Are Your Social Security Benefits Enough?

Social security benefits cover support for the dependent family (if there is) if ever a person dies or become disabled. It is more than just about retirement. The quality of a person’s and his family’s future security will be determined by how much he saves now, and social security is one way of providing this benefit.
Social security benefits that assure financial assistance in the future are bequeathed in 3-ways. The first form is the social security benefits for retirement. Social security beneficiaries for retirement are given 1-point credit for every 0 they earn anytime within a year. They could receive up to 4-points each year giving them a chance to reach 40-points credit sooner which is required for receiving full social security benefits by the time they reach retirement at the age of 65. (Partial benefits though are given when the retired beneficiary reaches the age of 62.) Hence the amount of future benefits may vary a bit depending on exactly when you decide to apply. Also if a person applies for a social security retirement benefit but doesn’t retire beyond age 65, then he shall receive a greater amount of benefits soon after he retires.
On the other hand, social security benefits for cases of disability involve beneficiaries determined as anyone having physical or mental disability regardless of age. Those having a severe condition considered as life-threatening are also allowed to apply for this kind of security. They are warranted for receiving the social security benefits since their cases prevent them from working at any job paying 0 or more per month at least a year. Applicants though may have to meet the social security’s definition of ‘disability’ and undergo a Benefits Eligibility Screening Tool. These then shall either qualify the disabled for an SSI/Supplementary Security Income based on financial needs or an SDI/Social Security Disability Insurance providing for the disabled including some of his family members considering he has previously worked and paid his social security taxes long enough.
Families of security insured individuals may also receive social security benefits called survivors’ benefits, upon death of their major (or sole) income-provider. Eligible family members to be bequeathed with the financial support are the spouse aged at least 60-years-old or 50+ but disabled or caring for a child under 16-years, disabled children ages 18+, children who are under 18 and unmarried or those who are 19-years and below but are still in school, and also the parents of the deceased but only if he has been their primary income-provider. They will receive a single lump-sum benefit of 5 when their family’s head dies, that is, if he has earned enough social security credits during his lifetime.