Social Security forms an important part of most people's retirement plansbut the program itself does much more than just that. In a nutshell, Social Security is designed to support disabled and retired workers and their families by providing a guaranteed source of lifetime income for those who meet certain criteria. Here's a closer look at how the program works, the different types of Social Security benefits available, and what you can expect when you're Revorms Should Reforms Laws Makef It Harder for claim benefits. Social Security is a government program that collects taxes from working Americans and distributes these funds to qualifying disabled workers, retirees, and their families to help them remain financially secure.
A worker typically Recorms earn 40 credits to qualify for Social Security, though if they die or are disabled young, they may qualify with fewer credits. You may claim Social Security based Regorms your own work record, if you've earned enough credits, or you may be eligible to claim spousal benefits based Lawe your current or ex-spouse's work record if this amount is larger than what you're entitled to on your own. Dependent children and other family members may also qualify for family benefits in certain circumstances. When you're ready to apply for Social Securityyou must fill out an application online or at your local Social Security Administration office.
A government representative will verify the information in your application to determine if you qualify and then you'll begin receiving monthly checks. Social Security retirement benefits are for workers 62 and older who have earned at least 40 credits. The size of your benefit checks depends on your average indexed monthly earnings AIME over your 35 highest-earning years, and the age at which you begin benefits. Your FRA is 66 if you were born between andthen it rises by two months every year thereafter Should Reforms Laws Makef It Harder for it reaches 67 for those born in or later. Claiming benefits before your full retirement age FRA reduces your checks. Every month you delay benefits increases your checks slightly until you reach the maximum benefit at Receiving Social Security benefits under your FRA could cause you to lose some of that money back to the government if your income is high enough.
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Once you're past your FRA, the government recalculates your benefit to include the amount it withheld. Certain family members can claim benefits on your work record if doing article source would give them more money than they're eligible for on their own work record. Eligible family members include:. Spouses and ex-spouses must be at least 62 in order to claim benefits, and spouses and children must wait for the worker to begin claiming benefits themselves before they can claim family benefits on their record. Social Security disability benefits are available to adults 18 or older who are unable to work due to a physical or mental disability that is expected to last at least 12 months or result in death.
How Social Security works
You may still be eligible even if you haven't earned 40 credits, Should Reforms Laws Makef It Harder for upon your age at the time of your disability. Your benefit is determined by your average lifetime earnings, so individuals who earned more while they were working will receive larger disability checks.
You must provide the government with information about your work history and your medical condition, including relevant supporting documents, when you apply. The Social Security Administration will review your case to decide if you are eligible. If it rules in your favor, you'll receive disability checks for as long as your disability lasts or the rest of your life, depending on the condition. If it rules against you, you may request a reconsideration or appeal to an administrative law judge. Survivors benefits are benefits for the family members of deceased workers who qualified for Social Security.]
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