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Things You Need to Know About Social Security Today, there are around 160 million people who are paying for the social security taxes in the United States and 50 million are receiving benefits. Here we are going to discuss all the good things that you can get from these. The first obvious benefit that everybody can get from social security taxes is on retirement. What commonly happens with every is that they work for a certain job and pay for social security taxes over the years and when the time comes that they have to retire, they receive monthly checks coming from the administration. This has been benefitting so many people most especially those that don?t have any source of income aside from their jobs. If you have a job that has already paid for the taxes for at least 40 calendar quarters, then you are good to go because that?s already considered to be fully covered. With this, you’d be able to retire at the age of 62 and start receiving such benefits. The most important thing that you have to take note is that if you retire at an earlier age, the payment will be decreased. You will be receiving more benefits the more years you spend on your job.
The 9 Most Unanswered Questions about Benefits
Another type of benefit that you can get from these taxes is the disability benefit. If you got involved in an accident or suffered a condition that prohibits you from working, this type of benefit will see you through. To determine how much you should receive, your average earnings will be computed. However, one important thing that you have to know about it is that the rules governing getting disability are quite tough. For instance, you need at least twelve months suffering a particular medical condition before you can get any benefit.
A 10-Point Plan for Benefits (Without Being Overwhelmed)
Another type of benefit that you can get is what we call the benefits for survivor. If there is a worker who has died and there are family members left who are dependent on him or her, the benefits will then be granted to them. The survivors can be the parents, children, spouse, and grandchildren of the deceased. But they have to be the following to be eligible for the benefits: The age of the widow must be at least 60 years old. The children must be unmarried and should be under 18 years old. The parents must be at least 62 years old. You are also allowed to avail to Medicare benefits. You no longer have to stress over the financial responsibilities you have for the hospital or medical insurance. By the time you reach 65 years old, your medical needs will be automatically covered. There are two parts of this benefits. First is your hospitalization. The second part covers other bills such as the prescription drugs, doctor?s fee, and other treatments.

Writen by Bradford Todd