قالب وردپرس درنا توس
Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ The most misunderstood part of social security – A tricky fool

The most misunderstood part of social security – A tricky fool



Millions of people rely on social security to make ends meet with retirement. For many, getting as much as possible from social security is an essential part of their financial planning, so it is natural to try to make the most of the many different benefits as you can.

However, many people get confused when it comes to coordinating various social benefits. Often what your common sense says should be the answer is wrong – and if you make plans based on these incorrect assumptions, this can harm you at a time when you can at least you allow it.

  Social Security Money Inside Pile

Image Source: Getty Images

Different Benefits You Can Get

Most people think of social security as workers who have retired, and this is the most general benefit the federal government pays. According to the latest available statistics, of the 63 million Americans who collect social security, 44 million are retired workers.

But there are many other types of benefits that you can get from social security. These include the following:

  • Spouses' allowances paid to the spouses of workers. About 2.4 million people receive these benefits. Almost 6 million people receive these types of benefits.
  • Disability benefits for workers and their families. Over 10 million people receive benefits either as disabled workers or as spouses or children of disabled workers

Typical benefits vary depending on the type of benefit in question. The average pension for a retired worker is about $ 1465 per month, while typical marital income is $ 765 per month. Survivors' benefits amount to almost $ 1,200 per month, and disability benefits pay an average of about $ 1,100 a month.

Why can not you double social security

The natural assumption that many people make is that if they are entitled to two different social benefits, they will be able to keep both. This is not just a desirable thinking; there is actually some basis for how the program works

In order to understand why dual immersion theoretically may make sense, think of a married couple in which the two spouses worked and retired. They can both receive social security benefits in their own employment records so they receive two payments each month from the federal government.

When a spouse dies, the other is entitled to survivors' benefits based on the amount that the deceased spouse receives from the retirement benefits. Many people mistakenly believe that the surviving spouse should continue to receive two separate payments from social security, one for the retirement benefits for the personal work of survivors, and one for the survivors' benefit from the deceased husband's employment book.

This is not the way it works. In virtually every situation, you have no right to double your social security. Instead, you will be allowed to receive whatever amount is larger than just adding the two together. This includes the following:

  • Application for retirement benefit and survivor benefits at the same time.
  • Simultaneously with a claim for retirement benefit and marital benefits.

Expect the Right Compensation

Some people think that the inability to double social security is unfair, as it essentially makes some of the additional benefits the program provides meaningless. However, it is important to remember that social security is mainly intended to be a social security program, and thus securing a basic minimum income for as many people as possible is more important in defining its rules than maximizing benefits. Benefit coordination may be unintelligent, but it is crucial to determine how much to expect from the program. Failure to do so may cause you to make unrealistic forecasts of what social security will pay you – which can make you not save enough in additional retirement savings to cover the difference.


Source link