Key Takeaway: Understanding the eligibility criteria for extra Social Security checks is important: To be eligible for extra Social Security checks, individuals may need to meet certain age and income requirements or have a disability that prevents them from working. Knowing the eligibility criteria can help individuals determine if they are eligible for extra benefits….
Key Takeaway: The Social Security tax increase for 2013 has been introduced to address the funding shortfall of the Social Security program. The source of the Social Security tax increase is a 2% increase in the Social Security tax rate, which applies to all employees earning up to a certain limit. The Social Security tax…
Key Takeaways: Earnin and Chime are two payday apps that accept Social Security as income. This means that individuals on Social Security can receive advances on their benefits through these apps. Other popular payday apps such as Dave and MoneyLion do not accept Social Security as income, so individuals on Social Security should avoid these…
Key Takeaway: A decision on Social Security Disability is made by an Administrative Law Judge (ALJ) after considering all the evidence, including medical records, opinions from medical and vocational experts, and testimony from the claimant. If the ALJ’s decision is unfavorable, the claimant can appeal to the Appeals Council, which may decide the case or…
Key Takeaways: Undocumented immigrants contribute billions of dollars to Social Security each year through payroll taxes, despite being ineligible to receive benefits. Without these contributions, the Social Security trust fund would face even greater financial challenges, as the system relies on payments from workers to support current beneficiaries. Policymakers should consider providing a pathway to…
Key Takeaway: Children can receive Social Security benefits under certain circumstances, such as if they have a parent who is disabled, retired, or deceased. These benefits can provide important financial support for the child’s well-being. Children under 18 must meet certain eligibility requirements to receive Social Security benefits, such as being unmarried and dependent on…
Key Takeaways: Age is a primary factor for Social Security benefits eligibility. Those who have reached age 62 or above are eligible to receive benefits. Work credits are also required for eligibility. The length of time you have worked and paid Social Security taxes affects the number of work credits you have earned. Disability status…
Key Takeaway: Social Security checks inmate status through data provided by both federal and state prisons as well as prison authorities, and benefits may be suspended if an inmate is found to receive them illegally. Overpayment issues may also arise if benefits continue to be paid after an individual has been incarcerated, leading to debt…
Key Takeaway: Social Security COLA (Cost of Living Adjustment) for 2020 increased by 1.6%, providing an average increase of $23 per month for recipients. The increase in Social Security benefits may be offset by an increase in Medicare premiums, which are based on income and can vary widely. Tax implications for the COLA increase depend…
Key Takeaway: Insufficient funding and population changes are major issues with Social Security. These need to be addressed in order to ensure the system’s sustainability. Possible solutions include raising the retirement age, increasing taxes, and reducing benefits. Each option has its own pros and cons, and a balanced approach is necessary. Public perception of Social…
Key Takeaway: RS-DI stands for Retirement, Survivors, and Disability Insurance, a program that provides financial assistance to individuals who are unable to work due to a disability or retirement. To be eligible for RS-DI, individuals must meet the Social Security Administration’s definition of disability, which includes strict criteria regarding the nature and severity of the…
Key Takeaway: Qualifying for benefits: To receive Social Security survivor benefits, you must meet certain eligibility criteria, including the length of your marriage, your age, and your spouse’s work history. These factors impact the amount of benefits you may receive and when you become eligible for them. Additional benefits: In addition to survivor benefits, surviving…