Security - Get Into It!
Deciding when to collect Social
Security can sometimes seem like a complicated process.
Reasons for starting to collect Social Security early
vary (the current earliest age to get most of the amount
due you per month is 62). Deciding to collect at this
age may depend on a number of factors, the most obvious
being how much the money is needed now. The drawback to
collecting early is that you do not receive as much per
month as you would if you waited a few years to collect
it (assuming it will still be there in a few years).
Social Security started in 1935
with passage of the act named for it. Today, it refers
to the survivors, disability insurance, and old-age
program. A sample of the programs it covers are:
--Federal retirement, disability
insurance, and survivors benefits.
--Assistance to needy families
--Kids health insurance programs
through each state.
--SSI, or Supplemental Security
Social Security is paid for through
payroll taxes, which are called FICA. When a person is
employed they will see these deductions on their
paystubs. Therefore, people are entitled to Social
Security because they've paid into it whenever they've
been employed. If they are self-employed, they still
need to pay into this fund.
When FDR created the program as
part of his famous New Deal, Social Security also
covered unemployment insurance. Now, this term is used
only in the sense we've come to know it for -- security
for retirement and disability, plus a few other reasons.
You can apply online for Social Security benefits and
this is the easiest and quickest way. After you complete
the application, you usually just sit back and wait to
get the first check (theoretically speaking as it's
electronic). If the government has any questions,
they'll contact you.
Social security is only paid
electronically now. When you apply you simply give the
government your bank account info for direct deposit.
Make sure you are on the official site when you do this,
and you'll also set up your account and get a password.
Many people choose the early option because of economic
difficulties from the past few years. Explore all of
your options before starting an application.