Under federal law on social security system, the poor, the unemployed and the disabled are provided assistance through the Supplemental Security Income (SSI). This benefit is funded by general tax revenues and given as cash to eligible individuals to help them meet their basic needs of food, shelter and clothing.
Eligibility
In order to be eligible to receive SSI benefits, an individual must prove the following:
0 That he is age 65 or older, blind, or disabled
0 That he legally resides in one of the 50 states, the District of Columbia, Northern Mariana Islands or is the child of military parents assigned to permanent duty outside of the US
0 He is a student (certain restrictions apply) temporarily abroad.
0 That he has income and resources within certain limits
0 The individual must also apply for the benefits.
Social security benefits are more than an insurance plan. It provides and supplements income for retirees, the disabled and the unemployed. Here are ten important points to remember about the social security income benefits as a good investment plan:
1. Social security acts as protection and insurance 0 Social security provides insurance coverage to more than 153 million workers and their families and benefits to close to 46 million individuals of all ages, including […]
Full Article At: KnowHow-Now.com Articles
Social security as a foundation of our retirement income presents two facts:
1. Social security is a lifetime achievement and membership.
2. Social security benefits do not lose it value because financial adjustments are made from time to time.
How Social Security Works
You pay your taxes to social security as you work which becomes part of your income when you retire or become disabled. You actually earn the benefits that you deserve while working. Therefore, the longer you work and the more money you earn, the higher you social security benefits will be.
The amount of social security retirement benefits is based on some of these factors:
0 How much time you spent in the workforce
0 How much money you made.
0 Your age when you start receiving benefits.
To qualify for social security retirement benefits, you must have earned at least 40 social security credits in a job covered by social security. You can start receiving your retirement benefits at age 62. If you wait until you are older enough to start receiving your benefits, you will get a higher amount each month.
Whether you qualify for retirement or disability benefits, your spouse and dependent children can also receive monthly checks.
Social security is a dominant source of income for […]
Full Article At: KnowHow-Now.com Articles
