, or dependents benefits from decreasing.

Note these situations do not prevent you from receiving SSI disability benefits, although being incarcerated does keep you from collecting SSI benefits.

How Do I Apply For A Social Security Number Outside The Us

Guidance for obtaining your Social Security Number from Overseas

  • Make an appointment to visit the Federal Benefits Unit office. Contact the office of the FBU at the closest US Embassy or Consulate in your country of residence.
  • Make an appointment to visit to the Embassy/Consulate without an FBU office.
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    Your Social Security Checklist

    Dont underestimate the power of your Social Security benefit. Its an important part of your retirement.

    But Social Security was never meant to be a catchall retirement program. Its built to replace only about 40% of income. Youre going to need other income sources to complete your retirement income picture.

    Heres your social security to-do list:

  • Check your life expectancy
  • Dont look for advice from agents at the Social Security administration office. They will give you the facts, but they are not allowed to tell you whats best for your situation. You also dont want to get advice from anyone who offers a one-size-fits all solution. If someone tells you, Always file early, or Always delay, dont take their advice. You dont want to blindly trust advice either.

    Its best to understand the basics of Social Security for yourself so you can feel confident about the best age to apply. This is your retirement after all.

    If you want Social Security advice that takes your whole financial life into account, you can schedule a call with one of our advisors and start the process: Schedule a call. Ready to meet with us virtually or in person? Schedule a meeting here.

    More to explore

    Benefit Amounts Vary Depending On Your Social Security Retirement Age

    How Sick Must You be to Qualify for Social Security Disability?

    Your Social Security retirement age and the amount you receive varies depending on several factors. For example, the earliest age you can collect your Social Security retirement benefits is 62, but there is an exception for widows and widowers, who can begin benefits as early as 60. If you start collecting benefits early and continue to work, your benefits may be reduced.

    Here’s how this works with the basics on Social Security claiming ages from 60 to 70.

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    Emphysema Test #: Spirometry

    This test measures how well you can move air both into and out of your lungs. The test requires you to complete three forced expiratory maneuvers in a row. That means youll breathe in as deeply as possible, then force out as much air back out as you can. The volume of air your lungs exhale during that very first second is called FEV1 . After three tries, the SSA uses your highest FEV1 reading to evaluate you.

    Do Permanent Residents Get Social Security Numbers

    Social Security Numbers for U.S. Permanent Residents. Each permanent resident needs a Social Security Number . An SSN will help you to work in the United States, to conduct business with a bank or financial institution, to pay your taxes or to be listed as a dependent on a tax return, and for other purposes.

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    Brief History Of Social Security

    The Social Security program was created by the Social Security Act that President Franklin D. Roosevelt signed into law in 1935. The first checks went out in 1940. Originally it paid benefits only to workers 65 and older, but in the 1970s the government altered it to allow workers to claim benefits as early as 62. It also instituted annual cost-of-living adjustments to help Social Security keep pace with inflation.

    The program has worked fairly well so far, but many people fear for the future, when there will be fewer workers to support a greater number of Social Security recipients. The latest Social Security Trustees’ Report indicates the program’s trust funds would be depleted by 2035, after which it would be able to pay out only about 76% of benefits to retirees and about 92% to disabled workers.

    The government has proposed several possible solutions for ensuring the long-term sustainability of the program, but at present no plans have been set. There’s no risk of the program disappearing in the next decade or two, but it’s possible future benefits may not go as far as they do today. That’s why today’s workers need to prioritize their personal retirement savings, so they can cover most of their expenses on their own.

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    Survivors Benefits For Spouses

    The ins and outs of applying for Social Security benefits

    Widows and widowers are eligible for benefits under their deceased spouses record, generally including:

    • 100 percent of the workers benefit amount if they are at full retirement age
    • 71-99 percent of the workers benefit amount if they are older than 60 but younger than full retirement age
    • Benefits beginning at age 50 if they are disabled and the disability started before or within 7 years of their spouses death
    • 75 percent of the workers benefit amount at any age if they are taking care of your child, who is under 16 years old or disabled, who received benefits on your record. They must also not have remarried.

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