How To Get Extra Money From Social Security
How To Get Extra Money From Social Security
What is Social Security?
Social Security is a federal program that provides a variety of benefits to eligible individuals and their families, such as retirement, disability, survivor's benefits, and supplemental security income. It is funded primarily through payroll taxes, or the Federal Insurance Contributions Act (FICA). The program is administered by the Social Security Administration (SSA).
How to Receive Extra Money from Social Security?
There are several ways to receive extra money from Social Security. One way is to work longer. By working longer, you can increase your Social Security benefits by as much as 8% for each year that you work past your full retirement age. You can also receive extra money by delaying when you begin to receive your Social Security benefits. When you delay your benefits, you can receive an additional 8% in benefits for each year you delay up to age 70.
What Other Benefits Can I Receive?
In addition to extra money from Social Security, there are other benefits you may be eligible for. These include Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), and Medicare. SSDI provides financial assistance to individuals who are unable to work due to a disability. SSI provides financial assistance to individuals with limited resources who are aged, blind, or disabled. Medicare provides health care coverage for individuals aged 65 and older, as well as for individuals under 65 who are disabled.
What Other Options Do I Have?
In addition to working longer and delaying when you begin to receive your Social Security benefits, there are other options you can consider to receive extra money from Social Security. These include filing for spousal benefits, applying for a Social Security benefit calculator, and filing for a lump sum death benefit. Spousal benefits allow a spouse to receive a portion of their deceased spouse's Social Security benefit. A Social Security benefit calculator can help you estimate your future benefits. And, a lump sum death benefit is a one-time payment to a surviving spouse or dependent when a worker dies.
What Are the Rules for Spousal Benefits?
To be eligible for spousal benefits, a spouse must be at least 62 years old and married to the worker for at least one year. The amount of the benefit is based on a percentage of the worker's benefit. The percentage is determined by the age of the spouse when he or she begins to receive benefits. A spouse who begins receiving benefits before age 65 will receive a reduced benefit.
What Are the Rules for Applying for a Social Security Benefit Calculator?
The Social Security benefit calculator can be used to estimate your future benefits. To use the calculator, you must enter your age, birth date, marital status, and current earnings. The calculator will then estimate your future monthly benefits. It is important to note that the estimated benefits are only estimates and may not reflect the actual amount you will receive.
What Are the Rules for Filing for a Lump Sum Death Benefit?
To file for a lump sum death benefit, you must be the surviving spouse or dependent of the deceased worker. The beneficiary must be at least 60 years old, and the deceased must have worked long enough to qualify for Social Security benefits. The lump sum death benefit is a one-time payment equal to the full amount of the deceased's Social Security benefit. The lump sum must be paid within two months of the death.
