Getting Down To Basics with Planning

What You Need to Know about Social Security

Every government provides financial assistance to the people with no or inadequate income, such assistance is referred to as social security.

Social security mainly targets children, the elderly, the sick and the unemployed who are struggling in meeting their daily needs by offering assistance. The assistance is meant to enable them to access food and shelter and to promote health and well-being more so to potentially vulnerable segments such as children, the elderly, the sick and the unemployed.
The main contingencies protected in social security include responsibility for the maintenance of children, suspension of earnings due to pregnancy and confinement and their consequences. The other contingencies include suspension of earnings due to an inability to obtain suitable employment for protected persons who are capable of, and available for work, suspension of earnings due to an incapacity for work resulting from a morbid condition, permanent or persistent inability to engage in any gainful activity, treatment of any morbid condition including pregnancy, as well as loss of support suffered by a widowed individual or child as the result of the death of the provider.
For one to receive social security benefits, they must enroll to one of the following basic categories based upon the record of their earnings, these include retirement, disability, dependents, and survivors benefits.

The primary step to getting retirement benefits involves registering to the social security board of your country under the retirement section. In addition, people who are eligible for retirement benefits are those who have worked in covered employment for a sufficient number of years and they retire at age sixty-two. Besides, a candidate may start getting retirement benefits at any time after they have reached age sixty-two. In some cases, one may want to receive the payments before they reach the full retirement age, in such a case, the amount of the benefit will be reduced by a certain percentage.

The other social security benefit that one can be assured of getting is disability benefits. However, the disability benefits is for people who have met the work requirements and are considered disabled under the Social Security program’s medical guidelines.

Social security also offer dependents benefits for people who have registered to the program. When one is a spouse of a retired or disabled worker who qualifies for Social Security retirement or disability benefits, they are entitled to dependent benefits. Your minors and disabled children are also entitled to dependents benefits.

People who are spouses of workers who qualified for Social Security retirement or disability benefits,then they are entitled to survivors benefits including their children. The payments that one will receive under survivors benefits is based on their deceased spouse’s earnings record.

Investment – Getting Started & Next Steps

Investment – Getting Started & Next Steps