Social Security Table » payment http://social-security-table.com Mon, 28 Dec 2009 03:53:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Introduction to Social Security http://social-security-table.com/introduction-to-social-security/ http://social-security-table.com/introduction-to-social-security/#comments Wed, 23 Sep 2009 14:45:37 +0000 admin http://social-security-table.com/introduction-to-social-security/
Joseph Kenny asked:


In order to address the routine concerns of many, regarding the payment of bills post-retirement or disability, a federal benefits program was designed in the United States, in 1935, known as the Social Securities Act. The program known as the social security program provides disability, retirement, unemployment and survivor benefits and Medicare. The benefits offered aim at providing financial support to the citizens of the U.S., who fall under the categories specified within the paradigms of the program.

The Social Security Act of 1935 introduced the social security system in the US. The system caters to the financial needs of the retired citizens, who have contributed to the social security trust fund for at least 10 years. It also provides benefits to the survivors, in event of the employee’s death. The other benefits offered cover disability and unemployment.

It is essential for the person to make the regular required contribution to the Social Security Trust Funds through the payroll taxes, to be eligible. By virtue of the provisions of the Federal Insurance Contributions Act or FICA, every worker’s income is subject to a tax payment of 12.4% on the first $94,200 earned during the year. Half of this amount or 6.2% is paid by the employer, while the other 6.2% is deducted from the salary of the employee. The amount is given to the government. Self-employed people are responsible for paying the full 12.4%. This amount is used fund the social security system.

The system has been designed to benefit those who make the necessary contributions for a period of ten years. There is a credit system incorporated in the scheme and you can earn a maximum of four credits per year. This means that irrespective of the higher limit of your actual earnings and consequently the quantum of your contribution to the fund, your earnings would entitle you to receive four credits.

The amount of the monthly social security check that you would receive after retirement would be calculated on the basis of your 35 highest income-generating years. You need to apply, to start receiving you social security benefits. The best time to do this would be a few months before your actual retirement date.

The social security program attempts to pay the retired citizens a pre-determined sum of money, to cover their basic needs. It works as a kind of insurance for the retired people, helping them to cope with financial difficulties, post-retirement.

It is a form of insurance that covers the surviving spouse and children, in case of the employee’s death. If the spouse is between 62 to 65 years, 70 to 99 percent of the benefits are payable. Dependent parents and unmarried children under 18 years are entitled to receive the benefits too.

Disability that prevents employment opportunity is also considered for benefits under the social security system. Physical and mental disabilities are also covered and the payment starts five months after proving the disability to the authorities.

Under the social security system, unemployment benefits are available to those whose unemployment is due to circumstances beyond their control. The program is designed to provide financial relief to the citizens of the U.S. at crucial times.



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]]> http://social-security-table.com/introduction-to-social-security/feed/ 0 Missouri Social Security Lawyers Warn Clients About New Ssa Debit Cards http://social-security-table.com/missouri-social-security-lawyers-warn-clients-about-new-ssa-debit-cards/ http://social-security-table.com/missouri-social-security-lawyers-warn-clients-about-new-ssa-debit-cards/#comments Fri, 18 Sep 2009 01:45:00 +0000 admin http://social-security-table.com/missouri-social-security-lawyers-warn-clients-about-new-ssa-debit-cards/
Peter Drummond asked:


The Treasury Department, in conjunction with Comerica Bank based in Dallas, has created a social security Direct Express Debit MasterCard as an alternative to paper checks for those persons who do not have bank accounts. The debit card is now available in ten southern states, but is on its way toward the north and western states. Missouri social security lawyers are ready to answer clients’ questions regarding the pros and cons of using this free debit card that will be an option in the coming months. 

The Advantages of the Direct Express Debit MasterCard:

- Will help about 4 million Americans who do not have a bank account, and must receive paper checks.

- Will reduce the vulnerability of check fraud

- Dramatically help the delay of checks mailed in hurricane-ridden states such as Alabama, Florida, Louisiana and Mississippi

- No sign-up fees

- No monthly fees

- No overdraft fees

- No credit check is required to enroll

- Gain access to cash via an ATM, bank teller or retailer

- Set up free “low balance” alerts via email or phone 

While the advantages look appealing with all the “freebies” and usability, Missouri social security lawyers remind their clients to read the fine print. The same holds true for SSA’s new debit card because there are still fees associated with the little plastic card that all people should be aware of. Nothing is a “one-for-all” payment plan, so be sure to read the small print at the bottom of the agreement for this debit card, even if you have to use those extra strength reading glasses. 

The Disadvantages of the Direct Express Debit MasterCard:

- ATM fees – users can make one free withdrawal from a network ATM per month; all other ATM withdrawals within the network will cost 90 cents.

- Non-network ATM use will incur the 90 cent fee in addition to the surcharge of the other bank, which can be as much as 3 dollars per cash withdrawal.

- Social security debit cards are costly to use outside the U.S. ATM withdrawals can incur both a bank fee as well as 3 percent of the amount withdrawn. Debit purchases also cost an additional 3 percent of your total amount. Your best bet is to use your one month free withdrawal from a network ATM before you travel abroad or to Mexico or Canada and exchange it for the country’s currency.

- Paper statements cost 75 cents a month. Best option is to receive them via email and print them yourself.

- Online billing from Comerica will also incur a 50 cent per bill charge. Use the merchant’s Website to make payments or purchases online.

- Only 1 free replacement card each year; additional replacements cost $4.00, or $13.50 if you require an overnight delivery. 

Obviously many people have several concerns about the fees and limitations of the SSA’s alternative payment system. Even those folks who have not started receiving social security have voiced their disdain about such a program. While others are simply concerned about the amount of social security they receive or may receive in the future to cover daily living expenses such as heat, electricity, food and medical bills. What happens when their monthly checks run out before the end of the month or they require more money to cover unforeseen medical bills? How will the social security administration help those who need it most? 

If you need further information or have greater concerns with this new system, your Missouri social security lawyers are just a phone call away.



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]]> http://social-security-table.com/missouri-social-security-lawyers-warn-clients-about-new-ssa-debit-cards/feed/ 0 Learning the Fundamentals of Social Security Survivor’s Benefits Claim http://social-security-table.com/learning-the-fundamentals-of-social-security-survivor%e2%80%99s-benefits-claim/ http://social-security-table.com/learning-the-fundamentals-of-social-security-survivor%e2%80%99s-benefits-claim/#comments Sun, 30 Aug 2009 18:03:57 +0000 admin http://social-security-table.com/learning-the-fundamentals-of-social-security-survivor%e2%80%99s-benefits-claim/ Claysphere Rivera asked: social_security_626_article

General public opinion had generated the belief that Social Security is designed exclusively for retirement. Contrary to this misconception, Social Security System offers a variety of programs that cater not only benefits for retiring individuals but also programs providing assistance for the disabled including their dependents.

This article focuses on Social Security program, particularly survivor’s benefits. More specifically, the article gives a thorough exposition of the fundamentals of Social Security survivor’s benefits claims.

Foremost, a brief discussion about Social Security survivor’s benefits is worthwhile.

Social Security survivor’s benefits are designed to provide the much-needed income to the surviving family members of a qualified decedent making their lives sustainable at least.

Not just anybody can apply for this kind of benefits. The Social Security Administration had provided constitutive requirements for a survivor benefit claims.

The survivor’s eligibility is gauged based on the decedent’s earning record showing his work, payment of social security taxes and earned work credits. The work credits are crucial in this respect because it would be made the basis for the survivor’s entitlement of this particular kind of social security benefit.

Worthy to note however, under a special rule, if you are only “currently insured” at the time of your death and relatively have only 6 credits in the 13 quarters prior to your death, your children and your spouse can still receive this benefits.

On the other hand, if you have determined your qualifications for benefits it would be wise to apply promptly, especially if you are not yet a recipient of social security benefits. This is for the reason that the benefits are paid from the time of application and not from the time that the worker died.

The application for benefits generally requires relevant information such as the following:

• the proof of death;

• Social Security number of the applicant as well as the deceased worker;

• marriage certificate if applying as a divorced widow or widower;

• dependent children’s social security numbers if available including their birth certificates;

• deceased worker’s W-2 forms or federal self-employment tax return for the most recent year; and

• the name of the bank and account number of the applicant so that the benefits can be deposited directly in the account

Some of the requirements mentioned above can be dispensed with especially to those who have already received Social Security benefits. However, it is essential to report the death with the Social Security office so that update and changes of payment would be made.

With reference to the amount of survivor’s benefits, the same relatively depends on the earnings of the person who died. The more the worker paid into Social Security, the greater your benefits will be.

Take notice that, there is a limitation to the payment of benefits to the survivor members each month. The limit varies, but is generally between 150 and 180 percent of the deceased’s benefit amount.

More so, reduction of benefits can be halted on the following situations:

• To those who get a pension from work that was not covered by Social Security, like the federal civil service, your Social Security benefit may be reduced.

• Those who are working and have been receiving Social Security survivor’s benefits and are younger than full retirement age, the benefits may be reduced if your earnings exceed certain limits.

However, the reduction of benefits affects only the survivor concerned and not the benefits of other family members.

A special rule applies to those who remarry. Generally, widow or widower’s benefits are not given to those who remarry before age 60.

However, remarriage after age 60 (or age 50 if disabled) will not hold the survivor from getting benefit payments based on the latter’s former spouse’s work.

At age 62 or older, the survivor may get benefits based on his/ her new spouse’s work, if the benefits are higher.

Like any other claim under the whole spectrum of Social Security, claimants are given the right to dispute the findings or decision of the Social Security Administration.

An appeal, to be specific, is given to the claimants. The latter process entails complex situations that need another careful elaboration.

The key thing in all types of claims is the right of the claimant to confer with a Social Security lawyer of their choice.

For credible information and expert representation on your survivor benefits claim, log on to our website and seek the assistance of our Los Angeles Social Security attorneys.

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