Thursday, May 12, 2022

Will I Get Any Social Security Benefits

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Fact #: Social Security Provides A Foundation Of Retirement Protection For Nearly Every American And Its Benefits Are Not Means

Spousal & Ex-Spousal Social Security Benefits

97% of the elderly either receive Social Security or will receive it.

Almost all workers participate in Social Security by making payroll tax contributions, and almost all elderly Americans receive Social Security benefits. In fact, 97 percent of the elderly either receive Social Security or will receive it, according to Social Security Administration estimates. The near-universality of Social Security brings many important advantages.

Social Security provides a foundation of retirement protection for people at all earnings levels. It encourages private pensions and personal saving because it isnt means-tested in other words, it doesnt reduce or deny benefits to people whose income or assets exceed a certain level. Social Security provides a higher annual payout than private retirement annuities per dollar contributed because its risk pool is not limited to those who expect to live a long time, no funds leak out in lump-sum payments or bequests, and its administrative costs are much lower.

Indeed, universal participation and the absence of means-testing make Social Security very efficient to administer. Administrative costs amount to only 0.6 percent of annual benefits, far below the percentages for private retirement annuities. Means-testing Social Security would impose significant reporting and processing burdens on both recipients and administrators, undercutting many of those advantages while yielding little savings.

How Social Security Approval Works

Approval Timeline

When you retire, a lot of questions cross your mind. The first question you should ask is when to claim social security benefits. See our article on When to Claim Social Security Benefits.

The next question after you decide to claim is: how long does it take to get my first social security check? It would be prudent to start by knowing how long it takes to apply for social security online. To your relief, the process will not take a lot of your time. Once your application is done and submitted, you will be wondering how long it takes to get social security approval.

Typically, it takes 6 weeks to process your application and for the benefits to start. However, it will take longer if you submit incorrect information. Also, the duration for approval will depend on the number of submissions the Social Security Administration will be processing at the time. Overall, the wait time is at least six weeks or longer depending on a number of factors.

Mandatory Information

You will need your social security number, birth certificate, and supporting financial documents when you apply. Tax return evidence and W-2 forms are also required for self-employed applicants.

For those not born in the USA, you should provide proof of citizenship. A certificate of citizenship or passport will be adequate. Also, marital information will be required.

Luckily, all these documents are not required at once when you apply. The SSA will send you notifications when they are required.

Social Security Cards And Noncitizens

All U.S. citizens are eligible for SSNs. In addition, noncitizens authorized to work in the United States are eligible for SSNs. Noncitizens eligible to work in the United States include those who are admitted to the United States permanently and are often referred to as immigrants , and those who are admitted temporarily .

Social Security cards issued to noncitizens who are residing permanently in the United States are identical to those issued to U.S. citizens. Social Security cards issued to noncitizens who are in the United States temporarily bear the inscription, “VALID FOR WORK ONLY WITH DHS AUTHORIZATION.” SSA also issues SSNs to noncitizens not authorized to work if the noncitizen is legally in the United States and needs an SSN to receive state or federal benefits or services.26 SSNs issued for this purpose bear the legend, “NOT VALID FOR EMPLOYMENT.”

Importantly, the SSN issued to a noncitizen does not change if the noncitizen adjusts status . Although the noncitizen is supposed to report any change of status to SSA, this does not always occur. As a result, it is possible that some U.S. citizens have Social Security cards with the inscription, “VALID FOR WORK ONLY WITH DHS AUTHORIZATION.”

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Legislation Is Available In Different Versions:

Latest Available :The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the Changes to Legislation area.

Original : The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Ask Larry: Will I Be Able To Get A Social Security Spousal Benefit In My Case

How A Disabled Worker Got $0 Social Security, But Owed ...

Ask Larry

Economic Security Planning, Inc.

Today’s column addresses questions about the potential effects of pensions on the availability of spousal benefits, statistics about what benefit amounts different people receive and potential effects of filing for survivor’s benefits early and while working. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.

Have Social Security questions of your own youd like answered? Ask Larry about Social Security here.

Will I Be Able To Get A Social Security Spousal Benefit In My Case?

Hi Larry, My wife and I both turn 62 next year. I retired from public service at 57 and she also stopped working. I receive a pension from my job. I am currently short of my 40 quarters as I have 38 since I did not pay into Social Security during my public service.

Will I be able to get any Social Security as a spouse since my wife will get her Social Security retirement benefit? If yes, will it be reduced because of the pension? Should I work to get 40 quarters and then take my retirement benefit reduced by my pension? Thanks, Steve

In other words, unless your spousal benefit rate is more than 2/3rds of the amount of your pension from your public service work, you probably couldn’t be paid any spousal benefits.

Can You Give Us A Breakdown By Percentages Of What Dollar Amount Social Security Recipients Are Getting?

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How Do Benefits Work And How Can I Qualify

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

Other Considerations For Hearing Loss Eligibility

There are a few more things to keep in mind before applying. If you meet the above qualifying criteria but still earn more than $1,190 per month, you will not qualify for disability benefits. For example, if your employer is able to modify your job to accommodate your hearing loss, or if youve always worked at a job that didnt require good hearing, you wont be approved to receive benefits.

You also will not be approved if you only have hearing loss in one ear, even if the other ear is completely deaf since all hearing loss is evaluated using your best ear by the SSA.

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Fact #: Social Security Is More Than Just A Retirement Program It Provides Important Life Insurance And Disability Insurance Protection As Well

Over 64 million people, or more than 1 in every 6 U.S. residents, collected Social Security benefits in June 2020. While older Americans make up about 4 in 5 beneficiaries, another one-fifth of beneficiaries received Social Security Disability Insurance or were young survivors of deceased workers.

In addition to Social Securitys retirement benefits, workers earn life insurance and SSDI protection by making Social Security payroll tax contributions:

  • About 96 percent of people aged 20-49 who worked in jobs covered by Social Security in 2019 have earned life insurance protection through Social Security.
  • For a young worker with average earnings, a spouse, and two children, thats equivalent to a life insurance policy with a face value of over $725,000 in 2018, according to Social Securitys actuaries.
  • About 89 percent of people aged 21-64 who worked in covered employment in 2019 are insured through Social Security in case of severe disability.

The risk of disability or premature death is greater than many realize. Some 6 percent of recent entrants to the labor force will die before reaching the full retirement age, and many more will become disabled.

How Disability Benefits Differ

4 Ways You Could Lose Your Social Security Benefits

Social Security Disability Insurance benefits are for people who are eligible for Social Security retirement benefits, but became disabled before they reached full retirement age. When a beneficiary begins to receive disability benefits, certain members of their family may also qualify for benefits, including:

  • spouse

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Ask Rusty Will I Have Any Social Security Benefits

Dear Rusty: Im 60 years of age and wonder if I will have any Social Security retirement benefits. After all, I did purchase them. Signed: Uncertain

Dear Uncertain: Your eligibility for Social Security benefits depends upon your lifetime earnings history from work, from which Social Security FICA taxes were withheld. If you have worked, contributed to SS while working, and have earned at least 40 quarters of credit, you will be entitled to Social Security benefits. You can earn up to four credits each year by earning a specific amount of money, which means you must have worked for about 10 years contributing to Social Security in order to be eligible for Social Security benefits. For 2022, you will get 4 credits if you earn at least $6040 . The amount of benefit you will get depends upon your average monthly earnings over the highest-earning 35 years of your lifetime. The higher your annual earnings , the more your SS benefit will be. But you must have worked, earned and contributed to SS for at least 35 years to get your maximum benefit. SS always uses 35 years of earnings to compute your benefit and if you have fewer, they will put $0 earnings in some years to make it 35. They will use the monthly average of those 35 years to determine your primary benefit .

We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…

B Birth And Early Childcare Benefits

The various benefits to offset the costs due to the arrival of a child and help pay for the cost of childcare are grouped together under the early childhood benefit program , which consists of:

Early childhood benefits include:

  • a supplement for free choice of childcare at a rate based on family income.
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    If More Than 1 Person Applies For The Same Child

    Only 1 person can get the Scottish Child Payment for a child.

    If you and somebody else apply for the same child, Social Security Scotland will decide who gets the payment based on which benefits you already get for the child and how you can show you’re responsible for the child.

    Social Security Scotland must decide on the application of the person who applied first, before deciding on another application.

    Youll get the Scottish Child Payment if you get 1 of these benefits for the child:

    • Child Tax Credit
    • Pension Credit with child element
    • Universal Credit with child element.

    If youre a kinship carer, youll get the Scottish Child Payment if either:

    • no one else applying gets 1 of these benefits
    • the childs circumstances show that youre responsible for them.

    Getting A Social Security Number For A New Baby

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    The easiest way to get a Social Security number for your child is at the hospital after they are born when you apply for your childs birth certificate. If you wait to apply for a number at a Social Security office, there may be delays while SSA verifies your childs birth certificate.

    Your child will need their own Social Security number so you can:

    • Claim your child as a dependent on your income tax return
    • Open a bank account in their name
    • Get medical coverage for them
    • Apply for government services for them

    Keep your Social Security card in a safe place to protect yourself from identity theft.

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    I Need Income Now Why Wait To Claim Social Security

    Your claiming age matters a great deal. You can file as early as 62, but your annual benefit will be higher for every year you wait, until 70.

    Social Security uses an actuarial formula tied to your full retirement age the point at which you can claim 100 percent of the benefit youve earned over the course of your working life. For example, if you turn 62 this year, your full retirement age is 66 and 8 months.

    If you file before your full age, your benefit will be reduced as much as 6.7 percent annually, depending on when you claim. The bite is bigger than in the past because of changes enacted in 1983, when a gradual increase in the full retirement age from 65 to 67 was set in motion. Those increases, which still are being phased in, effectively set the bar higher for claiming a full benefit.

    Filing at 62 this year means youll receive 72 percent of your full benefit, noted Richard W. Johnson, director of the program on retirement policy at the Urban Institute, compared with 80 percent for someone who was born in 1937 or earlier and retired at that age .

    That lower income can really sting when you reach your 80s and out-of-pocket medical expenses and spending on home and residential care often surge, Mr. Johnson said.

    Even a delay of a year or two past the full age can meaningfully increase benefits and mitigate your risk of falling short of income in retirement.

    If Your Spouse Also Worked Under Social Security

    If your spouse is eligible for retirement benefits on their own record, we will always pay that amount first. But, if the spouses benefit that is payable on your record is a higher amount, they will get a combination of the two benefits that equals the higher amount.

    If your spouse will also receive a pension based on work not covered by Social Security, such as government or foreign work, their Social Security benefit on your record may be affected.

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    Social Security Benefits For Children: The 4 Most Important Things You Should Know

    Social Security benefits for children are a big deal. In January 2017, there were more than 4.2 million children receiving Social Security benefits because one or both of their parents are disabled, retired or deceased. These benefit payments to children total more than $2.6 billion every month.

    Sadly, many children dont get the benefits for which they are eligible. Most people dont know about the qualifications and rules for this special benefit, so they dont know to apply for the children in their lives.

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    Rethinking Retirement: How to avoid your social security benefit being penalized

    Start collecting early, and your checks will be smaller, but you’ll receive many more of them, making an early start not as terrible as it might seem. For those in poor health or with a shorter expected life span — or simply those who need more income as soon as possible — starting to collect early can make plenty of sense.

    If you stand a decent chance of living a longer-than-average life, and you can delay starting to collect your benefits, they’ll increase by about 8% for every year beyond your full retirement age — up to age 70. So delaying from age 67 to age 70 can make those checks 24% bigger.

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    Social Security Benefits For Workers Turning 60 In 2020 Will Very Likely Drop Due To The Coronavirus Pandemic

    Congress could pass legislation that would prevent this outcome.

    As a result of the COVID-19 pandemic, about 3 million retired workers who turn 60 years old in 2020 will very likely have much lower lifetime Social Security benefits than previously expected. Without legislative changes, the average earner stands to lose nearly $1,500 per year for the rest of their life. Fortunately, there is a simple legislative changeexplored in detail belowthat would fix these problems without lowering the benefits of any other cohort of retirees. Chairman of the U.S. House Ways and Means Social Security Subcommittee, Rep. John Larson , has introduced such legislation*and Congress should fix this situation as soon as possible.

    Fact #: Most Elderly Beneficiaries Rely On Social Security For The Majority Of Their Income

    Social Security provides the majority of income to most elderly Americans. For about half of seniors, it provides at least 50 percent of their income, and for about 1 in 4 seniors, it provides at least 90 percent of income, across multiple surveys and the study that matches survey and administrative data.

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    Who Is Responsible For A Child

    You or your partner must be responsible for a baby or child under 6 on the day that you apply. You can show youre responsible for the baby or child if you or your partner:

    • gets Child Benefit for them, or
    • is responsible for them for Child Tax Credit, the child element of Universal Credit or the child addition of Pension Credit, or
    • is their kinship carer.

    If youre a kinship carer, youll need to show a legal order or a letter from the local council. You might have a legal order like a kinship care order, compulsory supervision order, residence order, permanence order or guardianship order.

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