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Social Security Benefits
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Flashcards
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Lump-Sum Death Payment
Eligibility: Spouse or children of deceased worker; Benefit Amount: One-time payment of
Nonresident Alien Tax
Eligibility: Non-U.S. citizen living outside the U.S.; Benefit Amount: Up to 25.5% tax on benefits
Trial Work Period (TWP)
Eligibility: Disability beneficiaries wanting to test their ability to work; Benefit Amount: Allows earning over the substantial gainful activity (SGA) limit without losing benefits
Spousal Benefits
Eligibility: Must be at least 62 or caring for a qualifying child; Benefit Amount: Up to 50% of spouse's benefit
Parent's Benefits
Eligibility: Parent age 62 or older who was dependent on deceased worker; Benefit Amount: Up to 82.5% for one parent or 75% each for two
Government Pension Offset (GPO)
Eligibility: Receiving a government pension not covered by Social Security; Benefit Amount: Reduction of two-thirds of the pension from SS benefits
Delayed Retirement Credits
Eligibility: Delayed claim of retirement benefits past full retirement age; Benefit Amount: Increase by a certain percentage for each month delayed
Disability Benefits
Eligibility: Qualify through a strict medical criteria; Benefit Amount: Based on your average lifetime earnings
Medicare
Eligibility: Age 65 or older or have a qualifying disability; Benefit Amount: Varies by plan and services
Supplemental Security Income (SSI)
Eligibility: Aged, blind, or disabled with limited income and resources; Benefit Amount: Varies by state, up to
Retirement Benefits
Eligibility: Age 62 or older; Benefit Amount: Based on earnings and age at retirement
Survivor Benefits
Eligibility: Family members of deceased worker; Benefit Amount: Up to 100% of deceased's benefit
Divorced Spouse's Benefits
Eligibility: Divorced from worker who is eligible for retirement or disability benefits; Benefit Amount: Up to 50% of ex-spouse's benefit
Excess Earnings Limit
Eligibility: Under full retirement age and still working; Benefit Amount: 2 or
Child’s Benefits
Eligibility: Children of disabled, retired, or deceased parent; Benefit Amount: Up to 50% of parent's benefits
Substantial Gainful Activity (SGA)
Eligibility: Disability beneficiaries; Benefit Amount: Limits on earnings,
Early Retirement Reduction
Eligibility: Claiming retirement benefits before full retirement age; Benefit Amount: Permanent reduction based on the number of months early
Cost of Living Adjustment (COLA)
Eligibility: All Social Security beneficiaries; Benefit Amount: Adjustment based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W)
Windfall Elimination Provision (WEP)
Eligibility: Receiving a pension from work not covered by Social Security; Benefit Amount: Reduced Social Security benefits calculated with a modified formula
Maximum Family Benefits
Eligibility: Based on the worker's record and the number of family members; Benefit Amount: Generally limited to 150-180% of the worker's primary insurance amount
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