Under federal law on social protection process, the poor, the unemployed and the disabled are offered assistance through the Supplemental Security Income (SSI). This benefit is funded by common tax revenues and offered as dollars to individuals that are qualified to enable them to meet the basic needs of theirs of food, clothing and shelter.
To be able to be qualified to be given SSI benefits, an individual should prove the following:
o That he is age sixty five or even older, blind, or disabled
o That he legally resides within the 50 american states, the District of Columbia, Northern Mariana Islands or even is the kid of military parents given to permanent responsibility outside the US
o He is a student (certain limitations apply) temporarily abroad.
o That he has resources and income within certain limits
o The individual also needs to apply for the advantages.
Social security benefits are much more than an insurance program. It provides and supplements revenue for retirees, the disabled as well as the unemployed. Here are ten points that are important to keep in mind about the social security income advantages as a good investment plan:
1. Social security activities as insurance and protection – Social security provides insurance coverage to much more than 153 million workers and their families and benefits to close to forty six million people of all ages, including kids of the deceased, disabled and retired employees.
2. A retirement advantage is guaranteed forever and adjusted with inflation changes. – Social security advantages consistently be paid throughout the lifetime of retirees and are designed to generate changes as prices change.
3. Benefits are available for another thirty nine yrs – Social security benefits can be found for the next thirty nine years that will come from the fees paid by existing workers. Seventy-three percent of benefits will still be accessible even after 2041.
4. Protection and security against death and disability – Reforms proposal in the social security benefits are calculations for death and disability benefits.
5. Provides progressive security for workers – The social security provides progressive benefits for low-income workers. A benefit formula has been developed to favor people who have received little income throughout the careers of theirs.
6. Principal source of income for older Americans – The cultural protection benefits is a source of income for over 90 percent of Americans aged 65 and older. The pension income of seniors makes up about one-third of beneficiaries who rely solely on pension as their source of income.
7. Beneficial to ladies – The social security income benefits offer far more benefits to women than originally planned. Close to twenty four million ladies, comprising 53 % of beneficiaries currently get social security benefits.
8. A source of vital income for minorities – Social security advantages present a key source of income for minorities like African Americans and Hispanics who are generally low earners. These lower wage workers and their families get greater benefits in return.
9. Trust fund guarantees that social protection benefits get from expense – Trust fund property of the social security company are invested in the Treasury securities to make market-based returns. In 2001, the trust fund assets increased to 6.7 percent as well as carry on and increase until 2017. By 2010, the assets will total nearly $3.3 trillion. In this way, all social protection tax dollars are reserved entirely paying benefits as well as administer the agency’s plan.
10. Foundation of worker’s retirement protection – The cultural protection was intended to provide essential basic protection for workers and their families during retirement. Savings and pension are the principle pieces of the retirement benefits program.