Social Security Table » US http://social-security-table.com Mon, 28 Dec 2009 03:53:48 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Social Security Myths http://social-security-table.com/social-security-myths/ http://social-security-table.com/social-security-myths/#comments Sun, 11 Oct 2009 14:54:12 +0000 admin http://social-security-table.com/social-security-myths/
Shelley Godra asked:


Social Security Myths

Written by Shelley Godra 

            Social Security was created to help finance US citizens after retirement.  A portion of every worker’s paycheck assists in funding the Social Security reserve.  Currently, these paycheck portions are creating a surplus in the reserve because there are more citizens employed than retired.  Some spectators believe that the Social Security fund will not be available to younger US citizens once they decide to retire.  Furthermore, some people believe this future crisis will be created by the retirement of the baby-boomers.

            These statements are not necessarily true.  The Social Security reserve might run out by the time I am ready for retirement; however, the cause cannot entirely be blamed upon the baby-boomers.  There are also several steps that can be taken in order for the Social Security reserve to still be used by my generation. 

            Current statistics show that the Social Security fund, if nothing is changed, will dry up by 2040.  There are several reasons for this dilemma, not just the baby-boomers retiring.  The government is using the funds from Social Security to pay other federal expenditures and budgets.  Thanks to medical advancements, US citizens are living longer and using more of the Social Security funds.  People are putting more emphasis on their careers and putting marriage and family on hold.  Since there are less children being born now, there will be less workers funding my Social Security once I am ready to retire.  The final reason is that more companies are outsourcing their employment positions and less US citizens are offered jobs.  Less offered jobs mean a smaller percentage funding the Social Security reserve.

            Like stated in the previous paragraph, the Social Security fund will run out if nothing is changed.  The first option is to change how Social Security is looked at now and how it will be treated once the baby-boomer generation retires.  Government could increase the age eligibility for retiring since people are living longer or could cease payments once a retiree reaches a certain age limit.  The percentage from the paychecks currently contributing could be increased, therefore, increasing the funds.  The government could be more lenient on its immigration restrictions; more immigrants would help to contribute more to the Social Security reserve.

            Changes in the government are not the only way to avoid this Social Security crisis.  Proper arrangements are needed for my generation in order to retire without dependency on monthly Social Security payments.  Citizens can make alternative retirement plans by investing in 401Ks and IRAs; this way people can take their own risks with their money.  Unfortunately, obesity and unhealthy lifestyles might lower the longevity of some in my generation.

            In conclusion, there is a future problem concerning Social Security, however, the problem is not fully caused by the baby-boomer generation.  Additionally, there are changes that can be made in order to avoid this problem.  Personally, I believe that there will be no government changes and the Social Security will indeed run out by 2040.  I have taken this burden onto myself by creating an alternative retirement plan.  I will be in charge of my retirement.



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]]> http://social-security-table.com/social-security-myths/feed/ 0 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 Am I Going to be Able to Retire? What to Expect From Social Security http://social-security-table.com/am-i-going-to-be-able-to-retire-what-to-expect-from-social-security/ http://social-security-table.com/am-i-going-to-be-able-to-retire-what-to-expect-from-social-security/#comments Wed, 16 Sep 2009 20:33:38 +0000 admin http://social-security-table.com/am-i-going-to-be-able-to-retire-what-to-expect-from-social-security/
Luis R Cardenas asked:


The main idea of the social security program is people welfare. The United States created this program based in what other countries in Europe were doing for its citizens. This program has experimented many changes since its creation in 1935. When this program was signed by President Roosevelt, the idea was to provide retirement income for people 65 or older. Lately the government has made changes on the retirement age and social security income requirements. People in the US are starting to worry about the Social Security funds which they think are getting lower and lower with time. The main question could be: Is there going to be money left when you retire. 

The average Social Security Check a retired person gets is around $1000.00 per month and usually does not replace more than 60% of the income they were making before retirement. The main factor that contributes to set a check figure is the average annual income the retired person was making while he/she was working. If that person was not able to save on a 401k program or any other retirement account before deciding to leave the workforce, he/she will have to considerably lower their living standards to be able to retire. But, it could get worst! 

It is considered by many that if congress does not make a big injection of money to the social security funds soon, money will run out within the next 30 years. In the past few years the Social Security reforms have helped alleviate the problem but, currently, more money is been paid to retirees than what the administration is collecting. In other words, more money is going out than what is coming in. If the social security administration don’t get at least 6 trillion dollars soon, we could expect the fund to run out by the year 2041 and it considers the contribution of tax payers made during that period too. The Social security administration has considered lowering the social security payment in the future. Would you like that? 

Without a doubt we need a Social Security reform soon. But we need to know where the money is going to come from. Congress can not make a good reform if it has not been studied as for its consequences. It is very difficult to consider a tax increase when the economy may not be able to support its impact. The normal citizen may be pushed to avoid paying what for others could be considered fair but some do not have. Our best option at this time could be to start preparing our selves by saving money for retirement through a retirement account or long term investments but not every person will be able to do it. 

We need to make conscience that the Social Security fund may not be enough for everybody to retire unless something is done soon. Due to the actual situation some people are thinking about how to survive the moment but time does not stop and we have to get ready for the future. Our congress needs to start working on a reform and stop thinking about the next election or how to look good in the eyes of the voters. We could be sure that good ideas are welcomed by your congressman because if he/she can not come up with something we may be able to help. Think about it. We may be able to change things.  The point is that we need a reform NOW!



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]]> http://social-security-table.com/am-i-going-to-be-able-to-retire-what-to-expect-from-social-security/feed/ 0 Reminiscing the Social Security Law in the US http://social-security-table.com/reminiscing-the-social-security-law-in-the-us/ http://social-security-table.com/reminiscing-the-social-security-law-in-the-us/#comments Thu, 27 Aug 2009 13:51:09 +0000 admin http://social-security-table.com/reminiscing-the-social-security-law-in-the-us/ Jamil Estorninos asked: 1

It is the Great Depression of the ‘30s that necessitates the creation of a Social Security program in the US. Poverty reaches its highest peak among older citizens that time and something has to be done.

The Social Security Act, which is considered the first Social Security law, was drafted under the administration of President Roosevelt. It was signed into law on 14 August 1935.

The act addresses many issues, amongst which includes:

• Old age

• Poverty

• Unemployment

• Survivors

• Disability

The Social Security Administration (SSA) is the government agency tasked to administer the program. Later on, it added health insurance benefits in the scope of the Social Security under the Medicare program.

Generally, benefits under the Social Security law are paid based on the workers’ employment record and social security taxes or contributions.

The Social Security Act evolved during the past years as new social and economic issues emerge. Changes were made to provide more protection and coverage for the Social Security members.

The so-called OASDI or the Federal Old Age, Survivors and Disability Insurance pays monthly benefits to the following qualified individual/s:

• Retirees

• Family of a deceased worker

• Unemployed worker due to illness

• Unemployed worker due to accident

Nowadays, the major coverage handled by SSA, where qualified members are entitled to benefits under the Social Security law, are the following:

Retirement benefits

This benefit is given to a worker who worked and paid Social Security taxes upon retirement. The worker earns credits during the time he was working. His entitlement to benefits and the amount thereof will be based on his earned credits.

The number of required credits depends on the year the worker was born. If he was born in 1929 or later, he will need 40 credits or an equivalent of 10 years of work.

The amount receivable will also vary depending on the worker’s retirement age. If he opted to retire early at the age of 62, his benefits will not be as high when he retires at older age.

Disability benefits

The SSA pays disability benefits under two programs: The Social Security disability insurance (SSDI) and the Supplemental Security Income (SSI).

SSDI is paid for people who were incapacitated to work because of a medical condition that is expected to last at least one year or result in death.

Members of the family of a disabled worker can also benefit under this program.

It is SSI program which will be applied for payments to people with low income who are 65 years of age or over or are blind or have disability.

Survivor benefits

Like retirement benefits, survivor benefits are based on the accumulated credit earned by a worker, during the time he was working and paying Social Security taxes.

The family of a worker is entitled to receive this compensation in the event the working member dies.

Medicare

This is a health insurance program available for people 65 years of age or older. It is also available for person under the age of 65 with certain disabilities and any age with permanent kidney failure requiring dialysis or a kidney transplant.

To know more information regarding social security benefits and other claims, you can consult with our experienced Los Angeles social security lawyers. You can visit our website to avail of our free case evaluation.

Caffeinated Content ]]> http://social-security-table.com/reminiscing-the-social-security-law-in-the-us/feed/ 0 Fraud in Social Security http://social-security-table.com/fraud-in-social-security/ http://social-security-table.com/fraud-in-social-security/#comments Wed, 29 Jul 2009 16:07:39 +0000 admin http://social-security-table.com/fraud-in-social-security/ Maribel Roncales asked:social-security-fraud

Social Security Fraud refers to the act of dishonestly claiming of benefits. Due to the increasing number of fraudulent claims, the US government enacted a law that will protect individuals from these illicit conducts.

What constitutes Fraud under the Social Security Act?

The Social Security Act provides an outline for actions that are considered fraudulent. Some of those acts are the following:

• Knowingly and willfully makes or causes to be made any false statement or representation of material facts in the application for benefits under this title;

• Knowingly and willfully makes or causes to be made any false statement or representation of a material fact for use in determining any rights to the benefits;

• Having knowledge of any event affecting

o His  or her right to the benefit

o The initial or continued right to the benefit of other individual in whose behalf he or she has applied for or is receiving benefit

o Having made an application to receive any of such benefits for the use and benefit of other and having receive it, knowingly and willfully converts the benefits for the use other than for what is intended

Information needed in filing Social Security Fraud

When planning to file a Fraud complaint, you need the following data:

• Name

• Address

• Social security number of the person you are reporting.

• Description of potential fraud incident

In cases where the Social Security number is not known, you need to secure his or her date of birth, age and the name of the parents. However, if you are reporting a concealed activity you need the name of the employer and its address and phone number.

How to report Social Security Fraud incident

The Social Security Administration takes seriously any report regarding Social Security Fraud. The Office of the Inspector General is the one who investigates incidents of Social Security Fraud. If you have any knowledge regarding these incidents, you can report it immediately by:

• Calling the Social Security Office hotline number

• Use the on line fraud reporting form

• Write to Social Security Office.

Yet, if you have been the actual victim of a fraudulent act, seeking legal assistance from a competent Social Security Fraud attorney is advisable. An attorney with sufficient in handing these cases can help you prosecute the law violators.

What is the Office of the Inspector General?

The Office of the Inspector General is the one directly responsible for meeting the statutory mission promoting economy, efficiency and effectiveness in the administration of Social Security programs. It is also responsible for preventing and detecting fraud, waste, abuse and mismanagement in such programs and operations.

OIG also searches and reports systematic weaknesses in SSA programs and operations and make recommendations for improvements and corrective actions.

Penalties for the violation of the Act

Any person found guilty for Social Security Fraud shall be:

• Fined under the United States Code

• Imprisoned for not more than five years or both

The federal court in sentencing the defendant may in addition to any other penalty order restitution.

When can there be restitution?

The court orders restitution in any of the following instances:

• The Commissioner of Social Security order payment that should not have  been made

• An individual suffers financial loss due to defendant’s violation of this Act.

Our Los Angeles attorneys are proven experts in handling Social Security Fraud cases. For free evaluation of your case, log on to our website and contact our legal staff.

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