Key Takeaway: Taking social security early while still working will result in reduced benefits: Workers who take social security benefits before reaching full retirement age will receive reduced benefits, and those who continue to work may lose even more of their benefits due to the earnings test. There are earning limits for those taking early…
Key Takeaway: A Representative Payee Report is a document required by the Social Security Administration for individuals who are unable to manage their own Social Security benefits due to physical or mental incapacity. The report details the beneficiary’s income, expenses, and how the payee has managed their funds. This is important for ensuring that payees…
Key Takeaways: The Full Social Security Amount is the maximum amount a person can receive from Social Security benefits, determined by their Primary Insurance Amount (PIA) and retirement age. PIA is calculated using a formula based on Average Indexed Monthly Earnings and years of earnings. A person’s PIA is the amount they would receive if…
Key Takeaway: An activation code is required to create an online account with Social Security, which is necessary to access personal information and manage benefits. There are three ways to obtain an activation code: creating an online account and receiving it instantly, requesting it by mail and waiting up to 10 days, or contacting the…
Key Takeaway: Social Security benefits in North Carolina are determined by various factors, including the individual’s work history and age at retirement. Calculating Social Security benefits involves factoring in the individual’s highest 35 years of earnings, as well as adjustments for inflation and delayed retirement credits. The maximum Social Security benefit in North Carolina for…
Key Takeaway: Social Security Disability Insurance (SSDI) eligibility requirements include having a medical condition that prevents you from working, having earned enough work credits, and meeting certain age and citizenship criteria. Medical evidence needed to determine eligibility for SSDI includes clinical records, diagnostic test results, and statements from medical professionals regarding one’s ability to perform…
Key Takeaway: The Social Security tax was sponsored by a group of lawmakers from the Democratic Party, led by President Franklin D. Roosevelt and Secretary of Labor Frances Perkins, as part of the Social Security Act of 1935. The tax faced opposition from Republicans and business groups who argued it would discourage job creation and…
Key Takeaway: Getting a Social Security Card in Phoenix AZ requires a few pieces of documentation, such as a birth certificate or passport. It is important to have all required documents before visiting the Social Security Administration (SSA) office to avoid any delays. When obtaining a Social Security Card in Phoenix AZ, one must fill…
Key Takeaway: A Social Security Number (SSN) represents a unique identifier assigned to individuals for the purpose of tracking their social security benefits and tax payments. The SSN is important as it is required for employment and tax purposes and is used by the government to administer benefits and services such as retirement, disability, and…
Key Takeaway: Your Social Security Disability claim may be denied multiple times, but there is no limit to the number of times you can apply for benefits.
Key Takeaway: The Social Security Act of 1935 established the retirement age as 65, with eligibility for reduced benefits at age 62. The 1983 Amendments raised the full retirement age to 67, with a gradual increase starting in 2000. Pros of raising the Social Security age include reducing the financial strain on the program and…
Key Takeaway: A person on social security disability can get a car loan by finding lenders that specialize in loans for people with disabilities and providing proof of income and disability status. Requirements for getting a car loan on social security disability include having a valid driver’s license, having a good credit history, and having…