Key Takeaway: Grossing up social security for FHA refers to the process of adding a certain percentage to the borrower’s monthly social security income to qualify for a higher loan amount in FHA loans. To be eligible for social security gross up, the borrower must receive social security income and the lender must follow FHA…
Key Takeaway: Social Security benefits may be suspended for various reasons, such as exceeding the income limit or not reporting changes in circumstances. Understanding the reasons for suspension is key to knowing how to reinstate benefits. The process to reinstate Social Security benefits involves contacting the Social Security Administration (SSA), submitting required documents, and attending…
Image credits: retiregenz.com by James Washington Methods for Finding Someone’s Social Security Number Discovering someone’s Social Security Number? To do so, you must know which methods are out there. In this section, we will share three approaches for tracking down a Social Security Number. These are: Public Records Search Credit Report Request SSA’s Social Security…
Image credits: retiregenz.com by James Washington Taxable Amount of Social Security The Taxable Portion of Social Security Benefits For taxpayers receiving Social Security benefits, it is important to understand the portion of the benefits that will be taxed. The taxable amount is determined by a formula that takes into account the taxpayer’s total income and…
Key Takeaway: A social security card is a crucial form of identification that is required for many transactions and services, and individuals are allowed to have only one valid card at a time. If an individual exceeds the limit of social security cards, the excessive cards become invalid and do not hold any legal value,…
Key Takeaway: Obtaining Social Security Disability can be a difficult and lengthy process: It requires meeting both medical and non-medical eligibility requirements, gathering required documentation, and submitting the application. Additionally, there is a waiting period for approval and potential appeals process. Meeting the medical eligibility criteria is crucial: Applicants must have a medical condition that…
Key Takeaway: A restricted application is a way for eligible individuals to limit their claim to only spousal benefits, allowing their own retirement benefits to accrue delayed retirement credits while they continue to receive payments. This can lead to higher overall benefits in the long run. Eligibility for a restricted application includes being at full…
Key Takeaway: Millionaires can still be eligible for Social Security benefits based on their work history and earnings, but the amount they receive may be lower compared to lower-income individuals. The calculation of benefits for millionaires is based on their income and contributions, with a cap on taxable earnings and impacts of additional income on…
Key Takeaway: The first 3 digits of a Social Security Number (SSN) are determined by the geographical location of the office that issued the number, indicating where the individual was living when they applied for their SSN. The first 3 digits are also known as the Area Number and do not change over time, whereas…
Key Takeaways: RDSI Social Security is a form of social security program that provides financial and healthcare benefits to eligible individuals. To be eligible for RDSI Social Security, individuals must meet certain criteria, including age, work history, and disability status. The financial benefits of RDSI Social Security include retirement, disability, and survivor benefits, while the…
Key Takeaway: Social Security survivor benefits end when the eligible beneficiary reaches a certain age. The age at which benefits end may vary based on the specific circumstances of the beneficiary. Remarriage can also impact survivor benefits. If the beneficiary remarries before the age of 60, they will lose their survivor benefits. However, if they…
Image credits: retiregenz.com by James Jones Eligibility Criteria To be eligible for social security benefits for a child, the parent or guardian should have a valid social security number and meet specific criteria. These requirements include being either retired, disabled, or deceased and having worked enough to earn the required credits. Moreover, the child must…