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Retirement Insurance

Retirement insurance is in place to monetarily help those that are at the age to retire. Whether or not an individual qualifies or the amount dispersed out will depend on certain requirements. Not knowing what retirement insurance is or if you even qualify often lead to questions like the ones answered below.

I am 62 years old and my position at work is going to be eliminated. I will receive a severance package that will pay out bi-weekly, at which point I will retire. Can I still receive a social security check on top of my severance pay?

Your severance pay will be treated as earned income (wages) and will affect your social security retirement benefits. The way it is determined is for every $2 you earn over the limit for the year, you will have a benefit reduction of $1.

Here is an excerpt of the latest law:
Earned income may be in cash or in kind. We may include more of your earned income than you actually receive. We include more than you actually receive if amounts are withheld from earned income because of a garnishment or to pay a debt or other legal obligation, or to make any other payments.

Your severance package fall within the following:
(a) Wages-(1) Wages paid in cash-general. Wages are what you receive (before any deductions) for working as someone else's employee. Wages are the same for SSI purposes as for the social security retirement program's earnings test. (See § 404.429(c) of this chapter.) Wages include salaries, commissions, bonuses, severance pay, and any other special payments received because of your employment.

My social security retirement benefits are estimated to by $1,671 per month if I retire at the age of 65. What would be my benefit amounts before 65 and at full retirement age?

The ways benefits are calculated are based on percentages. If you were born Jan. 2, 1943 thru Jan. 1, 1955 then your full retirement age to receive retirement insurance benefits is age 66. If you work and are currently full retirement age or older you would be able to keep all of your benefits no matter how much you may earn. However, if you are younger than full retirement age, then there is a limit to how much you can earn and still receive full Social Security benefits. The formula would be for every $2 you earn above $14,160, SSA will deduct $1 from your benefits.

I am a teacher and only worked 9 months a year and my retirement is for nine months not 12 months. Can I collect Social Security retirement benefits the other 3 months?

If you are Social Security eligible then you may. Social Security benefits, if entitled, are for all 12 months. You would need to find out if you paid into social security taxes. If you did not pay social security tax as a teacher then you did not buy into the retirement insurance that Social Security offers.

My husband and I have had legal custody of our 12 year old grandchild since she was 6 months old. My husband is 66 and has been receiving Social Security retirement benefits. Can we possibly get Social Security benefits for our grandchild?

You can definitely try to apply for benefits for your grandchild. There are certain requirements that will need to be met. Every case is approved on a case by case basis. If you are first denied, then you may want to hire an attorney for an appeal. Here are some of the guidelines that SSA has in place:
• The grandchild was legally adopted by the grandparent's surviving spouse in an adoption decreed by a court of competent jurisdiction within the United States.
• The grandchild's natural or adopting parent or stepparent must not have been living in the same household and making regular contributions to the child's support at the time the grandparent died.
• The grandchild must have lived with the grandparent in the United States before reaching age 18 and received at least one-half support from the grandparent for the year before the month the grandparent began receiving retirement or disability benefits or died.

I have a permanent resident green card. I have held this card for 40 years. I work in the US as a professor and have paid US taxes and Social Security for the 40 years. Can I receive Social Security retirement benefits when I retire, or must I become a US citizen?

You do not have to be a citizen of the US to receive Social Security benefits as long as you are eligible for the benefits. To be eligible you basically pay into SS retirement benefits via payroll tax.

Arming yourself with the correct information about retirement insurance will help when dealing with question about your retirement insurance benefits. Experts can help answer questions involving the application process for your retirement insurance or help you figure out if you are qualified for retirement insurance. Get the answers fast and affordably by asking an Expert online.
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