Social Security Income

Social Security Income is counted on by 40% of Americans over age 65 to keep them above the poverty level, and millions of other elderly Americans to deliver an acceptable quality of life. For retirees, they become eligible for a reduced social security income at age 62. Full retirement benefits kick in depending on a retiree's year of birth. The income they receive is based on their Primary Insurance Amount (PIA), which is the average of the worker's highest 35 years of covered earnings. From this number, various formulas are used to determine the exact amount owed to individual retirees. Spouses, widows, dependents and the disabled all also are eligible to receive a social security income. Each of these cases must qualify for the benefits in accordance with a strict set of guidelines. These guidelines actually lead to the disability part of receiving a social security income to be the most legally contested, as more people are turned down for this program than any others, an the process for receiving the income can be quite complex.

Fast Facts

  • The payroll tax revenue is expected to not be sufficient enough to cover Social Security benefits by 2017
  • If a worker hasn't worked 35 years when the PIA is determined, than zeros are used for every missing year

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  • Social Security Income

    You can receive Social Security benefits for several reasons.  Social Security benefits are available when you...
    • Site: socialsecuritylawfirms.com
  • Supplemental Security Income (SSI)

    Supplemental Security Income (SSI) is a federal program designed to supplement income for those who qualify....
    • Site: socialsecuritylawfirms.com
  • SSI Eligibility Issues for Non-US Citizens

    Supplemental Security Income (SSI) program is a federal income supplement program designed to help the elderly...
  • Social Security Introduction

    The Social Security Act and the Social Security Administration were created by President Roosevelt during the ...
    • Site: socialsecuritylawfirms.com
  • Filing for Social Security Benefits

    One of the first questions that people ask when they think of filing for Social Security Benefits is am I elig...
    • Site: socialsecuritylawfirms.com

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