Social Security Benefits & Qualifications
Millions of Americans depend on Social Security benefits for financial assistance, with the majority being retirees. Workers are required to pay Social Security taxes out of their income, which are then used to pay benefits to qualified recipients.
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Types
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Although Social Security benefits are typically associated with retirement, there are two other primary types: disability and survivors' benefits.
Features
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To qualify for retirement benefits, an individual must be at least 62 years old. The amount of money received is based upon how much money is earned during a person's career. According to the Social Security Administration, disability benefits are available to adults of any age who have been employed and have a medical condition expected to last for at least one year or is considered terminal. Spouses, children and dependent parents can also receive Social Security benefits when a worker dies.
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Considerations
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Workers can begin receiving retirement benefits at age 62 but will receive a smaller monthly check until they reach full retirement age. Full retirement age is determined by federal guidelines and based upon an individual's birth year. Those applying for disability benefits must meet certain guidelines involving their recent work experience and how long they have worked during their lifetime.
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