Key Takeaway: Eligibility for tax withholding: If you receive a Social Security check, you can request to have federal taxes withheld from your payment if you expect to owe taxes at the end of the year. You must meet certain criteria to be eligible for tax withholding, such as being a U.S. citizen or resident…
Example Key Takeaways: Key Takeaway: Green Dot Prepaid Cards do not require a social security number, making them a good option for those who cannot or choose not to provide one. NetSpend Prepaid Cards also do not require a social security number and offer features such as mobile check deposit and direct deposit. United States…
Key Takeaway: Filing and Suspending Social Security allows you to delay taking your benefits and potentially increase your future benefits. This is especially helpful if you plan to continue working past your Full Retirement Age. Creating an online Social Security account is easy and convenient. It allows you to monitor your benefits, change your address,…
Key Takeaway: Social Security checks are determined by a variety of factors, including earnings history, age of retirement, and length of employment. The average Social Security check amount varies based on the retirement age of the recipient. For example, the average check amount for those who retire at age 62 is $1,130, while the average…
Key Takeaways: Individuals with anxiety disorders may be eligible for Social Security Disability Benefits, which can help provide financial assistance to those who cannot work due to their condition. The amount of Social Security Disability Benefits paid for anxiety disorders varies depending on various factors, including the severity of the anxiety disorder, the individual’s work…
Key Takeaway: Teachers do not receive Social Security benefits because of state and federal laws that exempt them from paying into the Social Security system. Instead, they are often covered by alternative retirement plans, such as pensions or 403(b) plans. Some teachers may not qualify for Social Security even if they have paid into the…
Image credits: retiregenz.com by Joel Jones Consequences of Not Taking Social Security at Age 70 Social Security benefits can be delayed up to age 70, which can have both advantages and disadvantages. One advantage is increased monthly payments, as benefits increase by up to 8% per year. However, delaying benefits means foregoing potential payments that…
Key takeaway: Eligibility for Social Security Disability for a Minor: In order for a minor to qualify for Social Security Disability, they must have a medically determinable impairment that has lasted or is expected to last for at least 12 months or result in death, and it must have a marked and severe impact on…
Key Takeaway: Accessing your Social Security statement is easy: You can set up an online account or request a paper statement to see your estimated retirement benefits and review your earnings record. Understanding your Social Security statement is essential: By reviewing your earnings record and estimated retirement benefits, you can ensure that your Social Security…
Key Takeaway: Social Security benefits may be subject to taxation: If your total income exceeds certain thresholds, a portion of your Social Security benefits may be subject to federal income tax. This tax applies regardless of whether you have to file a tax return or not. Minimum income limits determine whether you need to file:…
Key Takeaway: The Social Security System provides benefits to retirees, survivors, and the disabled based on their contributions and work history. Employee and employer contributions are required to finance the system, and benefits are determined based on factors such as age, work credits, and marital status. The system faces challenges related to sustainability and solvency,…
Key takeaways: Freezing your social security number is a way to prevent identity theft by restricting access to your personal information. Reasons for freezing your social security number may include experiencing identity theft, having your personal information exposed in a data breach, or being at risk for identity theft due to other factors. To freeze…