HOW IMPORTANT IS YOUR SOCIAL SECURITY NUMBER?Written by Jinky C. Mesias
Social Security is providing each member with individual Social Security Number. The rationale behind issuing of Social Security Number is to facilitate processing of claims and benefits. Each Social Security member is provided with a unique number different from everyone else this means no two members would have same number account. The Social Security Number identifies Social Security Account of each of member.
Social Security makes use of these accounts in maintaining all records of each of their members. And also earnings as well as benefits are verified by accounts contained under Social Security records.
The Social Security number is also very useful when applying for a job. Employers make use of social security numbers of their employees to pay for their contributions. Moreover, Social Security numbers are also used by most financial institutions in recording amount of interest that Social Security members have earned from them. Even Internal Revenue makes use of Social Security Number in determining amount of tax a Social Security member needs to pay. The members Social Security accounts provide basis for both government as well as private businesses when they are in search for information regarding their employees. Nevertheless, all information contained in Social Security Account of each member is not released without any consent from concerned member but unless law permits discharge of any information then and only then can information be released. All information contained in Social Security memberís accounts is confidential.
THE BASIS FOR SOCIAL SECURITY BENEFITSWritten by Jinky C. Mesias
There are certain bases which Social Security use in order to determine amount of benefits to be released for each of their member. The Social Security Benefit is based on factors such as date of birth of members, type of benefit applied for, amount of earnings and length of employment. All these factors are considered in determining Social Security Benefits and Medicare benefits.
Other bases for determining Social Security Benefits are so-called Social Security Credits. As members of Social Security you get credit points for your earnings. $900 in earnings can earn a member one credit. A member has chance to earn up a maximum of four credits in a year. However, amount of earnings needed to obtain one credit is not a constant that is why every year there is an increase for amount of earnings required for one credit. The most number of credits required is forty which is about ten years to accumulate. These credits are needed in order for a member to become eligible for benefits. The disability and survivor benefits usually require a much lower number of credits.
However, extra credits obtained during your working lifetime, does not in any way indicate that members are to receive additional benefits. Nonetheless, an increase in your Social Security contribution may increase your benefits. For those who may have queries and may want to know your detailed estimate of your Social Security Retirement, Disability and Survivorship Benefits you may try to visit or call Social Security Administration. You may be made to fill up a Personal Earnings and Benefit Estimate Statement. This statement is available by completing and submitting a form SSA-7004 to Social Security Administration. The Social Security in return would just mail to you your requested statement.