Social Security Benefits Flashcards, test questions and answers
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What is Social Security Benefits?
Social Security benefits are a financial safety net for millions of Americans. These benefits provide income support to those who have retired, are disabled, or are survivors of workers who have passed away. Social Security benefits also play an important role in helping many meet their short-term and long-term financial goals.When someone retires, they become eligible to receive Social Security retirement benefits. These payments are typically based on the worker’s earnings history over their working years and may be adjusted for inflation over time. The current maximum monthly benefit amount is $2,788 per month for those retiring at full retirement age. Social Security retirement benefits can provide much needed financial stability during retirement and can help to prevent poverty in old age.The Social Security Disability Insurance (SSDI) program provides cash payments to people who become disabled because of an illness or injury that prevents them from working for at least 12 consecutive months or more. The amount of the benefit varies depending on how much a person earned in the past and it may be reduced if a person receives other types of income such as workers’ compensation or pension payments while they are disabled. People receiving SSDI may also qualify for Medicare after two years of receiving disability benefits which can help cover medical expenses related to their disability. Survivors of deceased workers can also receive Social Security survivor’s benefits if the worker had enough work credits under their name before passing away. Survivors include spouses, children, stepchildren, adopted children, grandchildren and parents depending on certain criteria like age and relationship status with the deceased worker as well as duration of marriage (in case of surviving spouse). Survivor’s benefit amounts vary depending on the type and number of beneficiaries but generally range from 150 percent to 180 percent of what the deceased worker was collecting before passing away.