Maybe you grasp a second job and save all that money. Social security has actually run a surplus for the majority its every day. Social Security is created to be standard.
You are required to get a Social Security number before you work your first job. Parents will need a number for kids to claim a deduction on their taxes. Officially, if you are 18 and earn money, you have to get a number because the employer has to use it to report their income. You can’t opt out of the Social Security system. Social Security is the name given to a host of programs. Technically, it is old age, disability, survivor’s insurance, supplemental security income for the disabled or the elderly. Employees and employers are required to pay Social Security taxes. Most of the money collected goes to pay current recipients.
So, what is the surplus for 2010? Here’s where the problems start. The bad economy and influx of baby boomers means there will be…no surplus in 2010. Payments coming into the program will about equal payments going out. This should also be the case in 2011 and 2012. Assuming the Mayans are wrong and we make it to 2013, things start to get ugly. The program will start running big deficits. It will have roughly a couple of trillion dollars in it, but that pool should be used up in five to ten years.
File your Social Security disability paperwork very carefully. A huge number of disability claims are denied right off the bat because the forms were not filled out properly. Answer every question on the forms; leaving something blank can get your claim denied. If you need assistance, don’t be afraid to ask someone to help you.
For most Americans, the Social Security tax is the single largest tax that they pay. Currently, it’s a flat tax on the first $106,800 of income that you earn.
The Social Security disability process can be a long and tedious one. On average, an initial claim takes 4-6 months to process. And, if you’re rejected and have to go through the entire appeals process, your case could drag on for as long as a year and half.
Before you get to that though, you will actually have to go through the application process. This is easy, and if you are going to do it online you will find a like to the application forms right on their home page. You will have to choose an age group that you are the applicant belongs to. You will then be promoted to do a few other things.
Susan (example E) is not eligible because she has been married for fewer than 10 years to both husbands. She would have to rely on her own work record for calculating her PIA.
A secondary issue being hidden by the health care debate is what will happen to Social Security. Many people do not like nearmeloans. What you will find out is that they are not really searching for can a loan company garnish your social security check but for something else. By the government’s own estimates, Medicare is essentially bankrupt. Social Security is not far behind. Retirees today can a loan company garnish your social security check those near retirement need to ask themselves if they could survive a cut in Social Security benefits. Asking the question today may help us be better prepared for tomorrow. Today’s tough economic times will affect the financial stability of the fund.
Applications for Social Security have increased 23% over last year and this increase has forced deficit spending by the fund in the amounts of $10 billion in 2010 and $9 billion in 2011. Deficits are beginning before the bulk of the baby boomers retire. What will happen when 80 million of them jump onto this teetering system? Even the trustees now admit the fund will be exhausted in 28 years. This means it will run out of money sometime during the lifetime of a healthy 65 year old. Those contemplating retirement in the near future should consider backup plans.
Whether you’re the patient, the doctor, or the social service worker, it’s important to take these steps seriously. For patients, you need doctor proof. For doctors, you just need to be honest. For social service workers, you need to get the ball rolling for your client.