When it comes to retirement, there are a number of options. There is also some important information on Social Security qualifications which many do not know. Whether a retiree, widow or disabled, there are programs which can offer income or assistance.
In most cases, the administration advises individuals to wait until age 67 to request and receive retirement benefits. Currently, individuals desiring to do so, can take these payments as early as age 62. While the amount of monthly benefits is decreased, it can often be more beneficial to do so.
One reason this is the case is that there are no deductions towards Medicare premiums at age 62, as is the case at and after age 67. Whereas, the government continues to discuss changing the retirement age to 72. As a result, those waiting until age 67, might very well have to wait even longer, thus receiving fewer payments between age 72 and the time of death.
If a spouse whom passes away is receiving benefits, whether early or after age 67, a widow can request to receive the individual's retirement income from the administration at age 60. In many cases, couples are not aware of this reality unless knowing someone receiving benefits of this fashion. It should also be noted that whether receiving benefits for oneself or a spouse, new income limits as of January 2018, allow these individuals to make up to $16,902 dollars per year and still keep retirement income.
The qualification guidelines differ greatly when it comes to Social Security Supplemental income, known as SSI and Social Security Disability Insurance, known as SSDI. Unlike retirement benefits which is money being paid back to an individual which had been stored in a government savings account, SSI qualifications are based on financial need. Whereas, only insured individuals having worked long enough to have paid taxes on Social Security income can receive SSDI.
Two programs, SSI and SSDI, are tailored specifically toward individuals whom can not work due to a severe and qualifying disability. In the case of SSDI, the administration will pay benefits to family members and the individual as long as the individual is insured and had worked long enough to pay taxes on Social Security before becoming disabled.
When applying for either of these two programs, the administration will collect financial records, medical records and household expenses. After which, qualifying expenses are deducted from any annual income to determine the final base income for qualification. After which, the administration will decide whether or not the individual qualifies for the program. To determine whether or not this is the case, there is an eligibility screening tool available on the SSA dot gov website which individuals can use to see if one may qualify before making an application.
If claims for either of these programs are denied, and the individual feels the decision is not justified, an Internet appeal need be filed as soon as possible. If the appeal is denied, most often an individual will need to hire an attorney working in this area of expertise in order to have a future application approved. While an individual can file a new application within a specified amount of time, especially if there are changes to circumstances or income, most often an attorney can expedite the application and approval process.
In most cases, the administration advises individuals to wait until age 67 to request and receive retirement benefits. Currently, individuals desiring to do so, can take these payments as early as age 62. While the amount of monthly benefits is decreased, it can often be more beneficial to do so.
One reason this is the case is that there are no deductions towards Medicare premiums at age 62, as is the case at and after age 67. Whereas, the government continues to discuss changing the retirement age to 72. As a result, those waiting until age 67, might very well have to wait even longer, thus receiving fewer payments between age 72 and the time of death.
If a spouse whom passes away is receiving benefits, whether early or after age 67, a widow can request to receive the individual's retirement income from the administration at age 60. In many cases, couples are not aware of this reality unless knowing someone receiving benefits of this fashion. It should also be noted that whether receiving benefits for oneself or a spouse, new income limits as of January 2018, allow these individuals to make up to $16,902 dollars per year and still keep retirement income.
The qualification guidelines differ greatly when it comes to Social Security Supplemental income, known as SSI and Social Security Disability Insurance, known as SSDI. Unlike retirement benefits which is money being paid back to an individual which had been stored in a government savings account, SSI qualifications are based on financial need. Whereas, only insured individuals having worked long enough to have paid taxes on Social Security income can receive SSDI.
Two programs, SSI and SSDI, are tailored specifically toward individuals whom can not work due to a severe and qualifying disability. In the case of SSDI, the administration will pay benefits to family members and the individual as long as the individual is insured and had worked long enough to pay taxes on Social Security before becoming disabled.
When applying for either of these two programs, the administration will collect financial records, medical records and household expenses. After which, qualifying expenses are deducted from any annual income to determine the final base income for qualification. After which, the administration will decide whether or not the individual qualifies for the program. To determine whether or not this is the case, there is an eligibility screening tool available on the SSA dot gov website which individuals can use to see if one may qualify before making an application.
If claims for either of these programs are denied, and the individual feels the decision is not justified, an Internet appeal need be filed as soon as possible. If the appeal is denied, most often an individual will need to hire an attorney working in this area of expertise in order to have a future application approved. While an individual can file a new application within a specified amount of time, especially if there are changes to circumstances or income, most often an attorney can expedite the application and approval process.
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