There are several types of social security: SOCIAL SECURITY EARLY RETIREMENT (SSER), SOCIAL SECURITY (OLD AGE) RETIREMENT (SSR) (SS Early Retirement), SOCIAL SECURITY DISABILITY INCOME (SSDI), SOCIAL SECURITY DISABILITY (SSD) AND SUPPLEMENTAL SECURITY INCOME (SSI)-- MORE acronyms exist; below is a very limited explanation of how these types of Social Security benefits affect you.
Social Security language refers to: credits of earnings: a credit equals a 3 month period of reported work income. Don't worry, most attorneys' eyes glaze over when attempting to understand and even explain social security.
SSR: The easiest to understand is "old age full social security benefit" (SSR)-- you qualify for this SSR benefit if you've paid to the social security system (20 credits in the last 10 years-- means 5 years of income reported) AND are the age of full retirement (SSR). Some baby boomers, need to be age 67 before they can get their full SSR. At this moment, it does not matter if you are a millionaire-- you still get this benefit. However, if you want to receive an early old age social security retirement (age 62)-- well, then, your recent earnings are reviewed and if they exceed a certain amount, then you do not quality for early SSR. There's more-- alot more.
SSD: You must be unable to work for at least 12 months, or have a disease that will end in death AND have contributed (20 credits) to the social security system. If you earn over $800.00 at work, in general, you would not qualify for SSD (unless your condition is on a special list. The monthly benefit is earnings based-- a formula of earnings. If you qualify for SSD and want to attempt to go back to work, special rules apply to the first years of earnings. There's more-- alot more!
SSI: You must meet the definition of disabled AND not have assets over a specified amount. You can only own property up to two thousand dollars in value: if you are married, three thousand dollars in value is permitted. In general, your vehicle does not count in this valuation process; nor does a burial plot in value up to $1500.Your spouse's and even the income of other family members with whom you live-- may be used in the qualification calculation. However, social security does not count the house in which you live or the land upon which the house sits. Your personal and household goods do not count. There's more-- alot more.
By the way, family members may be eligible for benefits also. And of course there is a death benefit of less than $500 available. There's more-- alot more.
Knowledge is power. We stand with you! LAW FIRM RUBENSTEIN SENDY TOLL FREE 888-511-4LAW, 877-977-7713
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