Social Security Eligibility Criteria: What Are The Requirements For A Homemaker To Collect Social Security? When Social Security was initially established, most families only had one bread-earner, and only the working spouse entitled for retirement benefits. This caused financial challenges for the spouse who didn't work (and hence didn't qualify for Social Security) if the working spouse died first. Thankfully the Social Security Administration realized this hardship and amended the law to allow wives to collect benefits based on their husband's earnings. The family dynamic has changed much since Social Security was established back in 1935, but there are still several families where one spouse does not work, and therefore does not qualify for retirement benefits based on their own income. There are several requirements in order to qualify for Social Security retirement benefits, such as: - Age: In order to be eligible for Social Security retirement benefits, you must be at least age 62. Other benefits, such as survivor benefits or disability benefits may be received at an earlier age, but the Social Security eligibility rules expect you to be age 62 before you can apply for retirement benefits. - Work Credits: You have to work in a Social Security included job (i.e., where you contribute to Social Security by means of payroll tax deductions) for a minimum of 40 credits to qualify for retirement benefits. You can earn up to four credits per year; so in effect, you must work for 10 years to be eligible for Social Security. - Citizenship or Residency Status: Many of us will be surprised to learn that you do not need to be a U.S. citizen to be eligible for Social Security retirement benefits. Employees who pay into the Social Security program may qualify for benefits even if they are not U.S. citizens, however they must live in the U.S. to actually get benefits. So... do spouses qualify for Social Security? Considering Social Security eligibility requirements stated above, most full-time housewives will not qualify for retirement benefits themselves, unless they were employed for 10 years (40 credits) before they became a homemaker. However, homemakers may qualify for benefits depending on their spouse's earnings. Social Security spousal benefits allow husbands and wives to receive retirement benefits based on their spouse's earnings if they result in a more benefit than their own. To be more precise, a spouse who has not worked or who has considerably lower earnings than their husband or wife can get up to as much as half of their spouse's full retirement benefit. In addition to spousal benefits, homemakers may also be eligible for Social Security survivor benefits. Widows and widowers can start collecting Social Security benefits based on their departed spouse's earnings beginning at age 60 (age 50 if they are disabled). Children of deceased employees who are below age 18 (19 if they are still in high school) can also qualify for survivor benefits. This is very beneficial for families with young children when the main bread earner passes away at an early age. While full-time homemakers that have never worked or who have worked for less than 10 years normally won't qualify for Social Security retirement benefits on their own, as you can see, they may be eligible for benefits depending on their husband's earnings. Note: while this report has assumed that the homemaker is woman, Social Security is gender neutral, so males who choose to stay home to raise the kids can also qualify for spousal and survivor benefits. How You Will Get The Perfect Financial Planner To Reach Your Financial Goal Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals. Social Security Benefits: A Helpful Discussion On Terms To Obtain The Benefit And How To Get After A Family Member's Death The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well? How The Social Security Spousal Benefit Works Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met: How You Will Proceed With Social Security Survivor Benefits After Your Spouse Passes Away When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan. Submitting Your Social Security Application: When And How As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits? Payday Loans:Understand More About It. Have you ever found yourself in an emergency situation? Do you require a substantial amount of money fast but don't know where to get it? Payday loans may be just the thing you need. 3 Ways A Financial Planner Can Easily Help You Realize Your Own Financial Objectives Many people wonder exactly what a financial planner does, and how they can help you. Here are just three ways a financial planner can help you achieve your financial dreams and goals. Discover Tips On How To Apply For Social Security If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible. Americans Buying Gold Coins--Need To Know More, Continue Reading Buy gold coins is becoming popular as an investment for two key reasons. First, they can be easily purchased and easily sold because they are guaranteed by the United States government. Buying gold coins in trust Gold Eagles Gold Coins: Adding Revenue In Your Own Private Portfolio Some invest in coins for their durable value, which has increased reliably. Offering protection against inflation, gold coins do not diminish in buying power like cash. Whatever the buyer's motive, gold coin prices |
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