Preparing for life after retirement is an important phase of one’s life that must be handled with mindfulness and a Greta deal of attention. Life in this phase is filled with expenses to be paid with little or no source of income to foot the bills.
But for every New Yorker and every other person in the United States if you make payments to social security while in service, it would come to your aid during retirement or when you need it.
The social security card is of high importance if you want to benefit this or even do certain things like open a bank account or get a new job. If you love in New York and you want to replace your stolen or lost cards. Check out: replace social security card nyc.
But many don’t know much about what the social security is all about, and in this article, I’ll be guiding you on what this scheme stands for and it’s various types.
Social security breakdown?
According to ILO, Social security is referred to as the protection that a society provides to individuals and households to ensure access to health care and to guarantee income security, particularly in cases of old age, unemployment, sickness, invalidity, work injury, maternity or loss of a breadwinner.
This scheme ensures individuals don’t fall into the poverty line when they no longer work to earn money and there are various types which includes
- Disability benefits: these benefits are for people who no longer work due to one disability or the other but for you to be qualified for this type, you must have worked a number of years before becoming disabled.
- Survivors Benefits: these are for individuals who survive workers or retired individuals. The amount of benefits depend on the the age of the deceased worker at death, the amount earned, the relationship between the deceased and the survivors among other factors that must be considered before providing this benefit to the concerned.
- Supplemental Security Income otherwise referred to as SSI helps people who are unable to earn sufficient wages on their own.
- Retirement benefits: This is basically what comes to mind when you hear about social security benefits. This benefit is available for individuals who have amassed a minimum of 40 credits during their work days.
Your benefit amount considers the present level of inflation during payout.
It’s been estimated that over 40 million Americans rely on social security benefits as a major source of income during retirement.
How to replace your social security card.
It is totally free if you want to get a new social security card or a replacement. All you need is to visit the SSA website to download your ss5 form.
After filling the form, you will need to submit the form together with supporting documents that prove the following:
- Citizenship
- Age
- Identity
Please note that you must submit the original copies of these documents. It takes about 10-14 days for your application to be processed by the SSA.