Paring Knives
Why Women Need To Know Regarding Social Security Spouse And Survivor Benefits When Social Security was launched back in 1935 it was usual for women to remain inside home to raise the family. In most families the husband was the major earner or the only earner in the household. In addition, women statistically survive longer than men, particularly if the wife is younger compared to the husband. The coincidence of lower or no income and a longer life span meant many women found themselves in poverty at the time their husbands expired, as their husband's Social Security retirement benefits ended at their death. The Social Security Board realized the issues that women face and have employed several adjustments to the system over the years to account for these requirements. One of the first amendments to the Social Security system was to permit women to apply for benefits at 62 instead of waiting until 65 under the theory that they were younger than their spouses and that they would like to retire simultaneously. Then in 1939 two other categories of benefits were added: Social Security survivor benefits and dependent benefits (payable to the spouse and minor kids of retired employees). These changes changed Social Security from a retirement plan that only paid benefits to retired employees into a family-based system, where spouses and children are able to receive benefits of retired, disabled or deceased workers. This was a tremendous help to women who were not eligible for retirement benefits on their own, or who had much smaller benefits than their spouses. Today, even though it's not unusual for women to earn as much or greater than their spouses, they however may take time off to raise families, and they still statistically live longer than their spouses. Similarly, the number of divorced women attaining retirement age is greater than before. As a result of of this, a lot of women still get Social Security spousal benefits or survivor benefits rather than benefits depending on their own work period. This is why it's important for women - regardless of their relationship status is - to learn the spousal and survivor benefits open to them as well as the retirement benefits so they can get the maximum benefits they are eligible to. How Social Security Spousal Benefits Work 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: Social Security Eligibility Rules: What Are The Requirements For A Homemaker To Qualify For Social Security? When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first. 3 Ways A Financial Planner Can Help You Reach Your 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. Some Key Exceptional Roth IRA Withdrawal Rules That Might Assist You To Take Money Out Of Roth IRA Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply. Prepare For Retirement-Start Saving Toady Getting ready for retirement is a lot harder than it used to be. Companies no longer offer pensions and many are reducing or eliminating matching contributions to 401K plans. In addition, Social Security benefits are expected to be smaller and you may have to wait longer to collect them. 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. 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. A Few Significant Facts That You Must Know About Social Security Spouse Benefits When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits |
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