What is social security benefits?

Question

What is social security benefits?

Answer 1

Social Security benefits are a government based income supplement. It is suppose to HELP meet ends along with another source of income(e.i. job, 401K). Some elderly ppl ruin their retirement because of a common misconception. They believe that the government is suppose to provide everything. Unless you are close to retirement though; I wouldn't consider it an option. They are considering ending it due to babyboomers that are nearing the retirement age. Hope it helped your understanding

Answer 2

Don't worry about it  -  it will not be there when you retire anyway.

Answer 3

one could group the bennies into one catagory I suppose.

Soc Sec Benefits are not Welfare.

Soc Sec Benefts are not a handout from the Government.

Many in America wrongly think it's a giveaway and therefore, can be taken away if it starts costing too much money.

Wrong.

If you compare Soc Sec dollars invested to an annuity investment :  a retired worker paid into an annuity for the same amount of years and the employer  was required to match that rate (yes, that means the amount paid in has been really double over the years) your retirement fund would be fat and sassy.

Instead we hear how the fund will go bankrupt by 2040.

A direct answer to your question: Soc Sec provides a pension to workers after the age of 62, at a reduced rate, if Early Retirement is the choice. There are no Health Insurance benefits (MediCare part A & B & D) offered until the age of 65; one must get health insurance on the open market or do without until eligible.

Full retirement for those retireing today is about 66 years,  the age requirement is already scheduled to increase for future retirees.

After full retirement age is reached, the retiree is entitled to full pension amount and Medical Insurance under MediCare, for about 10% of the pension amount.

Unless, the Pension was taken as Early Retirement, then the Benefit remains reduced by 20-25% but the retiree will be eligable to receive MediCare Insurance, again at about 12% of the reduced pension amount.

and if you earn a company pension, on April 15th, you and perhaps your spouse, get to fill out a tax return and possibly pay taxes on that Soc Sec Pension when it is combined with your company pension. Ridiculous!

Now there is the outline for a task Congress will not take up,

BUT SHOULD.

Answer 4

Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes):

  is designed to help aged, blind, and disabled people, who have little or no income; and

It provides cash to meet basic needs for food, clothing, and shelter.