All the Good Things About Social Security In the United States today, we have around 160 million people who are paying for their social security and around 50 million who are benefiting from it. Here in this article, we are going to provide you with all the information you need to know regarding the benefits you could get from these taxes. The most obvious benefit that we can get from social security taxes happens during retirement. What commonly happens with every is that they work for a certain job and pay for social security taxes over the years and when the time comes that they have to retire, they receive monthly checks coming from the administration. This has been benefitting so many people most especially those that don?t have any source of income aside from their jobs. If you are working for a job that will pay off at least 40 calendar quarters, then you are already fully covered. With its help, you are now safe to retire at 62 with benefits provided for you. However, retiring before that age will entail less payment. The more you spend paying for your taxes, the more payment you?ll get.
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Aside from that, you will also get some disability benefit from the taxes you are paying for. If you got involved in an accident or suffered a condition that prohibits you from working, this type of benefit will see you through. Your average earnings will serve as the basis so that the amount that you are going to receive is determined. However, one important thing that you have to know about it is that the rules governing getting disability are quite tough. For example, you need to be suffering from the condition for at least twelve months.
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The next type of benefit that you must learn about is the benefit for the survivors. If you are a worker and you passed away, you will be survived by your family who are going to benefit from your social security taxes. The survivors can be the parents, children, spouse, and grandchildren of the deceased. However, they must be eligible in the following aspects: The widow must be 60 years old or more. The children must be 18 years old and below and should not be married. The parents must be at least 62 years old. The social security taxes will also allow you to enjoy Medicare benefits. You will be assisted in terms of the expenses in hospital and medical insurance. When you reach the age of 65, you will be automatically covered. You will enjoy two parts of this benefits. First, your hospitalization bills will be taken care of. The second part covers other bills such as the prescription drugs, doctor?s fee, and other treatments.