|
|
Social Security Eligibility: What Are The Requirements For A Homemaker To Qualify For Social Security?
When Social Security was initially launched, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This resulted in financial challenges for the spouse who didn't work (and hence didn't qualify for Social Security) if the working spouse died first. Thankfully the Social Security Administration realized this hardship and amended the law to permit wives to collect benefits based on their husband's earnings.
The family dynamic has changed very much since Social Security was introduced back in 1935, but there are still many families where one spouse does not work, and so does not qualify for retirement benefits based on their own income.
There are several requirements in order to qualify for Social Security retirement benefits, like:
- Age: In order to be eligible for Social Security retirement benefits, you need to be at least age 62. Other benefits, such as survivor benefits or disability benefits may be received at an earlier age, but the Social Security eligibility criteria require you to be age 62 before you can request for retirement benefits.
- Work Credits: You have to work in a Social Security included job (i.e., where you contribute to Social Security by payroll tax deductions) for a minimum of 40 credits to be eligible for retirement benefits. You can earn up to four credits per year; so basically, you must work for 10 years to meet the criteria for Social Security.
- Citizenship or Residency Status: Many people will be surprised to find that you do not need to be a U.S. citizen to be eligible for Social Security retirement benefits. People who pay into the Social Security program may qualify for benefits even if they are not U.S. nationals, however they must live in the U.S. to actually receive benefits.
And so... do spouses qualify for Social Security? Given the Social Security eligibility criteria stated above, most full-time homemakers will not qualify for retirement benefits per se, unless they were employed for 10 years (40 credits) before they became a homemaker.
Alternatively, homemakers may qualify for benefits depending on their spouse's earnings. Social Security spousal benefits help husbands and wives to collect retirement benefits based on their spouse's salary if they result in a more benefit than their own. To be more precise, a spouse who has not worked or who has substantially lower earnings than their husband or wife can get up to as much as half of their spouse's entire retirement benefit.
In addition to spousal benefits, homemakers may also be eligible for Social Security survivor benefits. Widows and widowers can start getting Social Security benefits based on their deceased spouse's earnings beginning at age 60 (age 50 if they are handicapped). Children of deceased employees who are below age 18 (19 if they are still in high school) could also qualify for survivor benefits. This is very beneficial for families with small kids when the main bread earner passes away at an early age.
While full-time homemakers that have never worked or who were working for less than 10 years generally won't qualify for Social Security retirement benefits on their own, basically, they may be eligible for benefits depending on their husband's earnings. Note: while this report has assumed that the homemaker is lady, Social Security is gender neutral, so males who choose to stay home to bring up the kids can also qualify for spousal and survivor benefits.
Tips On How To Ask For Social Security Benefits
Social Security was originally created to provide retirement benefits to workers, but the program has grown tremendously and now Social Security provides disability benefits, death benefits and other family benefits in addition to retirement benefits.
A Few Of The Major Exceptional Roth IRA Withdrawal Rules That May Assist You To Take Money Out Of Roth IRA
Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply.
How To Enhance Your Own Credit Check Score In 5 Painless Ways
Having a good credit check score is an absolute must in today's lending environment. In this lagging economic environment, your credit check score is certainly more important than ever.
How You Will Get The Perfect Financial Planner To Reach Your Financial Goal
Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals.
Social Security Benefits: Ideas To Help You Get The Most Out Of Your Social Security Income
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
Some Valuable Information That Will Help You To Know When And How To Submit Your Social Security Application
As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits?
Social Security Death Benefits Could Help Monetarily After A Spouse Or Other Loved One Has Passed Away
Qualifying relatives of individuals who have passed away can receive assistance from social security death benefits. The payments provided vary and depend on a number of things such as the payments that have been made to social security as well as the relationship of the relative to the individual.
A Few Important Particulars Which You Have To Know About Social Security Spouse Benefits
When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits
Social Security Benefits Are Improving In 2012
The millions of people who depend on Social Security to get by will be thrilled to know that it will be increasing in 2012. This is the first time in years that Social Security benefits have been increased.
Gold Coin Prices And News- Gather Information From Reliable Sources And Determine Your Goal Why You Obtain One.
Whether you are intending to inflation-proof your investment profile or getting pleasure from collecting uncommon and attractive coins, gold coin prices will be vital to you.
|
More Articles
Blogroll
|
