There are many government programs that are designed to create a safety net for individuals that are financially vulnerable. In particular, Social Security is one of the most popular of these programs, but it is a highly complex and misunderstood area. Not surprisingly, there are a couple of myths that are a result of these misunderstandings. By exposing the truth behind these notions, you can have a better understanding of how this program can benefit you.
Myth: Social Security Only Pays You When You Retire
Social Security is primarily designed to pay individuals a supplementary income when they retire and reach the minimum age for the program. However, it should be noted that these are not the only benefits that this program will provide individuals.
For example, it is a fact of life that some people will develop disabilities due to injuries or chronic illnesses. While disability benefits are available to individuals, many do not realize that these funds come from the Social Security program. There are many other benefits that can be provided by these programs, but they are almost all means-tested. As a result, you should seek the assistance of an experienced attorney before starting the application process.
Myth: Everyone Gets The Same Amount Of Social Security Benefits
The retirement benefits provided by Social Security can be a lifeline for many people that have retired without enough money to last. However, these payments are not particularly large, and many people are under the belief that everyone gets the same amount from Social Security.
This is far from the case, and your check from Social Security is determined by how much money you contributed to it while you were working. As a result, those that make higher incomes will likely receive larger payments from Social Security than someone that barely made more than minimum wage over their lifetime.
Some people may attempt to pay extra Social Security taxes to increase the amount they can expect, but this is typically a poor decision. Rather, extra money should be invested into your retirement or investment account. This will usually yield a far larger return than what Social Security will provide.
Social Security was a revolutionary program that has given many low-income individuals the financial support they need to survive. By exposing the realities behind these two common myths, you will be in a better position to understand the benefits that you can receive from this popular government program.
If you need information, or assistance in receiving benefits you may be eligible for, contact a local law office, like Horn & Kelley, PC Attorneys at Law, that specializes in social security cases.