social security benefits

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Social Security benefits

Monthly government payments to retired workers or their families who have paid Social Security taxes for a total of 40 quarters or 10 years.

Social Security Benefits

In the United States, a social program providing, among other things, disability insurance, the national pension, unemployment insurance, Temporary Assistance for Needy Families, and Supplemental Security Income. In common parlance, however, Social Security benefits refer to the monthly check received by pensioners starting generally after retirement. All U.S. citizens who have paid the Social Security tax for a certain number of years are eligible for Social Security benefits at age 65 (or 62 for reduced benefits). Widows (or widowers) are also eligible for benefits even if they were never employed, so long as their deceased spouses paid into the system.

social security benefits

benefits provided by the government as a means of assisting low-income members of society such as the unemployed (the JOBSEEKERS ALLOWANCE), the retired (basic old age PENSIONS), the sick (sick pay and free medical treatment), the disabled, single-parent families etc. See DEPARTMENT OF WORK AND PENSIONS.

social security benefits

any benefits provided, on social grounds, to low-income members of society, such as the unemployed, retired persons, the disabled, single-parent families, etc. Social security benefits can take the form of money payments (for example, the JOBSEEKERS ALLOWANCE, pensions, etc.) or payments in kind (for example, clothing coupons, food stamps, etc.). Some countries apply a MEANS TEST to determine eligibility for benefits. In the UK social security benefits are paid by the DEPARTMENT FOR WORK AND PENSIONS.

In certain cases, where the scale of benefit used to determine benefit entitlement overlaps with the PROGRESSIVE TAXATION system, this can create disincentive to seek employment (see UNEMPLOYMENT). See POVERTY TRAP, NEGATIVE INCOME TAX, SUPPLY-SIDE ECONOMICS.

References in periodicals archive ?
But even if the lower wage earner worked and has their own Social Security benefit, he or she may elect to receive an amount equal to half of their spouse's instead.
First, a review of the rules: An individual or married couple adds one-half of the Social Security benefit received during a tax year to their modified adjusted gross income (MAGI).
Jackson receives a $1,000 Social Security benefit in 2009, $400 of which is attributable to 2008.
Under the second tier, if a taxpayer's MAGI plus one-half his Social Security benefit exceeds an "adjusted" base amount, he must include the lesser of: (1) 85 percent of the Social Security benefit, or (2) the sum of (a) 85 percent of such excess over the adjusted base amount, plus (b) the smaller of the amount includable under the first tier of taxation (see above), or $4,500 (single taxpayers) or $6,000 (married taxpayers filing jointly).
Someone between age 62 and 65 in 2009 making less than $14,160 won't lose any of their Social Security benefit.
Many of these retirees choose to receive their Social Security benefit early even though it means a reduced monthly income.
As previously noted, the median Social Security benefit in 2006 was $989.
With no other income available and little prospect of future employment, she'll need to apply for her Social Security benefit at the earliest possible time.
Your Social Security benefit depends on your earnings, averaged over your working lifetime.
As I have testified on many previous occasions, there are a number of social security benefit reforms--such as extending the age of full retirement benefit entitlement and indexing it to longevity, altering the benefit calculation bend points and adjusting annual cost-of-living escalation to a more accurate measure--that should be given careful consideration.
While 2 percent of one's income compounded over a lifetime amounts to a significant chunk of change, the savings account is designed to supplement the Social Security benefit, not replace it.

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