Key Takeaway: Understanding Social Security benefits involves knowing what Social Security is and if you are eligible for benefits. Calculating your Social Security benefits involves determining your Average Indexed Monthly Earnings (AIME), Primary Insurance Amount (PIA), and any reductions or increases to your benefits. To determine your Social Security benefit amount, review your earnings history,…
Key Takeaway: Self-employed individuals are responsible for paying Social Security taxes, which can be done through self-employment tax or estimated tax payments. It is important to be aware of deadlines for payment as well as the penalties for late payment or failure to pay. Resources for assistance include the IRS website and forms as well…
Key Takeaway: There are several options to obtain health insurance without a social security number, including private health insurance plans, short-term health insurance plans, health sharing ministries, Medicaid, and Children’s Health Insurance Program (CHIP). Individuals seeking health insurance without a social security number should be prepared to provide proof of residency and identity during the…
Key Takeaway: Social Security benefits may be affected by an inheritance: Inheritance can impact your eligibility for Social Security benefits and the amount you receive in benefits. Required information to report an inheritance to Social Security: To report inheritance, you will need to provide Social Security with information about the type and value of your…
Key Takeaway: The Social Security Cost of Living Increase (COLA) for 2019 was 2.8%: Beneficiaries received this increase to their monthly payments in January 2019, reflecting the rise in inflation and cost of living expenses. The COLA is calculated based on the Consumer Price Index (CPI-W): This index measures changes in the prices of goods…
Key Takeaway: Proper envelope addressing is important: Using the correct format and addressing information ensures that your mail is delivered to the correct recipient in a timely manner. Correct addressing of an envelope to Social Security: When addressing an envelope to the Social Security Administration office or the Social Security card center office, include the…
Key Takeaway: Online appointment booking is a convenient option: Booking an appointment with Social Security online is easy and convenient. It saves time and allows you to choose a time that works best for you. Required information for appointment booking: Before booking your Social Security appointment, make sure you have the necessary information, including your…
Key Takeaway: Obama has multiple Social Security Numbers due to address discrepancies and protection from identity theft. Address discrepancies can lead to multiple Social Security Numbers as the Social Security Administration may issue a new number based on a new address. Claims of Obama using fraudulent Social Security Numbers have been debunked by fact-checking organizations….
Key Takeaway: To be eligible for social security disability, you must meet the health condition requirements and work credit requirements set by the Social Security Administration. It is important to apply as soon as possible after becoming disabled and unable to work, as the process can be lengthy and may take several months or even…
Key Takeaway: SGA, or substantial gainful activity, is a measure used to determine whether an individual is eligible for Social Security disability benefits. SGA refers to any work activity that results in a certain level of earnings, regardless of the type of work or the individual’s job performance. SGA is an important factor in the…
Key Takeaway: Social Security taxes are higher than wages due to the way they are calculated, based on a fixed percentage of income up to a certain limit. This means that higher earners will pay more into the system than those earning less. One reason for the higher Social Security taxes is that they fund…
Key Takeaway: Social Security Numbers are important identifiers: Social Security Numbers (SSNs) are unique identifiers used by the government to track earnings and contributions to Social Security. They are also used for various other purposes such as tax administration, credit reporting, and employment background checks. The letter after your SSN has significance: The letter after…