Supplemental Social Security & Retirement Benefits
There are a few programs that give financial assistance to the elderly, retired or disabled U.S. citizens. For instance, Supplemental Social Security, or SSI, is granted to qualified individuals by the federal government. SSI recipients are disabled citizens or elderly citizens who have very low incomes or who lack stable resources and assets. On the other hand, Social Security Retirement Benefits refer to the monthly checks paid to employees or workers who have regularly paid their Social Security taxes and have earned the corresponding Social Security credits.
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Receiving Benefits
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Candidates who wish to receive Social Security Retirement Benefits must fulfill three major requirements. First, he must be over 62 years of age. Second, he must have 40 credits earned from work, coming from at least 10 years of having stable earnings subject to Social Security tax. Last, applications for the program must be filed. There are no income restrictions to receive standard retirement benefits--you can make any amount of money and still be eligible.
Supplemental Social Security can also provide income to retirees, however it differs from Social Security Retirement benefits. Supplemental Social Security is designed to provide income to the elderly, disabled or blind whose monthly incomes (including income from access to standard Social Security retirement benefits) are below a certain level. This means you can collect both standard Social Security retirement and Supplemental Social Security at the same time, as long as your Social Security retirement benefits are low enough that you still fall below minimum income requirements.
Applying for Benefits
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You can apply for benefits either in person or over the phone. You can also visit the Social Security website or call their toll-free number. An appointment will be scheduled for you to take your application to a Social Security office. To apply for either Supplemental Social Security or standard retirement benefits, you need to bring certain documents with you including your Social Security number, birth certificate, W-2 form or self-employment tax return of the previous year, Social Security number and birth certificate of spouse and children (should they be applying for benefits as well), proof of citizenship, bank account details, and if applicable, military discharge papers. If you believe you qualify for supplemental Social Security, even if you do not qualify for standard Social Security retirement benefits, you may need to bring medical information to prove your disability, if a disability is your basis for qualification.
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Benefits
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For Social Security Retirement Benefits, the amount you receive for your monthly payments will depend on your age. The longer you wait, the larger the amount received. Full retirement age for those born before 1938 is 65 while for those born in 1960 or later, the age is 67. For early retirement, benefits may be received by those 62 years of age. Delayed retirement is for those who continue with work even after reaching their full retirement age.
To receive Supplemental Social Security benefits, you must be at least 65 years of age, disabled or blind. Disabled individuals can either be adults or teenagers under 18 years of age. Candidates must also be U.S. citizens, aliens who meet the requirements for residency or nationals. You must file applications to receive the benefits. You do not need to have worked for a minimum number of years to qualify for these benefits, and the benefits are not paid out of Social Security taxes. You must have less then $2000 in assets (as of 2009) or less then $3000 in joint assets if you are married.
Amount of Benefits
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For standard retirement benefits, benefits are based on the credits earned throughout your career. The higher the earnings, the greater the benefits received. Social Security provides its recipients with estimates of their payments, once a year.
Payments for supplemental security are the opposite: the higher your income, the less you receive. Benefit amounts are based on your income and are determined by the Social Security office. These payments are set based on cost-of-living standards and increase each January. They are based on your living arrangements as well as your monthly income. If you make more money in a certain month, your benefits will be reduced. The Social Security Administration will notify you about the amount you will receive when they accept you into the program.
Who Else Can Receive Benefits
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Standard retirement benefits may also be received by family members. Qualifying members include your widow/widower, spouse also of retirement or under retirement age (conditions apply), disabled children (adult) and minor children.
Supplemental security income can only be received by the person who qualifies for the program. If that person dies, the benefits cease.
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