What Is Social Security Insurance?
A lot of people ask what is Social Security insurance. This is an insurance program that workers pay taxes into over a lifetime. These people must have worked and earned enough credits to become eligible for retirement through SSA. The number of credits needed to receive the retirement benefit is 40. Once a person has earned 40 or more credits from working they must attain the age of 65 if born before 1938. The age of retirement starts increasing gradually each year from 1938-1959 until it reaches age 67 for everyone born in 1959 or later.
Benefits Of The Social Security Insurance Program
Many people think of retirement when thinking what is Social Security insurance. The retirement program is only one part of this widely needed insurance program. There are many other benefits offered. The disability program is a very important benefit for any worker that has been injured and the injury or disease does not need to be work related. The disability program in place will only cover a worker that has earned enough credits at the time they are injured, but in many cases forty credits is not required. This benefit is calculated by the credits needed for that workers age group. If the disabled worker is eligible and has children under 18 years of age the worker will get a child benefit which is a separate check monthly until the child is grown up.
What Is Social Security Insurance?
Millions of people will ask themselves what is Social Security insurance. This program is mainly known for retirement and disability benefits, but few really understand how much this program helps people even when they are deceased. The survivor benefit is a program for many children that have lost the working parent at a young age and when this happens the child’s guardian will get 75% of the benefit check every month until they reach 18 or finish school. This benefit is also important for married couples looking to retire on one income and if one of the spouses dies the benefit is passed on to the one that is still living no matter which work record is used.
Send this page to a friend ...
