How to find out what your Social Security benefits will beSusan Bondy
000 a year in benefits, an income that size doesn't give you a whole lot of leeway to tackle even your basic expenses. And it certainly doesn't give you a cushion for extras, whether it's home repairs, higher-than-expected
Social Security is also known as OASDI, which stands for Old-Age, Survivors and Disability Insurance. It’s funded primarily by payroll taxes, and because it is an insurance program, people must contribute to the program in advance to qualify for benefits. Not sure if you contribute to Social...
Citizenship and Immigration Status: It is important to have proper citizenship or immigration status to be eligible for Social Security benefits. Ensure that your status is valid and up to date before initiating the transfer process. Proof of Eligibility: You may need to provide proof of your eli...
Social Security benefits are primarily retirement payments, but when someone in your family passes away, you might be entitled to survivors benefits.
Usually, the Social Security benefit that a spouse or survivor receives is equal to the partner's full benefit, assuming the spouse applied for benefits at thefull retirement age, which is determined by the retiree's birth year. That benefit is reduced if the spouse claimed the benefit someti...
However, the application process itself can take up to six months. So, don't wait for the six-month period of disability to elapse before applying for benefits; do it as soon as you become disabled. To learn more about the steps involved in applying, visit theSSA website. ...
For anyone born on Jan. 2, 1954 or later, however, the ability to claim a spousal benefit using a restricted application has been eliminated. Spouses can still file for a spousal benefit, but when they do, they will be considered to have filed for all benefits available to t...
For example, if you’remarried and filing jointlyand your combined income ranges from $32,000 to $44,000, then you may have to pay tax on up to 50% of your Social Security benefits. If your combined income is greater than $44,000, then up to 85% of your benefits may be taxable....
If you're approaching retirement, now's a good time to learn how to maximize your Social Security benefits. Some little-known strategies could boost your household’s benefits, whether you live alone or still have minor children at home. Here are six ways to get the most out of your retir...