Ten Things You Might Not Have Known About Social Security

Social Security is a lot like the ozone layer--we all know it's there now and we count on it being there in the future. Yet most people don't know much more about it than that. Here's a short list of interesting facts about Social Security.

(1) Social Security benefits do not automatically start coming in the mail the first day of Normal Retirement Age. They must be applied for. The easiest way is to set up an appointment with the local Social Security office or call 1-800-772-1213.

(2) To get an official statement of all the earnings recorded in your Social Security account, an estimate of your current disability and death benefits, and an estimate of future retirement benefits, fill out a Form #7004 Request for Social Security Statement, obtainable at your local office.

(3) If you do not find and correct errors in your Social Security record within 3 years, they become part of your permanent record. Therefore, you might want to check on them every 3 years or so.

(4) You can work during retirement, but if you earn too much it will reduce the size of the benefits you are receiving from age 62 up to your Normal Retirement Age. The limits on such earnings are currently $12,480 for 2006. Benefits are reduced by $1 for every $2 that you earn over this amount. After you attain your Normal Retirement Age, you may work as much as you want with no reduction in benefits, although they may become taxable if you earn too much.

(5) You can increase the size of your retirement benefit by delaying collecting your benefits and by remaining on the job past full retirement age. This higher benefit comes from extra earnings toward your account and a credit awarded for this patience, ranging from 3% to 8% of your benefit depending on your date of birth.

(6) For people born after 1937, Normal Retirement Age will increase. For example, if you were born in 1940, full retirement age is 65 and 6 months; born in 1950, it is 66. Anybody born in 1960 or later will be eligible at age 67.

(7) Social Security disability benefits do not continue past Normal Retirement Age. The month before you attain normal retirement age the disability benefits are automatically converted to retirement benefits.

(8) There is a limit to the amount of benefits that can be paid on each Social Security record called the Maximum Family Benefit, generally around 150 to 180 percent of the worker's benefit. If this limit is exceeded, the family benefits are reduced.

(9) Ex-spouses, widows and divorced widows may all be eligible for benefits on a spouse's record. Provided the requirements are met, they may even all be collecting on the same worker's record.

(10) There are two Social Security trust funds: one used to finance retirement and survivors benefits and the other used to finance the disability program. Money not used to pay current benefits is invested only in U. S. Government Treasury bonds.

Social Security is a significant resource for many retired individuals. Spend some time with your financial planner learning about what part these benefits should play in your retirement planning future.

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"Can somebody please help me watch, manage, invest or oversee my 401k" is the question Mr. Morris hears most often that causes him the most concern. Fearing the American worker is being left in the dark, Mr. Morris, a fee based Investment Advisor Representative, based in Central Ohio, with Raymond James Financial Services, Inc., helps 401k participants get the most out of their retire

Posted on May 09, 2006 in Social Security | Permalink

Social Security is providing each member with individual Social Security Number. The rationale behind the issuing of Social Security Number is to facilitate the processing of claims and benefits. Each Social Security member is provided with a unique number different from everyone else this means no two members would have the same number account. The Social Security Number identifies the Social Security Account of each of the member.

Social Security makes use of these accounts in maintaining all the records of each of their members. And also the earnings as well as the benefits are verified by accounts contained under the Social Security records.

The Social Security number is also very useful when applying for a job. Employers make use of the social security numbers of their employees to pay for their contributions. Moreover, Social Security numbers are also used by most financial institutions in recording the amount of interest that Social Security members have earned from them. Even the Internal Revenue makes use of the Social Security Number in determining the amount of tax a Social Security member needs to pay. The members Social Security accounts provide basis for both government as well as private businesses when they are in search for information regarding their employees. Nevertheless, all the information contained in the Social Security Account of each member is not released without any consent from the concerned member but unless the law permits the discharge of any information then and only then can information be released. All information contained in the Social Security members accounts is confidential.

Each member is mandated by the Social Security to get a Social Security Number. However, for those members who lost their social security card and may want to apply for another card they can call the Social Security hotline in their area or they may visit the Social Security Office for instructions. The usual requirement for lost Social Security card is an affidavit of loss duly notarized by an attorney. Also satisfactory proof of identification is required. For members who may want to have their name changed or their status changed, they may bring their birth certificate while a marriage contract or annulment or divorce court ruling is required for those who want to have their status changed. Likewise, for members who may want to add beneficiaries, they can call the Social Security Office for documents that are required for them to submit. And please be reminded that only certified copies of pertinent documents are required.



About the author:
Jinky C. Mesias is a graduate of Bachelor of Arts and Sciences in Business Administration Major in Business Management. She is at present an Associate Manager of a Life Insurance Corporation and a freelance writer.

For suggestions and comments kindly visit[url=http://www.socialsecuritylawattorney.com]Social Security Attorney[/url]

Posted on May 09, 2006 in Social Security | Permalink

It is important that social security members should be knowledgeable on the procedures involved in the various filing and processing scheme of Social Security. These way transactions with the Social Security Administration will proceed smoothly. Likewise, it is also imperative that members should know the types of Social Security documents which are helpful to them. Take for example the Social Security Statement which is a very valuable document that helps to estimate future Social Security benefits. Also included in the statement are the requirements in order for a member to qualify for various Social Security Benefits.

Just how do we get a Social Security Statement? There are online Social Security Statement forms which any member may accomplish and send online. There are also some information that would be required in order to process and to approve the request for a social security statement and these are as follows: a) the name of the member as shown in the social security card b) the social security number c) the birth date of the member d) the members place of birth and d) the mothers maiden name for married women members.

Likewise other information like the members last years earnings as well as the estimate of the current and future earnings with the additional information pertaining to the age at which a member plans to stop working will really help in estimating present and future benefits. After completely filling up all the required information then and only then will the Social Security Administration process the request.

However, the Social Security Administration will not send its members the requested Statement form via the net instead it will send it via snail mail which a member has to wait for two to four weeks.

The Social Security Statement will contained the record of a members earning or earnings history as well as an estimate of just how much a member and his or her employer is paying for the Social Security taxes. Also contained in the Social Security Statement are the estimates of benefits which a member and his family are likely to receive.

All information kept by the Social Security Administration is confidential and cannot be divulge without the consent of the member concern. Social Security has employed numerous ways of ensuring privacy of the accounts as well as all personal information of all its members. Likewise the Social Security also expects that its members to show the same strict guardianship to information requested by them.

About The Author

Jinky C. Mesias

For comments and suggestions about the article kindly visit http://www.socialsecuritylawattorney.com/security/social-security-disability-attorney.html

jinky@rushprintingservices.com

Posted on May 09, 2006 in Social Security | Permalink