Before Diving into our topic Will Social Security Be Affected By Government Shutdown, First talk about what Social Security means?
In simple terms Social Security is the benefit which is given to the OLd–Age, Survivors, Disabled,Health Insurance which is under the control of the SSA, Social Security Administrator.
Now you must be wondering How it works?
How Social Security Works?
Social Security is like you pay from your service for the retired one and similarly happens by someone else for you, when you retire. In short it is a pay-as-you-go system but as we all know the pandemic attack happens which leads to shutdown of many working areas and jobs, so what will happen to social security after this?
Due to the pandemic attack the government had faced a lot of disturbance in the financial shape and status as well.
There are a lot of questions that arise after this Corona attack.
- Will I get my retirement benefits?
- Will Social Security Be Affected By Government Shutdown?
- Are people still receiving the benefits?
- What happens to the government after this?
The answer is yes, there is no change in the retirement benefits (somehow delay occurs) and other Social Security benefits. It is mandatory for the government to continue the benefits. The payments will be given on time during quarantine as well.
The shutdown is similar to what happened in 1995 and in 2013.The benefits are given from the trust funds and from other government sources. You need not to worry about this statement “Will Social Security Be Affected By Government Shutdown?” as the government knows what they have to do and what they are working for. They are for the concern of their citizens.
Now be with us till the end of this article to know the complete details and other benefits of Social Security.
What Happens To My Social Security Benefits In Government Shutdown?
- Most likely, the benefits are given to the taxpayers during the shutdown because the government has already collected the amount of money from the Tax. The Tax is the major source of revenue for the government.This collected tax is used in the government programs and initiatives, also for the Social Security benefits.
- This is Mandatory for the government to provide security benefits without any kind of delay in it.There is no need to worry about this as we have mentioned above. The government is far more intelligent than us, they exactly know what they have to do for the sake of their citizens.
- Now talking about different types of social security benefits are they affected or not by this shutdown.
- Retirement Benefits
- Spousal Benefits
- Survivor Benefits
- Health Insurance
- Supplemental Security Income Benefits
- The Social Security offices are close but you can apply for the Social Security Benefits As they have mentioned the offices are now in online working.There major aim is to provide help to the citizens. They have about 1,200 offices in America which are for the faith of citizen.
Now moving to our next topic we have collected some of the few questions from the internet about Social Security. Be with us till the end maybe you find the answer to your query for what you are looking for.
Common Questions About Social Security
- There are many prospects on how it works, they have many rules and regulation for that, even some plans are also introduced in America i.e. Pension Plan.
- Now you must be wondering what are the basic criteria behind there working scheme but before talking about working, here are the common questions what people ask on the “Social Security”
When I Am Eligible For Social Security And How to Determine Eligibility?
- It depends directly on the year you were born , which simply means your age. You will be eligible when you were at your retirement age.That is as early as 65 or late as 67.
- The early age when you start receiving Social Security Benefits is 62.But you will start receiving the benefits 4 months before when you turn 62 for that, you need to clearly understand the
- If you were born between the year 1943-1954 then the full retirement age will be 66.
- And if we talk about 1955 then the full retirement age extended to 2 months i.e. 66 years+ 2 Months.
- For 1956 it will add 2 months more that is 66 years+2 months +2months
- And for 1957 and 1958 addition of two more months in the previous one. will range to 66 years+6 months (1957) and 66 years+8months (1958).
- Similarly for 1959 it would range 66 years+10 Months.
- And 1960 and more have the FRA, full retirement age is 67.
Social Security adds two months every year later to the year you were born. This helps Social Security to remain in good financial state. Now talking about when it is a good time to apply for Social Security and when it gets reduced permanently?
What Happens To Your Benefits If You File “Early” For Social Security?
- There are many people who file for social security as early as they possibly can.
- Considering an example for this, if someone files for Social Security at the age of 62 and his FRA is 67 then the benefits will be reduced to approximately to 30%. Even though they know about this decrease but still they are happy with that.
- However, this deduction is permanent for them.
- And it is inversely proportional to those who file “late” for the social benefit.Taking an example of this too, if someone files for Social Security at the age of 70 and he is 67 years old, then he would be able to enjoy more of the benefits.
Social Security Spousal Benefits 2020
In this, we are talking about the generous benefits of Social Security for the married one. If one is married to an eligible one ( in terms of spousal benefits )and has no means of work, he is still able to receive the benefits but the non working spouse must be 62 years of age.
And in cases in which both are working but one spouse is paying higher than the other one Both get the higher benefits from the security. It simply depends upon both.
You should be married one year before applying for the spousal Benefits but this is not the only criteria; your age also matters in that too, which must be 62 years.
You can also collect both the Retirement Benefits and Spousal Benefits, for this you have to apply for the spousal benefits if you are eligible and then wait to be 70 years old and then apply for the retirement benefits. Only for those who are taxpayers.
How to apply For Spousal Benefits?
- It is simple as it seems, you can apply this online if you are within 3 months of age 62 or older and also visit your local Social Security Office and ask them, they will guide you properly for this.
- The scheme is also similar to the retirement one, if the non working spouse starts to take the benefits earlier then it will get reduced permanently but to get more of the benefits then you have to apply after the retirement age and you get 50% of more benefits in reward.
- Talking about the Widows, they are able to take the 100% of their partner benefits whether they have a job or not, and the benefits they earn from the income is higher.
- Hoping, the government shutdown will be possibly resolved soon but benefits should be paid. We have covered all the queries in this article.
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- Please don’t feel any kind of hesitation if you want to ask any question related to this, feel free to ask.
Frequently Asked Questions
For applying of the spousal Benefits or Divorced spouses you have to apply this online within three months earlier when you turn 62. You can do this online or by simply visiting the local Social Security Office.
How to get both the Retirement Benefits and Spousal Benefits?
Yes, you can get the benefits of both. For this you have to apply for the Spousal benefits first and have to wait to turn 70mand then apply for the retirement benefits. This helps you to get more extra benefits.
What is FRA in terms of age criteria?
FRA means Full Retirement Age it is simply an abbreviation for this.
What are the types of Social Security?
Retirement Benefits, Spousal Benefits, Survivor Benefits, Health Insurance,Supplemental Security Income Benefits and many are under the type of social security.
Can I apply for Social Security in Covid-19?
Yes, you can apply for social security even in covid-19. They mainly advised to call them on their toll free number or applying online before visiting the office.