Written by Jinky C. Mesias

There are certain bases whichrepparttar Social Security use in order to determinerepparttar 150155 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,repparttar 150156 type of benefit applied for,repparttar 150157 amount of earnings andrepparttar 150158 length of employment. All these factors are considered in determiningrepparttar 150159 Social Security Benefits andrepparttar 150160 Medicare benefits.

Other bases for determining Social Security Benefits arerepparttar 150161 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 hasrepparttar 150162 chance to earn up a maximum of four credits in a year. However,repparttar 150163 amount of earnings needed to obtain one credit is not a constant that is why every year there is an increase forrepparttar 150164 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 andrepparttar 150165 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 callrepparttar 150166 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 torepparttar 150167 Social Security Administration. The Social Security in return would just mail to you your requested statement.


Written by Jinky C. Mesias

Just what is Social Security? Social Security is an agency directed to provide benefits that would act as a safety net for all citizens covered by it. Social Security is not only concerned with retirement benefits for its members alone but also covers those who are disabled, dependent for support upon members of Social Security, widow and widower, a child of a member or a beneficiary of a member who died but who is entitled to receive a benefit. However,repparttar benefits to be given depend on whether you satisfy allrepparttar 150154 requirements set byrepparttar 150155 Social Security.

The Social Security operates in this manner: would-be members are required to work and to pay their Social Security contributions. And when they retirerepparttar 150156 Social Security provide them with their retirement benefits. Likewise, in cases wherein members became disabled they are also entitled to receive disability benefits. Not only that, their spouse and their children are also to receive monthly benefits.

All of you must be wondering just how much you are to pay in order to receive allrepparttar 150157 aforementioned benefits. There is a standard set byrepparttar 150158 Social Security for which members are to follow. For members who are employed, 6.2% of your wages is with held; your employer is also to share 6.2% matching contributions. Your employer is tasked of depositingrepparttar 150159 withholding for your social security benefits. And also there is an additional 1.45% withheld from your wages and also a 1.45% matching contribution from your employer. The additional deductions from your wages are intended to cover your Medicare Benefits. The total deduction of Social Security from your wages is 7.65%.

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