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Medicare Basics - Turning 65 / Retire

Apr 20, 2019

Social Security Benefits Social Security benefits are not limited to cash transfer or financial support given to its target group of people. The service provided depends on the unique situation of the individual. Some factors such as total retirement income, marital status, lifetime earnings, home state taxes, and retirement age affect the amount of the benefits that an eligible individual will receive. The Social Security Number linked to the person’s Social Security hold these details. The Social Security Administration offers the primary programs. Retirement Benefits Generally, a worker will receive full benefits at the age of 66. However, in some situation, beneficiaries can start to claim their benefits at the age of 62, but at a lower amount. Also, the Social Security Administration will increase its amount by 8% every year from age 62 through 70. It is also crucial to take note that the monetary benefit will stop beyond that age. It is also required that people need to work at least ten years for them to avail the benefits. Some factors affect the payment that the recipient receives. One of the bases is the “average indexed monthly earnings.” It shows the record during the 35 years when you earned most. Survivors Benefits Children and widows of the Social Security beneficiaries are also entitled to receive the survivor's benefits. The survivors will get 75% out of 100% amount of the Social Security benefit of the recipient. Generally, the family will be paid at a limited amount of 150% out of 180% of the deceased benefits. Medicare Medicare is a healthcare insurance program provided specifically to elders 65 and above. People with disabilities, Lou Gehrig’s disease, and permanent kidney failure may also receive the same benefit. There are more than 50 million Americans who are covered by this benefit, and 15% - 20% of the fund comes from federal spending. The premiums gained by the recipient increases with the help of the Patient Protection and Affordable Care Act of 2010. The payroll taxes are raised as well since it is used to fund the program. Disability Benefits People who have been disabled for at least five months and has not improved for a more extended period are also entitled to receive the disability benefits. Furthermore, those who have been part of this program for 24 months may also obtain Medicare. There are also other medical conditions that may allow the individual to receive disability benefits. Some of them are musculoskeletal problems like back injuries, senses and speech issues like loss of vision and hearing, cardiovascular conditions like heart failure, respiratory illnesses like asthma, and neurological disorders like Parkinson’s disease. These health problems prevent the person from performing his/her job, enabling him to be entitled to disability benefits. Supplemental Security Income (SSI) Blind or disabled people who are 65 years old and above and have insufficient income can also avail the Supplemental Security Income or commonly called SSI. To prove the individual has a few financial resources, his monthly income must not exceed to $2,000, excluding some financial expenses such as burial plots, car, life insurance, personal residence, and $1,500 dedicated to burial funds.