Social Security is a federal program in the United States relating to pensions, survivors’ pensions and disability insurance. How much social security will I get?
What is Social Security
The original version of the Social Security Act, which was signed in 1935 by President Franklin Delano Roosevelt, as part of his New Deal, and the current version of the Act, as amended, includes several programs and social security. The main part of the program is OASDI (Old Age, Survivors, and Disability Insurance – pensions, invalidity and insurance) or RSDI (Retirement, Survivors, and Disability Insurance – pensions, and disability insurance).
Social Security withdrawals
The amount of withdrawals from Social Security is based on its primary insurance amount (Primary Insurance Amount, PIA). PIA is the average of the best (period of 35 years worked by an employee), earnings (before deduction to FICA). This amount is limited each year by the Social Security Wage Base for Social Security.
The basis of Social Security
Basis: If the employee has less than 35 years of earnings, zeros are used to supplement the total number of earning years to 35.
Work years covered by the plan, over a period of more than 2 years preceding the year when the employee turns 62, are indexed upwards to reflect the increase in national pay by the average wage index (AWI) since the income was covered in the past to AWI , two years before the employee reached 62 (which is the last year the employee reached 62).
Disability and Social Security
An employee who has worked long enough (based on ‘insurance quarters’ in recent years) may be covered by a disability pension. Receiving benefits will start after 5 full calendar months, counting from becoming disabled, regardless of age. The qualification formula requires a certain number of “loans” (based on income), generally obtained and the right amount in the ten years immediately preceding a disability, but the rules are more lenient for younger workers who became disabled before they had the chance to create an adequate long history of earnings .
Retirement and Social Security
An employee who starts receiving benefits before normal retirement age receives a reduction based on the number of months before they reach normal retirement age. The reduction is 5/9 with 1% for each month, up to 36 months and then 5/12 with 1% for each subsequent month. Overall, this is 80% of the benefit value at age 62 when the employee’s retirement age is set at 65, 75% of the benefit value at age 62 when the employee’s retirement age is 66, and 70% of benefit at age 62 at retirement age employee of 67 years.
Only U.S. citizens and U.S. permanent residents can apply for a number or exchange a Social Security card outside of the United States. To arrange an appointment and / or to obtain information on the necessary documents, contact the appropriate federal services office.
Persons who are not US citizens or permanent residents but who need a number for tax purposes in the US can apply for a Tax Identification Number (ITIN). Information on this subject is available on the IRS website.