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Retirement And Family Benefits
I. Types Of Benefits
Retirement, family or dependents, survivors, and disability.
Old-Age and Survivors Insurance (OASI) Trust Fund also known as Social Security Trust Fund.
Someone who worked in covered employed long enough to be insured and at least 62 years old.
It will be the same as PIA.
Note: The benefits will be lower if it claims prior to full retirement age (FRA) and the benefits will be higher after full retirement age with the maximum benefits payable at age 70.
Either be at least 62 years old or have a child under age 16 or a disabled adult child in his/her care.
At least 10 years.
Minor children (under age 18).
Adult children disabled before age 22.
Elementary or secondary school students under the age 19.
The children of the deceased worker.
An aged widow(er), at least 60 years old.
A young widow(er), having a child under the age of 16 or a disabled child in his or her care.
A disabled widow(er) and be at least 50 years old.
The parent of a deceased worker must be at least 62 years old and have been dependent on the worker.
Disability Insurance (DI) Trust Fund.
II. Qualification
The quarter of coverage.
Social Security credit.
Beginning in 1978.
QC from 1978 and NAWI from 1976.
The QC will remain at the prior year’s level.
The age when the worker became disabled.
40 QC and 20 of them must have been earned in the last 10 years ending with the year of disability.
Younger workers may qualify for disability benefits with fewer QC.
III. Benefits Computation
The highest 35 years of earnings, including zero for those years with no earnings.
At the average wage level two years prior to the year of first eligibility.
The sum of the 35 years of earnings for an eligible worker is divided by 420 months.
90%, 32% and 15%.
Note: The sum of these computations is equal to the worker’s PIA or the amount of the monthly benefits they will receive when they first become eligible.
IV. Dual Entitlement
A person is entitled to more than one benefit at the same time.
A person’s benefit amount can never exceed the highest single benefit to which that person is entitled.
Offset dollar for dollar by the amount of their own retirement benefit.
Longer life expectancy.
Lower lifetime earnings.
Likelihood of survivor of a couple.
Increasing in female and married women labor force participation.
Increasing proportions of women who never marry or divorce with a 10-year marriage.
