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Social Security: Some basic questions
QUESTION: Can you tell me what the average Social Security benefit amounts are? ANSWER: For 2005, the average monthly Social Security benefits are as follows: retired worker, $955; retired couple, $1,574; disabled worker, $895; disabled worker with a spouse and child, $1,497; widow(er), $920; widow(er) with two children, $1,979. *** QUESTION: I am going to school and working part time. Does part-time work count for Social Security benefits? ANSWER:Yes, part-time work does count for Social Security benefits. As you work and pay taxes, you earn Social Security "credits." In 2005, you earn one credit for each $920 in earnings -- up to a maximum of four credits per year. (The amount of money needed to earn one credit goes up every year.) The most you would need to qualify for any type of Social Security benefit is 40 credits (10 years of work). Also, younger people need fewer credits to be eligible for disability benefits or for their family members to be eligible for survivors' benefits if they die. *** QUESTION: I am 66 years old and planning to retire. Once I retire, how long will I have to wait before I get a check and be able to pay my monthly bills? ANSWER: First, it is important that you know that Social Security benefits are not automatic. To receive benefits, a person must apply for them. Social Security generally recommends that people apply for retirement benefits about three months before they want benefit payments to start. Social Security benefits are paid in the month following the month for which they are due. For example, if your first month of entitlement is August, you would receive your first Social Security benefit payment in September. |
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