social security benefits

Social Security benefits

Monthly government payments to retired workers or their families who have paid Social Security taxes for a total of 40 quarters or 10 years.

Social Security Benefits

In the United States, a social program providing, among other things, disability insurance, the national pension, unemployment insurance, Temporary Assistance for Needy Families, and Supplemental Security Income. In common parlance, however, Social Security benefits refer to the monthly check received by pensioners starting generally after retirement. All U.S. citizens who have paid the Social Security tax for a certain number of years are eligible for Social Security benefits at age 65 (or 62 for reduced benefits). Widows (or widowers) are also eligible for benefits even if they were never employed, so long as their deceased spouses paid into the system.

social security benefits

benefits provided by the government as a means of assisting low-income members of society such as the unemployed (the JOBSEEKERS ALLOWANCE), the retired (basic old age PENSIONS), the sick (sick pay and free medical treatment), the disabled, single-parent families etc. See DEPARTMENT OF WORK AND PENSIONS.

social security benefits

any benefits provided, on social grounds, to low-income members of society, such as the unemployed, retired persons, the disabled, single-parent families, etc. Social security benefits can take the form of money payments (for example, the JOBSEEKERS ALLOWANCE, pensions, etc.) or payments in kind (for example, clothing coupons, food stamps, etc.). Some countries apply a MEANS TEST to determine eligibility for benefits. In the UK social security benefits are paid by the DEPARTMENT FOR WORK AND PENSIONS.

In certain cases, where the scale of benefit used to determine benefit entitlement overlaps with the PROGRESSIVE TAXATION system, this can create disincentive to seek employment (see UNEMPLOYMENT). See POVERTY TRAP, NEGATIVE INCOME TAX, SUPPLY-SIDE ECONOMICS.

References in periodicals archive ?
Women already receive less Social Security benefits than men, and this plan only exacerbates that problem.
Abu Dhabi: Members of the Federal National Council on Tuesday passed a motion demanding full social security benefits to all people of determination (with special needs).
Some of your clients might be under the impression that Social Security benefits aren't taxable - and they didn't used to be.
In late 2012, President Obama came close to agreeing to reduce Social Security benefits by changing the formula for calculating annual cost-of-living adjustments as part of a "grand bargain" with then-House Speaker John Boehner to reduce the federal deficit.
of SOCIAL SECURITY BENEFITS by answering these 10 questions and see
From a financial planning and personal wealth point of view, Social Security benefits should be looked at as an asset class that needs investment management coordinated with the rest of an individual's portfolio and financial plan.
Until 2000, the Retirement Earnings Test (RET) reduced the net Social Security benefits of some senior citizens who had income from working.
Yet, the rules for claiming Social Security benefits are complex, and missteps can wind up depriving enrollees of thousands--perhaps many thousands--of dollars.
retirees received $160 million more in Social Security benefits in 2013 than in 2012.
BANKING AND CREDIT NEWS-June 9, 2014--Many US retirees regret taking early social security benefits
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The annual 10% increase of social security benefits for poor families with children is planned in Kyrgyzstan, Social Development Minister Kudaibergen Bazarbayev said at the meeting of the Coordination Council for Social Security in Kyrgyzstan on May 6.

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