Social Security Retirement Benefits
About Social Security
Social Security is a federally sponsored retirement program which is meant for the betterment of the retirees and the older adults. Those who are covered under the Social Security plans are entitled to a number of benefits such as disability benefits, retirement incomes, and pensions and so on.
The benefits of Social Security are one of the well known retirement benefits that are available in the US. The benefits help the retirees to become financially stable even after they have retired from the job.
Social Security is a comprehensive federal program providing benefits to workers and their dependents in the form of retirement income, disability income, and, potentially, other forms of payments.
Most of the Social Security benefits are entitled to Federal Insurance Contributions Act (FICA) Tax a contribution which is popularly known as the Social Security Tax.
To enjoy the best of benefits, you need to complement your Social Security with various retirement accounts like 401 k and IRAs, annuities, short term and long term bonds, real estate investments and various other retirement programs. This will make your money also secure against market swings and other conditions.
Health Care Benefits
Various health care benefits are also covered under the Social Security. The plan consists of the companion Medicare programs. It is a federally sponsored health care program which provides a number of health care benefits to the retirees and the older adults.
Social Security and the companion Medicare Program provide important benefits to Americans in their sixties and beyond in terms of base-level of financial security and medical insurance.
Medicare is, in essence, government provided health care insurance program for those who qualify. the Medicare plan includes hospital care, medication expenses, post hospital and other rehabilitation costs. Those who are fully or partially disabled are also covered under the plan.
Social Security Pension Benefits
Retirees and older adults are also entitled to Social Security pensions. This is a kind of benefit provided by the plan. Social Security pension is also referred to as Retirement Insurance Benefits or Old-age Insurance benefits. One is entitled to the pension benefits after he or she attains the age of 62 or more.
Various types of Survivor benefits are also available under the Social Security system. In case of the death of the main family member, the nominee or the surviving family members are provided with the benefits. The survivor benefits are meant to provide support to the family members of the deceased. The amount of the Social Security survivor benefits are based on the recorded earnings of the member who has expired.