Types Of Social Security Benefits

Regardless of your age, if you become disabled and unable to work, you may be entitled to receive benefits from the Social Security Administration. This article is an explanation of the types of Social Security benefits available and how to qualify for them.

Social Security

There are four general categories of Social Security benefits:

1. Retirement benefits.

2. Disability benefits.

3. Dependent benefits.

4. Survivor Benefits.

Retirement Benefits

Retirement benefits are available to those who have worked a sufficient number of years in qualified employment. Upon retirement, you will be eligible to receive monthly Social Security benefits until you die. The amount of your benefits will be a percentage of the money you earned during your work history.

You can begin to collect retirement benefits from the age of 62. However, the longer you wait, the bigger your monthly benefit payments will be. The Social Security Administration will increase your monthly Social Security benefits by between 4-8% for each year you delay retirement past your full retirement age (ages 65-67, depending on the year you were born), until you are 72 years of age.

Disability Benefits

Disability benefits are available to those who have not yet reached retirement age but are medically unable to work. Those eligible will receive monthly Social Security benefits roughly equal to the amount they would have received in full retirement.

Within the Social Security Administration, there are two programs under which you can apply to receive disability benefits:

1. Social Security Disability Insurance (SSDI) – for those who are disabled and who have already worked for a specified period of time.

2. Supplemental Security Income (SSI) – for those who are disabled and have insufficient income and financial resources to support themselves.

Depending on your 1) work history, 2) the number of credits you have paid into the system and 3) your financial situation you may be eligible for SSDI or SSI, or both.

Dependent Benefits

Dependent benefits are available to the spouse and minor or disabled children of workers who qualify for retirement or disability Social Security benefits. The spouse and dependent children of these workers will receive monthly Social Security benefits based on the amount of money earned by the worker before retirement or disability.

Survivor Benefits

Survivor benefits are available to the spouse and minor or disabled children of a deceased worker who qualified for retirement or disability benefits and, like dependent benefits, will be based on the amount of money earned by the worker before retirement or disability.