By: Sahil Luthra
Social Security Benefits are payments made to qualified retired adults and people with disabilities, and to their spouses, children, and survivors by US Govt.
Social Security Benefits is a Program run by US Government to help some needy people in the states during their retirement.
Social Security Benefits are managed by the SSA, according to their income and number of working years.
US Residents must pay into the Social Security program during their working years and must collect 40 credits in order to qualify for benefits.
Spouses who didn’t earn enough credits to qualify for Social Security on their own can receive benefits based on their spouse’s work.
When a spouse dies, the surviving spouse is entitled to file for a survivor's benefit as early as age 60.
If an individual taxpayer's income is more than $25K, they will need to pay taxes on their Social Security benefits.
Money contributed to Social Security cannot be refunded, if an eligible worker dies before collecting benefits.
Social Security Benefits are taxable in some states of US, however, some states made it tax free.
The Social Security Administration (SSA) reviews the benefits each year for the previous year’s income.
So, Social Security Benefits is a very good initiative by the US Government and its a survival for so many needy peoples.
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