When it comes to retirement, there are a number of options. There is also some important information on Social Security qualifications which many do not know. Whether a retiree, widow or disabled, there are programs which can offer income or assistance.
In most cases, the administration advises individuals to wait until age 67 to request and receive retirement benefits. Currently, individuals desiring to do so, can take these payments as early as age 62. While the amount of monthly benefits is decreased, it can often be more beneficial to do so.
One reason this is the case is that there are no deductions towards Medicare premiums at age 62, as is the case at and after age 67. Whereas, the government continues to discuss changing the retirement age to 72. As a result, those waiting until age 67, might very well have to wait even longer, thus receiving fewer payments between age 72 and the time of death.
While widows of retirement benefit recipients can take the retirement income of a deceased spouse at age 60, many are not aware of this benefit. As such, a number of spouses wait until individual benefits become available, thus having lost thousands of dollars between ages 60 and 62 or 67. The monthly payment amount in most cases is based on whom had the highest earnings. In some cases, if the widow received more than the deceased spouse, then monthly payments are based on a combined percentage.
Rules differ greatly when it comes Social Security Supplemental Income also known as SSI or Social Security Disability Insurance, SSDI. First, unlike retirement payments which repay individuals monies which have been paid into the system over time, disability payments are based on financial need. As such, many individuals receiving retirement income, whether from pensions, 401Ks, retirement plans or Social Security often do not qualify.
Both programs, SSI and SSDI are benefits paid to recipients whom are disabled and can not work or to aid in paying for insurance. As a result, these individuals must often provide a great deal more paperwork than those applying for retirement benefits. In most cases, if approved the administration will pay individuals and certain family members SSDI when qualifying. Whereas, SSI is only paid to the individual member applying for aid.
When applying for SSI or SSDI, there is a great deal more paperwork required than when filing for retirement income. As such, individuals applying for either of these programs often have to submit medical records, household expenses and all forms of income. In order to cut down on paperwork, there is a calculation tool available on the SSA gov website which individuals can use to determine eligibility based on income.
If claims for either of these programs are denied, and the individual feels the decision is not justified, an Internet appeal need be filed as soon as possible. If the appeal is denied, most often an individual will need to hire an attorney working in this area of expertise in order to have a future application approved. While an individual can file a new application within a specified amount of time, especially if there are changes to circumstances or income, most often an attorney can expedite the application and approval process.
In most cases, the administration advises individuals to wait until age 67 to request and receive retirement benefits. Currently, individuals desiring to do so, can take these payments as early as age 62. While the amount of monthly benefits is decreased, it can often be more beneficial to do so.
One reason this is the case is that there are no deductions towards Medicare premiums at age 62, as is the case at and after age 67. Whereas, the government continues to discuss changing the retirement age to 72. As a result, those waiting until age 67, might very well have to wait even longer, thus receiving fewer payments between age 72 and the time of death.
While widows of retirement benefit recipients can take the retirement income of a deceased spouse at age 60, many are not aware of this benefit. As such, a number of spouses wait until individual benefits become available, thus having lost thousands of dollars between ages 60 and 62 or 67. The monthly payment amount in most cases is based on whom had the highest earnings. In some cases, if the widow received more than the deceased spouse, then monthly payments are based on a combined percentage.
Rules differ greatly when it comes Social Security Supplemental Income also known as SSI or Social Security Disability Insurance, SSDI. First, unlike retirement payments which repay individuals monies which have been paid into the system over time, disability payments are based on financial need. As such, many individuals receiving retirement income, whether from pensions, 401Ks, retirement plans or Social Security often do not qualify.
Both programs, SSI and SSDI are benefits paid to recipients whom are disabled and can not work or to aid in paying for insurance. As a result, these individuals must often provide a great deal more paperwork than those applying for retirement benefits. In most cases, if approved the administration will pay individuals and certain family members SSDI when qualifying. Whereas, SSI is only paid to the individual member applying for aid.
When applying for SSI or SSDI, there is a great deal more paperwork required than when filing for retirement income. As such, individuals applying for either of these programs often have to submit medical records, household expenses and all forms of income. In order to cut down on paperwork, there is a calculation tool available on the SSA gov website which individuals can use to determine eligibility based on income.
If claims for either of these programs are denied, and the individual feels the decision is not justified, an Internet appeal need be filed as soon as possible. If the appeal is denied, most often an individual will need to hire an attorney working in this area of expertise in order to have a future application approved. While an individual can file a new application within a specified amount of time, especially if there are changes to circumstances or income, most often an attorney can expedite the application and approval process.
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