Social Security Benefits
Posted by admin on Nov 23, 2008
At last, you have finally reached the age at which it is time for you to begin considering applying for social security retirement benefits; but there are so many different rules and stipulations that it can be somewhat confusing to prospective retirees. However, there is no need to wade through numerous pages to get an understanding of the social security benefits you are entitled to. The following primer will help you decipher basic rules and guidelines for applying.
In order to qualify for social security benefits, you will need 40 credits, which equates to ten years of work. Your social security benefits are based on your earnings over the course of your life, and the more you earn, the more benefits you will be entitled to. You can retire and apply for social security benefits as early as age 62. However, keep in mind that the earlier you apply for your social security, the less benefits you will receive. In other words, the longer you wait to receive your social security benefits, the higher you benefits payments will be.
Each year, the Social Security Administration (SSA) mails all workers over the age of twenty five a record of earnings that estimates the benefits they will be eligible for. Normally, the statement will arrive around three months before your birthday. However, if you do not receive your statement, you can visit your local SSA office or the SSA website and fill out a request to receive this information. Since it is not uncommon for there to be errors, be sure to review this statement to ensure that your earnings over the years have been reported accurately. This is extremely important since your future benefits are based on the information contained in this report.
The age at which you can receive full social security benefits is dependent upon the year in which you were born. For example, individuals born in 1937 or earlier can opt to receive their full social security benefits at the age of 65. You can refer to the SSA website or you local SSA office for complete information concerning when you are eligible to receive full social security benefits.
Many people opt to receive their social security benefits before their full retirement age, which is as early as age 62. However, you should be aware that your social security benefits will be reduced by 5/9ths of 1 percent for every month between the date you retire and your full retirement age, up to 36 months. After this period, the reduction decreases to 5/12ths of 1 percent. You should keep in mind that this is a permanent deduction. The decision of when to apply is entirely up to you and depends on your financial situation.
You should also realize that working while you receive social security retirement can reduce your benefits. If you are not yet at full retirement age, $1 in benefits is deducted for every $2 you earn above the annual limit. In the year that you will reach your full retirement age, $1 in benefits is deducted for every $3 you earn above the annual limit. When you reach full retirement, you are allowed to work as much as you would like with no reduction in benefits.
To receive your social security benefits, you will need to apply either online or at your local SSA office two to three months before your projected retirement date. The Social Security Administration recommends that you visit your local SSA office at least year before, though, to discuss how applying for benefits will affect you financially. They can also better walk you through the application process.
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Read on for easy to understand answers to some of the social security questions we most commonly hear. We hope that this information can help you to better understand the process, and know what you should do next.
One question that is asked almost more than any other is “What is the difference between Social Security Disability and Supplemental Security Income?” This is a good question because there is a big difference in the two. Supplemental Security Income is commonly referred to as SSI, and Social Security Disability is referred to by the initials SSD. The common ground between the two is they are both for disabled citizens, but that is where the commonality ends.
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However, there is no need to wade through numerous pages to get an understanding of the social security benefits you are entitled to. The following primer will help you decipher basic rules and guidelines for applying.
In order to qualify for social security benefits, you will need 40 credits, which equates to ten years of work. Your social security benefits are based on your earnings over the course of your life, and the more you earn, the more benefits you will be entitled to. You can retire and apply for social security benefits as early as age 62.
(Note that if you qualify for disability benefits, you may hold down a job as long as your maximum possible income is beneath a level determined by SSA. )
I cannot work as long as before or at the same skill level, so although I still have a job, my income has dropped. Am I still eligible for social security benefits?
Yes, you can file for disability benefits if you are making less than a certain amount per month, averaged over a full year. The amount changes annually, so check the official Social Security web site or booklets to find out what the current limit is.
However, your current income is not the only number the state agency will consider when evaluating your case.
The most important condition is the degree of your disability as determined by the Social Security Administration. Under SSA rules, you are classified as disabled if you cannot work in the same job as before, and your condition prevents you from working at another job. You will also be considered disabled if your condition is expected to last for a period of one year or more OR if it is expected to result in your death.
Social Security is designed to work on the principle that members can rely on family members to support them during their illness or that they have other sources of income. These sources could be anything from sickness or injury benefits from work to personal insurance and savings.
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In 2008, the monthly earnings limit was $1,570. You may want to speak to a social security lawyer to understand how this affects you.
Q: Do I need to wait a year after the start of my disability to apply for benefits?
A: Here’s the simple answer: no, you don’t. Your social security lawyer will define an eligible disability as one that is either fatal, or has lasted or will last one year. You may take this to mean that you have to wait until you have been disabled a year to apply; but you should not.
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Q: “My SSD application was approved, and I have been receiving benefits. Now they tell me they paid me too much and I have to pay them back. ” A: This can happen and it is referred to as an overpayment case. There are attorneys that handle this specific situation.
If you find yourself in any of these situations and you are not sure what to do start asking questions.
If you wish to file for partial disability, you will need to do so through a state or local program. You will still be able to receive state and local disability benefits if SSA denies your application because you are not completely disabled.
However, if you are disabled but able to work for short periods or at a low level, you may be able to continue working while receiving social security benefits. The state agency that handles your case will consider how much you can earn. If your annual earnings fall under a certain amount, you will still be considered eligible for disability.
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If you can move to another line of work and in so doing raise your income above the approved level, you will not be considered eligible for disability benefits. The state agency will consider your training, experience, age, and medical condition when deciding whether you are able to do other work, so you will not be pushed into doing work for which you are untrained or which strains your physical capacity.
My doctors say there is no treatment that can help me, so why do I have to keep going to doctors?
When you first file for social security benefits, the state agency that manages your case will need a complete evaluation of your health, a process that may require repeated doctors’ visits. Your regular doctors may not be able to perform necessary tests or have equipment that is necessary to evaluate you, so you may need to visit another doctor to complete the evaluation. The state agency may help you to find the specialist you need.
If you have any questions about qualifications for dependents, you may wish to contact a social security lawyer.
Q: Does my case continue to be reviewed after benefits have been awarded?
A: If you are currently receiving Social Security Disability Insurance benefits, your file will be reviewed periodically. Social Security is entitled to conduct a review (called a Continuing Disability Review) as long as you continue to receive benefits. The CDR is undergone to update your file with the latest medical records and to determine if your condition has improved significantly. The Social Security Administration is supposed to do the reviews every one, three and seven years, but they currently have quite a backlog.
Even if you are under 65, it is possible to be eligible for Medicare coverage if you suffer from a disability. But you may want to talk to a social security lawyer about some of the complications involved in getting Medicare due to disability.
When they first become disabled, most Medicare applicants who don’t work with a social security lawyer do not realize that they will have to wait at least 24 months before receiving coverage. This is a two year waiting period that starts when your disability begins. In order to receive Medicare coverage for your disability, you are also required to be eligible for social security disability.
Q: I am able to work but not at what I used to nor can I earn the same money I used to. Am I allowed to apply for social security benefits?
A: Yes, you can still file for Social Security benefits. But your claim may not necessarily be approved. When calculating a claimant’s eligibility for Social Security benefits, one of the most important questions they will ask is whether or not your disability allows you to do the work you did previously. If you cannot, they will look at your ability to have a substantial gainful employment in another field.
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The state agency will consider your experience, education, medical condition, and even age when evaluating your ability to change jobs. If you would be able to support yourself if you switched to a better job, training and job search assistance are available
Many applicants are confused and annoyed by their social security agents’ request to continue seeing doctors even after they have doctors’ statements that there is no available medical treatment for the applicant’s condition. If this is what you are dealing with right now, there is an explanation! First, the state agency in charge of your social security benefits may need more information to evaluate your case, and your regular doctors may not have the equipment or experience necessary to provide it. The agency may arrange for you to see another doctor. The visit is not for treatment; it is simply part of your case evaluation.
Make sure you bring copies of your medical records and treatments for your current injury. Have a list of your doctors. Lastly, come prepared with background on the past 15 years of your work history. Hours worked and salary should be included. Assure you consult with your social security attorney, if applicable, before you go to that first meeting with Social Security.
The administration’s Update (Publication No. 05 10003) stipulates the cut off amount for the present year and this amount changes from year to year depending upon the economic conditions. There is no provision for partial disability under the Social Security Act. In case a person is unable to perform a previously held job, the administration looks for an equitable alternative for the person. The medical condition of the person, his age, educational qualifications, previous work experience and other skills are all examined to judge whether another job could substitute the previous occupation.
You are eligible for social security benefits only if you are deemed completely disabled and your disability is likely to last a year or more. (Note that if you qualify for disability benefits, you may hold down a job as long as your maximum possible income is beneath a level determined by SSA. )
Although I am still working, I cannot work the same hours or skill level that I used to, and my income has dropped as a result. Am I still eligible for social security benefits?
Yes, you can file for disability benefits if you are making less than a certain amount per month, averaged over a full year. Social Security changes the maximum income level yearly.
Q: How do I handle a Social Security Disability overpayment issue?
A: A social security lawyer will tell you to expect to receive a Notice of Overpayment from the SSA if they feel they have paid you too much. This can happen for a variety of reasons, such as a failure to report a change in your lifestyle or status to the Social Security Administration. It can also happen when Social Security does not process your change in status quickly enough, and delays the change in your monthly check.
While you may want to talk to your social security lawyer about your best choice, there are generally three options when you are overpaid. One of these is requesting a reconsideration when you think the SSA has made a mistake.
To be eligible for SSDI, or Social Security Disability Insurance, an applicant must have been in the workforce long enough to have accrued enough work credits for benefits. Individuals who fall below certain income and resource limits can qualify for SSI or Supplemental Security Income benefits. An individual does not need to have worked enough to have accumulated work credits to be awarded SSI.
Q: How long does a claim take?
A: If all the required paperwork is submitted and filled out correctly, the average time for a claim to be initially reviewed is 90 days. The most common reason an application is delayed is due to a wait for medical records.
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The claims representative will have a chance to observe you functioning with your current injury or condition, and you have a chance to introduce your case. This initial meeting sets the stage for the rest of process. Call the toll free number (800) 772. 1213 for Social Security and ask for an appointment to submit your application for social security disability. You will then receive a confirmation of the scheduled appointment via mail.
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You can receive retroactive benefit payments for no more than a year. If you believe you are eligible for back payments, you may wish to seek counsel from a social security lawyer to help you apply for retroactive benefits. There are many applicants who do receive back payments for benefits, since the process of applying for benefits can often take quite a while.
Q: Are my dependents eligible for benefit payments?
A: Payments to dependents are determined by the amount of your Social Security contributions. In some cases, children are eligible for up to 50 percent of the amount of benefits you receive.
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It is more helpful to hire a social security attorney that has a lot of disability expertise and who has taken the time to know your particular issues.
Q: Is it wise to submit a new application if you were not approved for disability insurance?
A: It is generally not a good idea to simply apply again after you were initially denied. Your next step is to file for reconsideration. You must submit your appeal within 60 days of the date when your initial application was denied. If your case is not approved after reconsideration, you will then move on to the hearing phase.
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Do not delay your application, as the claims process can be very lengthy. You do not need to wait a specified amount of time before you can submit your application.
Q: What will be expected of you when your case is heard by an administrative judge?
A: A hearing is the last chance for you to present your disability case and be considered for social security benefits. Because of this, it is important to show up and assure that the judge will have all the information he or she needs to make a fair judgment. If you have an attorney, he will make sure that the court has all the necessary medical records, history and statements from your treating physician.