Seven Essential Social Security Benefits You Should Know

It’s also possible that your Social Security retirement record could be of use if you have family members who are already receiving benefits.

It’s possible, according to the Social Security Administration, that certain members of your extended family will receive up to half of the value of your retirement benefit (SSA).

Payments from Social Security to your family will have no impact on the amount of your retirement benefit.

According to a report in The Sun, the amount paid to family members is contingent on your benefit amount and the number of eligible family members listed.

According to the Social Security Administration, the amount you and your family will receive will be between 150% and 180% of your full retirement benefits. Included are partners, ex-partners, and children.

If you take advantage of seven Social Security benefits, your income could be thousands of dollars a year.

Benefits for Spouses

Seven Essential Social Security Benefits You Should Know

When you file for retirement, your spouse may be eligible for benefits based on your earnings.

Additionally, you must be married to a person at least 62 years of age, have a child under the age of 16, or be a child receiving disability benefits.

If you began receiving benefits before you reached full retirement age, your spouse will receive a smaller benefit.

How much your benefits will be reduced as an example? If you were born in 1960 and started receiving Social Security benefits at the age of 62, your benefit would be reduced to $700.

The spousal benefit may be as much as half of yours, depending on the spouse’s age at retirement.

Seven Essential Social Security Benefits You Should Know

The spousal benefit of a spouse who cares for a qualifying child is not reduced.

Also Read: You’ll Be Surprised by These 3 Social Security Rules You Didn’t Know About!

Divorced Spouses’ Benefits

Regardless of whether or not you’ve since remarried, your ex-spouse may be able to collect benefits based on your past marital indiscretions.

Ex-spouses who were married to you for at least ten years qualify for your record.

At least 62 years of age, the applicant must be single.

A higher Social Security benefit cannot be granted based on their own or another person’s past work history.

Priority will be given to ex-spouses who are eligible for retirement benefits on their own records.

Seven Essential Social Security Benefits You Should Know

As a rule, you will receive an additional benefit in order to bring your total benefits up to the higher benefit listed on your record.

The number of benefits your ex-spouse receives has no impact on your or your spouse’s current benefits.

Benefits for Survivors

When you pass away, your loved ones may be eligible for survivor’s benefits.

In 2022, for example, if you earn $1,510 in wages or self-employment, you will receive one credit.

At $6,040, you will have earned your four credits.

In addition, one’s age at the time of death determines how many credits are needed to provide benefits to one’s surviving family members.

In order to receive Social Security benefits, a person does not need to have worked 40 credits or for ten years. However, when a person is younger, they have a smaller number of survivors’ benefits credits available to their family.

Seven Essential Social Security Benefits You Should Know

The older a person is, the more likely they are to be eligible for government assistance.

To begin receiving benefits, they must be 50 years of age or older and disabled.

To receive your benefits, they must be caring for a disabled child under the age of 16 who is also under the age of 16.

Listed below is a breakdown of their compensation:

  • Full retirement age or older widows and widowers receive 100% of their benefit amount.
  • Age 60 to full retirement age: 71.5 percent to 99 percent of your basic amount for a widow or widower who is divorced.
  • Age 50 to 59: 71.5 percent of disabled widows and widowers
  • 75 percent of widows and widowers of any age who are taking care of a minor child

Making a $255 one-time payment to a spouse or child also comes with a set of conditions.

Seven Essential Social Security Benefits You Should Know

Survivors must apply for this benefit within two years of the date of the deceased person’s death in order to be eligible.

Also Read: Early Social Security Benefits? There Are Only Two Rules You Should Be Familiar With.

Children’s Survivors Benefits

Children under the age of 18, or up to the age of 19 if in full-time school, may be eligible for Social Security benefits after your death.

If your child has a disability that began before the age of 22, he or she may also be eligible for benefits.

A child under the age of 18 may receive up to 75% of your benefit.

Certain circumstances may allow stepchildren, grandchildren, step-grandchildren, or adopted children to receive financial assistance from the federal government.

Having a Child Is a Blessing in disguise

When you die, your parents may be eligible for financial assistance.

Seven Essential Social Security Benefits You Should Know

Benefits of Being a Parent

The parents must be at least 62 years old.

It was at least half of the deceased worker’s financial support that went to the parent when he or she died or became disabled.

  • The parent provided proof that the deceased worker met at least half of the family’s needs in a timely manner, according to the documents provided.
  • The parent will not be able to collect Social Security retirement benefits that are on par with or higher than their new benefit.
  • There are a variety of ways in which a parent’s relationship to their deceased child can develop before a person reaches the age of majority.
  • Since the worker’s death, the parent has not gotten married.
  • Work credit was available for the deceased employee.

Seven Essential Social Security Benefits You Should Know

  • 82.5 percent of the total retirement or disability benefit of the deceased worker may be distributed to one parent.
  • If there are two parents, 75 percent of the benefits may be shared between them

Also Read: Social Security Benefits Table You’ll Never See Again

Benefits of Disability

As long as you have worked for a long period of time, you and your family will be eligible for Social Security Disability Insurance (SSDI).

You must have paid Social Security taxes prior to becoming disabled.

In order to be eligible for Social Security Disability benefits, a person must have a disability that will last for at least one year or result in death.

The Social Security Administration (SSA) will cover you for the rest of your life if you meet the requirements.

Up to $841 a month is available to seniors who qualify for Supplemental Security Income (SSI).

SSN payments have increased by $34 per month to $621 per month because of the cost-of-living adjustment in 2022 (COLA).

Seven Essential Social Security Benefits You Should Know

This works out to a total of $7,452 per year.

SSI benefits are available to people with disabilities or blindness whose incomes and resources fall below certain thresholds.

Even if you receive a Social Security pension or disability benefits, you may be eligible for SSI.

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