Browsing: Social Security

Who is eligible for a (dollar)255 one-time payment from Social Security, and how do you apply for one? SOCIAL SECURITY reimburses you in a variety of ways, including survivor benefits. Many people consider Social Security to be nothing more than a monthly payment that retirees receive after paying into the system their entire lives. However, it does much more, such as providing benefits to qualifying children and spouses. Social Security benefits approximately 65 million people in the United States. Individual family members who qualify can receive a (dollar)255 lump-sum payment. A family member of a deceased person receives the sum…

What to do if your Social Security check is late – and how to avoid it in the first place. THOSE WHO ARE ELIGIBLE FOR SOCIAL SECURITY BENEFITS WILL RECEIVE A MONTHLY CHECK OR DRAWN DIRECTLY FROM THEIR ACCOUNT. It’s possible that your Social Security payment will arrive late. To ensure that benefits are distributed on time, the Social Security Administration (SSA) sends checks or direct deposits throughout the month. Although there are exceptions, payments are supposed to be deposited into people’s accounts on Wednesdays. Your birthday has an impact on when your money reaches your account. This means that…

There are three things that married Social Security recipients should be aware of regarding their benefits. For many couples, Social Security benefits become a major source of income after retirement. Before you retire, it’s critical to know how to make the most of your money. When a worker applies for retirement benefits, his or her spouse may qualify for a benefit based on the worker’s earnings. There are numerous calculations that go into determining how much money you will receive. Keep in mind that you’ll be retiring together. A%20spouse%20can%20choose%20to%20retire%20as%20early%20as%20age%2062,%20but%20doing%20so%20might%20result%20in%20a%20benefit%20as%2032.5%%20of%20the%20worker%20primary%20insurance%20amount. For%20each%20month%20before%20normal%20retirement%20age,%20up%20to%2036%20months, a%20spousal%20benefit%20is%20reduced%20by%2025/36%20of%201%%20for%20each%20month%20before%20normal%20retirement%20age. If%20the%20number%20of%20months%20exceeds%2036,%20the%20benefit%20is%205/12%20of%201%%20per%20month%20further%20reduced. This%20reduction%20factor%20is%20applied%20to%20the%20base%20spousal%20benefit,%20which%20is%2050%%20of%20the%20worker%27s%20primary%20insurance%20amount%20for%20a%20spouse%20who%20is%20not%20entitled%20to%20benefits%20on%20his%20or%20her%20own There are three things you should be…

If you’ve lost your job, here’s how you might minimize your Medicare expenses. You may be eligible for decreased Medicare payments if you are a Social Security claimant who has lost income. This is beneficial because changes in income may result in increased monthly premiums for some Medicare enrollees. According to the Social Security Administration, those who earn more money may be liable to surcharges ranging from $59.40 to $356.40. (SSA). However, certain people may be able to challenge these fees using income-related adjustment amounts (IRMAA). We’ll show you how in the sections below. IRMAA is calculated by the Social…

The demand for a “surprise” stimulus check is growing – learn if you’re eligible for a fourth payment. 75,000 people have signed a new petition seeking for a fourth stimulus cheque for social security holders. The Senior Citizens League has initiated a campaign to give people receiving social security benefits an extra $1,400 check. The group claims that the amount of social security benefits Americans get does not reflect current inflation and price increases. “Social Security benefits are one of the only sources of retirement income that is inflation-adjusted,” according to the petition. “However, rising inflation has taken a toll…

Social Security recipients in these 13 states may lose some or all of their benefits. ARE YOU AT RISK OF LOSSING A PORTION OF YOUR SSI PAYMENT? If you live in one of these 13 states, your taxes may be higher, resulting in less money in your pocket. As people get older, they become more reliant on government benefits like Social Security. In some areas, however, claimants are subjected to both federal and state taxes. Social Security payouts may be severely cut as a result of federal and state levies, affecting millions of claimants’ income. There are, fortunately, ways to…

When and if the fourth stimulus cheque will be issued to Social Security beneficiaries. AFTER three rounds of stimulation during the Covid crisis, some groups are calling for a fourth. While it’s unlikely that Americans will see more stimulus money in their bank accounts before the end of 2021, one nonpartisan group is attempting to persuade Congress to do so in order to benefit seniors. In 2019, approximately five million Americans aged 65 and up lived in poverty, according to the Congressional Research Service. The Senior Citizens League is working to get another stimulus payment into the hands of seniors,…

More married couples are now eligible for Social Security payments – Are you a candidate? More same-sex couples will be eligible for Social Security payments, which is wonderful news. The surviving spouse or partner was previously only eligible if the couple had been married for nine months when the partner died. Earlier bans on same-sex marriage, however, rendered meeting that deadline difficult. In 2018, the LGBTQ rights organization Lambda Legal filed two class action lawsuits on behalf of two couples seeking to invalidate the rule. Lower courts ruled in favor of the couples, but the Trump administration appealed the verdicts.…

When you die, what happens to your Social Security benefits? If you’re a US citizen receiving Social Security payments, you should be aware of the benefits that may be available to your loved ones after you die away. When a family member or loved one dies while receiving Social Security payments, the Social Security Administration should be notified as soon as possible. However, this does not always imply that payments will stop. Survivors of loved ones, such as a spouse, child, or even a parent, may be eligible to collect the deceased’s Social Security payments. To be eligible for survivor…

When you retire, learn how to make the most out of your Social Security benefits, including how to increase your payments. WHEN IT COMES TIME TO RETIRED, YOU WANT TO MAKE SURE YOU GET THE MOST OUT OF YOUR MONTHLY BENEFITS AFTER DECADES OF WORKING AND CONTRIBUTING TO SOCIAL SECURITY. Planning for retirement is a key step toward increasing your savings, and even minor errors can cost you money. We’ll show you how to make the most of your checks in the sections below. To be eligible for Social Security, you must have completed at least 40 hours of employment.…