Short Course on Planning – Covering The Basics

Why Social Security is Essential?

Social security is critical to every economy since it assist people with little or no income to get financial help from their governments.

In other words, social security also refers to the action programs of an organization intended to promote the welfare of people. The assistance is meant to enable them to access food and shelter and to promote health and well-being more so to potentially vulnerable segments such as children, the elderly, the sick and the unemployed.
For better understanding of social security, it is essential to know the contingencies covered by social security which include responsibility for the maintenance of children, suspension of earnings due to pregnancy and confinement and their consequences. The other main areas also include suspension of earnings due to an inability to obtain suitable employment for protected persons who are capable of, and available for work, suspension of earnings due to an incapacity for work resulting from a morbid condition, permanent or persistent inability to engage in any gainful activity, treatment of any morbid condition including pregnancy, as well as loss of support suffered by a widowed individual or child as the result of the death of the provider.
It is vital for people to choose the categories of social security benefits that will enable them to enjoy the associated benefits based upon their records of earning, these include retirement, disability, dependents, and survivors benefits.

The primary step to getting retirement benefits involves registering to the social security board of your country under the retirement section. In addition, people who are eligible for retirement benefits are those who have worked in covered employment for a sufficient number of years and they retire at age sixty-two. Besides, a candidate may start getting retirement benefits at any time after they have reached age sixty-two. In some cases, one may want to receive the payments before they reach the full retirement age, in such a case, the amount of the benefit will be reduced by a certain percentage.

Social security also covers the disabled people in a country. It is worth noting that disability benefits is for those who met the work requirements and are considered disabled under the Social Security program’s medical guideline.

Social security also offer dependents benefits for people who have registered to the program. Dependents benefits was meant for people who as spouse of a retired or disabled worker who qualifies for Social Security retirement or disability benefits. Your minors and disabled children are also entitled to dependents benefits.

People who are spouses of workers who qualified for Social Security retirement or disability benefits,then they are entitled to survivors benefits including their children. The beneficiaries of the program qualify for the benefits based on their deceased spouse’s earnings record.

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