Social security pension
Social Security pension, also known as Retirement Insurance Benefits or Old-age Insurance benefit is the retirement pension scheme under the Social Security benefits in the US. The pension benefits under the scheme are paid after one attains the age of 62 or more.
Normally the payments of the Social Security are made on the third of the month or on the 4th Wednesday of every month. The benefits are based on the date of the birth and power of the other benefits.
There are certain things that one needs to fulfill to become eligible for Social Security pension benefits. The requirements are based on both age as well as payments which are made into the Social Security System. Some of the requirements are:
- One needs to be fully insured under the Social Security System
- One should attain the age of 62 by the first of the month
- One should have either applied for the benefits or have also been converted from Disability Insurance Benefits at full retirement age.
There are various ways that you can apply for Social Security pension. In order to be eligible for the benefits, one needs to apply. Some of the ways that you can apply for the benefits are:
- Making online applications
- Applying through mail
- Applying at the Social Security Office
- Applying with Immediate Claims Taking Unit
The Social Security pension benefits are based on various factors like the amount of payroll taxes that are paid into the Social Security Trust Fund, the age of claiming the benefits, the present earned income of the person and whether he or she is engaged din any kind of military service. The main factor in deciding on the amount of the Social Security pension is the PIA or the Primary Retirement Amount.