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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
We use all your earnings covered by Social Security to figure your Social Security benefit, so, report all earnings up to the maximum, as required by law.
Since we don't know for sure what the Social Security benefit formula will look like in future years (the dollar amounts in the formula are adjusted annually), let's take a look at how much someone turning 62 in 2018 can expect from Social Security depending on their average inflation-adjusted salary throughout their career and the age at which they decide to claim benefits.
The taxes are based on combined income, which is a taxpayer's adjusted gross income, plus any tax-exempt interest (such as interest on mutual bonds) and half of her Social Security benefit. Based on that:
In January the average Social Security benefit was $16,092 per year, $72 above the federal poverty guideline for a family of two.
Client's parent needing nursing home care but Social Security benefit is too large for Medicaid qualification?
The average size of social security benefit by January 1, 2014, made 487 som.
ISSUE: Navigating the complex rules governing the Social Security benefit system can be difficult for many clients.
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).
* A person begins to receive a governmental pension or annuity or there is a change in a present pension amount and the person receives a spouse's Social Security benefit.
The Lesser Of 85% of Social Security benefit (85% x $14,000) $11,900 Modified adjusted gross income $40,000 One-half the Social Security benefit + 7,000 Total 47,000 Adjusted base amount (44,000) The excess multiplied by 85% ($3,000 x .85) 2,550 Lesser of amount includable under first tier ($7,000) or $6,000 + 6,000 Sum of 85% of excess plus smaller of amount includable under first tier, or $6,000 $8,550 There is no longer any reduction in benefits once an individual reaches normal retirement age (i.e., earnings during and after the month the individual reaches normal retirement age will not reduce benefits).
* Someone between age 62 and 65 in 2009 making less than $14,160 won't lose any of their Social Security benefit. However, they will lose 50 cents for every dollar they make over $14,160.

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