Question

What do you understand by 'Social Security benefits'?

Answer 1

Social security benefits are money paid in by working people through their monthly taxes withdrawn from their paycheck. They are used by elderly people (above age 65) to help support them along with their retirement funds and savings. Hope this helps!! :)

Answer 2

Understanding about Social Security benefits:

• Social security benefits include Retirement Benefits, Disability Benefits, Dependents Benefits, Survivors Benefits.
• Benefits of social security are given according to the earning of the individual.
• First comes the retirement benefits. Individuals who have completed work in covered employment and retire at or after the age of 62 are eligible for these types of advantages.
• If the individual decides to claim these benefits at the age of 62 rather than the full retirement age of 65.
• The benefits keep increasing when the individual keeps pushing the benefits until the age of 70.
• Disability benefits can be availed if an individual has not attained the retirement age, qualifies all work requirements and is considered to be a disabled person.
• These benefits equal to what the retirement benefits offer. The spouse of a worker who is availing disability benefits can avail dependents benefits for herself and the minors.
• The spouse of a dead worker who was availing disability or retirement benefits can further avail survivors' benefits.

Learn more about social security benefits

Who would be benefit from the social security act

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What does the social security administration develop regulations to determine?

A) benefits

B) investments

C) taxes

D) employment

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