Social Security Administration

Obtaining eligibility for retirement benefits is just as easy. Workers who were born after 1928 just have to earn forty Social Security credits by paying his Social Security taxes. Every year, an employee may earn four credits, enabling him to earn his eligibility for at least ten years of working.

Many people believe that Social Security is the agency that evaluates their medical condition when applying for disability. This evaluation is actually performed by an agency of the State you live in. This State government agency is called Disability Determination Services, and they will typically take 120 days to make a decision on your Social Security Disability application.

As the arguments grow, it is becoming quite apparent that even if President George W. Bush is confident that creating private accounts for Social Security beneficiaries will have positive outcome, its adverse effects cannot be dismissed.

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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.

According to the Social Security Board of Trustees, it is estimated that in 2037, these Trust Funds will be depleted due to the fact that people are living longer, and the birth rate is low. Due to more Baby Boomers going into retirement, the ratio of workers to beneficiaries is falling at a staggering pace. In fact, in 2010, 50 million Americans are expected to receive $614 Billion in Social Security benefits. Not long from now, there will be a deficit in the program, as more money will be coming out of Social Security than what is being paid in. Once the Trust Funds are depleted, the taxes that will be paid by workers in the year 2037 will not be enough to pay the full benefit amounts scheduled to those who are entitled to benefits.

What if the stock market scares you? What if you were to only seek out guaranteed secure investments and you only received less than ½ of that 10.8% return in the former example? How would you fare if you only accumulated a 5% rate of return over those 50 years? Your total would still be over $1 million! Once again, this is your money. Money that you can take at age 66 and wallpaper your walls with if you so desire. Try that with Social Security. With $1 million earning no interest, you can take out $2500 every month until your 98 years old! Once again, we substantially outperform Social Security and have the very important option to do whatever we like with that "nest egg."

If you are the surviving spouse of a worker who qualified for Social Security retirement or disability benefits, you and your minor or disabled children may be entitled to benefits based on your deceased spouses earning record. The specific requirements vary for qualifying to receive retirement, disability, dependents, and survivor benefits, however eligibility is based on earnings worked for during a period of years called worker credits.

Two programs are being enacted by the federal government, which provides benefits for individuals with disability. Collectively, these programs are being referred to as "Social Security disability benefits." o Social Security Disability Insurance Benefits Program or SSDI Benefits - authorized by the Social Security Act, Title II and is geared towards providing benefits to workers with disability and / or their dependents and surviving spouses or children.