6 Facts About Money Everyone Thinks Are True

Why Social Security is Essential?

Social security was developed by governments to assist a section of its citizens struggling with finances more so those with inadequate or no income to get financial assistance.

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.
The following are some of the traditional contingencies covered by social security, these include responsibility for the maintenance of children, suspension of earnings due to pregnancy and confinement and their consequences. The other contingencies 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.
The four main categories of social security benefits 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. It is worth noting that if you want to be a beneficiary of retirement benefits, you must be under covered employment for a period of time and retired at the age of sixty-two. The moment you reach the age of sixty two and have enrolled to retirement benefits program, you can be assured of getting the benefits. In the event that you want to start claiming the benefits before you reach the full retirement age, your benefits will be reduced by a particular 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.

In addition, people can also get dependents benefits under social security. When one is a spouse of a retired or disabled worker who qualifies for Social Security retirement or disability benefits, they are entitled to dependent 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.

Getting Creative With Investment Advice

A Quick History of Money