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 Social Security Covers More than Retirees. Can You Use It? 

 

Social Security isn’t only for retirees. Lots of other people benefits for it as well. Almost 13.5 million Americans under 65 receive its paycheck every month. While some of these are seniors who want to start their benefits soon after they become eligible, lots of them aren’t even close to retirement age.

However, they still qualify for Social Security benefits for one of the lesser-known reasons. You may be eligible for social security as well without your knowledge.

The importance of Social Security

It is a comprehensive federal program that provides financial protection to individuals and families in various circumstances. Established in 1935, Social Security has evolved into a vital component of financial security for millions of Americans.

Key security benefits of Social Security

Retirement income: Social Security provides a steady stream of income to retired workers.

Disability benefits: If a worker becomes disabled and is unable to continue working, Social Security offers disability benefits. These benefits are available not only to the worker but also to their dependents in some cases.

Survivors’ benefits: In the event of a worker’s death, Social Security provides financial assistance to the surviving spouse, children, and sometimes other family members. This support helps mitigate the financial impact of the loss of a family breadwinner.

Inflation protection: Social Security benefits are adjusted annually for inflation, based on the Consumer Price Index. This ensures that the purchasing power of the benefits does not erode over time, providing a degree of financial security against rising costs of living.

Widely accessible: Almost all workers in the United States contribute to Social Security through payroll taxes. As a result, the vast majority are eligible for its benefits in one form or another.

Economic stability: Social Security contributes to the overall economic stability and consumer spending, which is crucial for the health of the national economy.

Poverty reduction: Social Security has been instrumental in reducing poverty among the elderly and other vulnerable groups.

 

What are disability benefits?

 

Social Security offers benefits to individuals who are unable to work due to a disability that might last at least a year or lead to death. To be eligible for these benefits, one needs to have accumulated a specific number of work credits.

As per the 2020 standards, earning $1,410 constitutes one credit, and a person can acquire up to four credits annually. The total number of credits required for qualifying for disability benefits varies based on the age at which the individual becomes disabled, but it never exceeds 40 credits.

It is possible to submit an application at a local Social Security office. Another option is to apply online. It is important to note that the benefit payments do not start immediately after application.

The initial stage of the application process involves the Social Security Administration (SSA) verifying the applicant’s employment history and assessing their medical records to determine the severity of their disability and whether it justifies the benefits.

Once the SSA has made a decision on the application, the applicant will be informed. If the application is denied, the individual has the right to appeal.  Importantly, instructions for this process will be included in the denial notice.

In cases where the application is approved, the notification will include details about the monthly benefit amount that the applicant will receive.

Additionally, the family members of the disabled worker, such as spouses and unmarried children under the age of 18, or children of any age who were disabled before turning 22, may also be eligible for Social Security benefits, provided they were financially dependent on the income of the disabled worker.

 

What are survivors’ benefits?

Social Security

 

Survivors benefits are designed to support the spouses, minor children. In some cases, ex-spouses and dependent parents of workers who have passed away, also qualify.

The deceased worker must have accumulated sufficient credits for their survivors to qualify for these benefits.

Surviving spouses can generally start claiming these benefits at age 60, or at age 50 if they are disabled.

This eligibility also applies to ex-spouses, provided they have not remarried and were married to the deceased worker for at least ten years.

Additionally, spouses and ex-spouses who are responsible for the deceased worker’s disabled children or children under the age of 16 are eligible to claim benefits at any age, regardless of the duration of their marriage to the deceased.

Unmarried children under the age of 18, or up to 19 if they are still enrolled in high school, are also entitled to survivors benefits.

This includes children who became disabled before the age of 22. Under certain conditions, stepchildren, adopted children, grandchildren, or step-grandchildren may also be eligible for these benefits.

The amount of survivors benefits one is eligible to receive is determined by their relationship to the deceased. Besides, the deceased’s work history, and their age, also matters.

For spouses and ex-spouses, they may be eligible to receive up to 100% of the deceased worker’s Social Security benefit. Children, on the other hand, are typically eligible for 75% of the worker’s benefit amount.

 

What about children’s benefits?

 

Children can apply for Social Security benefits if their parent is disabled, deceased, or aged 62 or older based on their work history.

To qualify, these children must be unmarried and under the age of 18, or up to 19 if they are still attending high school.

Additionally, individuals who became disabled before turning 22 are always eligible for benefits. In certain situations, stepchildren, adopted children, and grandchildren may also qualify for these benefits.

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