social security benefits

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 ?
12, 2015 /PRNewswire/ - While a majority of Americans say they will need to rely on Social Security benefits in retirement, most are not hopeful that those benefits will be there, according to a recent poll fromRBC Wealth Management-U.
Alternatively, claiming Social Security at age 70 maximizes Social Security benefits.
A Social Security video that illustrates factors people should consider when planning their Social Security benefits is now available at www.
The annual 10% increase of social security benefits for poor families with children is planned in Kyrgyzstan, Social Development Minister Kudaibergen Bazarbayev said at the meeting of the Coordination Council for Social Security in Kyrgyzstan on May 6.
Now that I'm retired and a widower, I'm paying a lot in income taxes, as my IRA withdrawals triggered the taxation of my Social Security benefits.
Levine use data from the Annual Social and Demographic Supplement to the Current Population Survey (CPS) as well as other data to analyze the implications of the current weak labor market on retirement decisions and on the receipt of Social Security benefits.
I'm thinking more of the poor Americans who are living on Social Security benefits and the disabled veterans who depend on veterans benefits alone and will never have the opportunity to work for and accumulate Social Security benefits in addition.
Once both spouses reach full retirement age, the higher earner (the husband in this example) should go ahead and file for his Social Security benefits.
Subsequent generations, however, tended to regard Social Security benefits as a major part of their retirement funding.
The decline in the generosity of Social Security benefits for workers who recently reached their 60s has been the leading cause of the trend toward delayed retirement of older men, maintains a study by Ohio State University, Columbus.
The Congressional Research Service estimates that if Social Security benefits did not exist, an estimated 44 percent of all elderly people would be poor today.
If an individual is working in retirement and hasn't attained his of her full retirement age--66 for those born between 1943 and 1954--their Social Security benefits may be reduced.

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