Key Takeaway: Social Security benefits are calculated based on your primary insurance amount and may be affected by factors such as your earnings history, age, and whether you claim benefits early or late. It’s important to understand these basics to determine your benefit amount. There are earning limits for individuals who receive Social Security benefits…
Key Takeaway: Understand Social Security Benefits: It is important to understand the eligibility criteria and different types of benefits available, including spousal and survivor benefits. Delay Claiming Social Security: Delaying claiming Social Security beyond the age of 62 can significantly increase benefits and should be considered if possible. Maximize Your Earnings and Benefits: Working longer,…
Key takeaway: Making too much money while on Social Security can result in a reduction or withholding of benefits: If you earn more than the Social Security earnings limit, your benefits may be reduced or withheld. The earnings limit changes annually, so it is important to stay up-to-date on the current limit. Understanding how the…
Key Takeaway: Social security numbers serve as a unique identifier for individuals in the United States and are used for a variety of purposes, such as tax reporting and employment verification. A social security number is comprised of three parts: the first three digits (area number), the middle two digits (group number), and the last…
Key Takeaway: Setting up an online Social Security account is easy and provides access to information on Social Security credits and benefits. To check Social Security credits online, navigate to the “Earnings Record” section of your online account and review the information provided. This will include information on your earnings history and credits earned over…
Key Takeaway: Social Security benefits are meant to provide financial assistance to retirees, survivors, and those with disabilities. Unfortunately, some individuals pass away before they can collect any benefits. In 2020, there were approximately 526,915 individuals who died before they could collect Social Security benefits. The most common causes of death were heart disease, cancer,…
Key Takeaway: BEC-Apply-UI Social Security is a program that provides social security benefits to eligible individuals. The benefits of BEC-Apply-UI Social Security include protecting personal data and accessing government services more easily. To be eligible for BEC-Apply-UI Social Security, applicants must meet certain criteria and follow the application process outlined by the government. Are you…
Key Takeaway: Social Security tax is a federal tax that helps fund retirement, disability, and survivor benefits for eligible individuals in Texas. In Texas, the Social Security tax rate is 6.2% for employees and employers, with a maximum wage base of $142,800 in 2021. Self-employed individuals also pay a 12.4% Social Security tax on their…
Key Takeaway: Payroll taxes are the primary source of revenue for Social Security: Employers and employees contribute to Social Security through payroll taxes, which are automatically deducted from employees’ paychecks. These taxes make up about 89% of the Social Security Trust Fund’s revenue. Self-employment taxes also contribute to Social Security: Self-employed individuals must pay both…
Key Takeaway: Military service can add credits to your Social Security benefits: Active duty service members who have served after September 1950 may be eligible for extra Social Security credits to increase their retirement or disability benefits. Veterans can also receive credits for their service during certain wartime periods. Military service members can receive disability…
Key Takeaway: Direct deposit is a convenient and secure way to receive Social Security benefits. It eliminates the need for paper checks and allows for automatic deposit into your account on the payment date. To be eligible for direct deposit, you must have a bank or credit union account and provide your account information to…
Key Takeaways: The blackout period for Social Security is a time when the Social Security Administration suspends electronic access to your account, usually for maintenance and updates. The blackout period typically lasts for two to three days, but may extend up to a week or more in some cases. To prepare for the blackout period,…