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If that marriage ends by death or divorce, the ex-spouse become eligible to PIA contingent on the prior marriage. The Boomer migration refers to all of the Baby Boomers which can be starting to retire.
When you hire a new employee there is a host of information to collect to get that person into your payroll system. Your payroll provider will need to have certain data in order to be able to process a new hire’s pay. Some of the data you have to gather is name, address, social security number, rates of pay and direct deposit information. Your company may also offer benefits that require further forms be filled out as well. So you may need to have forms filled out for health insurance benefits, 401k deductions, and the list continues.
It’s no wonder. Not only is the economy faltering and more people are out of work than ever before, but many of those people that have lost their jobs in the last two years are also eligible for Social Security benefits. Many of them were “grinning and bearing it”, living each day in pain, some severely disabled with debilitating diseases, like MS, but loathe to file for benefits either because they have heard the horror stories, have heard that they will be denied on their first claim, regardless of the disability, or just because they have too much pride to take what is theirs before they think it’s time.
For years and years, you’ve been paying into social security with every paycheck. The government thanks you for doing so! While saving for your retirement, you also gave the federal government a pool of money to borrow from to pay for other things. Alas, that is a subject for another article. Now that you are retiring, it is time to reap the benefit of all those payments.
Say that your payout at full retirement age is $1254/month, the average benefit in 2012. If you retired at age 62 in 2012 you would receive 75% of that or about $941/month. What happens if you wait until age 66 (the year 2016) to collect. Well, Social Security benefits are adjusted for inflation each year. At age 66 you would not start with a $1254/month benefit because that applied to 2012 and during the four years that you waited, the base benefit was increased for inflation.
By the early 1900s New Zealand’s payday loan garnish social security Security payments had extended to a greater list of beneficiaries. If you are browsing websites for payday loan garnish social security you will find hundreds among which is nearme loans. Changes over the years have given us the current system of Superannuation payable to all people aged 65 and over, regardless of whether they are working or not.
The law was passed in 1935 and was called the Economic Security Act. Benefits began being paid in January 1937 and only the “breadwinner” was covered. In 1939, survivor and children’s benefits were added. Then in 1956, they added disability benefits, added Medicare in 1965. The IRS recognized the Social Security number as the taxpayer ID in 1962.
The thing is. It IS their right and the average waiting time to receive benefits is somewhere around two years, sometimes more, sometimes a little less. By this point in time, most people have ridiculous medical bills to pay and many of them have been forced to file bankruptcy due to their mounting bills and the inability to make ends meet because they can’t support, or help to support their family.
True, you don’t always get as much if you were working, but let’s look closer. You get a check every month, you can have medical benefits covering everything, you can apply for food stamps, and you do have the opportunity to slowly start working if you want. If you get $600 per month, never have to pay for your medicine, and never have to buy food because of food stamps, that’s not poverty. And if you want to try working again, you can ease into it without losing most of your money, but more importantly, your medical coverage.
This massive bulge of ageing boomers is a worldwide problem and it is up to everyone to start saving for their own retirement now. No one can rely on Social Security to fund their living expenses in retirement.