This insurance plan is implemented in numerous of the countries especially in America for all aged people of 62 or above. They are paid with this insurance money in start of each month or else wise like on birthdays. There are certain conditions to be eligible for this insurance like, one have to be 62 years or above, must be insured for this plan under social security system or applied for this plan or automatically converted from disability insurance benefits. 1st and foremost entitlement factor for this insurance is fully insured status that an individual pays premiums or are cut from his pay automatically and saved as inured fund for retirement through social security system. QCs are used to measure this limit.
Every insured person need to have at least one QC before approaching age of 21. It started after 1950. Another option is to start this plan before one approaches age of 62 of year of death. For a fully insured person one needs almost 40 QCs. In United States there is English common law, according to this law an individual gets its age a day before birthday. A person who is born in first month of year is considered to be prior month age and second month is late month age after the prior month age.
Another important aspect is that an individual will get different amount from other depending upon the time of insurance and when does he undergo this plan of insurance. There are many ways to apply for this plan of insurance like applying online, from local security center or applying by mail. Amount of insurance also depends upon taxes paid by companies and social security trust funds, total service of that person and current earned income of that person.
Retirement insurance benefits can be claimed within any month of age of 62 within certain conditions but benefits may be reduced if someone claims before age of retirement. Benefits are reduced 5/9 of 1% of PIA. For further additional months this amount is further reduced 5/12 of 1%. There are formulae for finding the amount of loss and reduction of benefits. For a person when one approaches age of 70 or above delayed retirement credits are accrued. At full retirement age a person can stop for RIP if he wanna undergo delayed retirement credits.
Since social act was passes, there is an earning test part of this insurance plan including annual earning test and monthly earning test but for those ones who have attained full retirement age can avoid this law. Windfall elimination provision was applied in act of 1983 for social security system. For enough years of coverage, WEP may be either reduced or waived. Originally, to have all type of RIB benefits age of 65 is reached. Payment to the insured are paid under tile II of the social security act and insurance might be paid with different cycles. When beneficiary dies the month is the last month for RIB.
Every insured person need to have at least one QC before approaching age of 21. It started after 1950. Another option is to start this plan before one approaches age of 62 of year of death. For a fully insured person one needs almost 40 QCs. In United States there is English common law, according to this law an individual gets its age a day before birthday. A person who is born in first month of year is considered to be prior month age and second month is late month age after the prior month age.
Another important aspect is that an individual will get different amount from other depending upon the time of insurance and when does he undergo this plan of insurance. There are many ways to apply for this plan of insurance like applying online, from local security center or applying by mail. Amount of insurance also depends upon taxes paid by companies and social security trust funds, total service of that person and current earned income of that person.
Retirement insurance benefits can be claimed within any month of age of 62 within certain conditions but benefits may be reduced if someone claims before age of retirement. Benefits are reduced 5/9 of 1% of PIA. For further additional months this amount is further reduced 5/12 of 1%. There are formulae for finding the amount of loss and reduction of benefits. For a person when one approaches age of 70 or above delayed retirement credits are accrued. At full retirement age a person can stop for RIP if he wanna undergo delayed retirement credits.
Since social act was passes, there is an earning test part of this insurance plan including annual earning test and monthly earning test but for those ones who have attained full retirement age can avoid this law. Windfall elimination provision was applied in act of 1983 for social security system. For enough years of coverage, WEP may be either reduced or waived. Originally, to have all type of RIB benefits age of 65 is reached. Payment to the insured are paid under tile II of the social security act and insurance might be paid with different cycles. When beneficiary dies the month is the last month for RIB.
