Everyone knows that when a person has Schaumburg Social Security benefits they get a check in the mail every month. There are some people who even get more than one. However, do you really know what social security is? Social security is a whole slew of different programs. Each of the programs comes equipped with their own rules, requirements, and payment schedules. The one thing that the programs have in common is that they are paid out to disabled or retired individuals. They are also paid out to a worker’s dependent after they have passed or the surviving family.
Retirement Benefits
An individual can request to start receiving their Schaumburg Social Security benefits for retirement at the age of 62. However, the longer you wait to start receiving the money the more you are going to get. That is until the age of 70 when the yearly increase caps. The amount of retired benefits that a person is going to receive is generally 20 percent of what their average income was if what they made was high and 50 percent if it was low. In 2009, the average benefit for a retired individual was between $1,000 and $2,000. The highest earnings only receive up to $2,500 and couples could receive up to $3,500. The benefits do increase every year in order to accommodate the cost of living.
Disability Benefits
If you are a younger individual that has met all of the work requirements for disability benefits, then you can be considered for this benefit. They would look at how much your retirement benefits would be when they were trying to decide what your disability benefits should be.
There is nothing more tragic that your spouse passing away. Unfortunately, some people do not get the pleasure to grieve because their spouse was also the bread winner of the house. This means they are going to have to jump to it and start making cash if they want to keep their home. Fortunately dependent benefits exist so you do not have to worry about that. Basically, this is benefits that will support you after your spouse passes away.
