Social Security Eligibility Criteria: How Can A Full-Time Housewife Get Social Security?
When Social Security was initially launched, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This resulted in financial difficulties for the spouse who didn't work (and hence didn't qualify for Social Security) if the working spouse died first. Thankfully the Social Security Administration realized this hardship and amended the law to allow wives to collect benefits based on their husband's earnings.
The family dynamic has changed much since Social Security was introduced back in 1935, but there are still many families where one spouse does not work, and so does not qualify for retirement benefits based on their own earnings.
There are several requirements in order to qualify for Social Security retirement benefits, like:
- Age: In order to be eligible for Social Security retirement benefits, you must be at least age 62. Other benefits, such as survivor benefits or disability benefits may be received at an earlier age, but the Social Security eligibility criteria require you to be age 62 before you can request for retirement benefits.
- Work Credits: You must work in a Social Security included job (i.e., where you contribute to Social Security by payroll tax deductions) for not less than 40 credits to qualify for retirement benefits. You can earn up to four credits per year; so in effect, you must work for 10 years to meet the criteria for Social Security.
- Citizenship or Residency Status: Many people will be surprised to find that you do not have to be a U.S. citizen to be eligible for Social Security retirement benefits. People who pay into the Social Security scheme may qualify for benefits even if they are not U.S. citizens, however they must live in the U.S. to actually get benefits.
And so... do spouses qualify for Social Security? Given the Social Security eligibility criteria listed above, most full-time homemakers will not qualify for retirement benefits per se, unless they were working for 10 years (40 credits) before they became a homemaker.
However, homemakers may qualify for benefits depending on their spouse's earnings. Social Security spousal benefits help husbands and wives to collect retirement benefits based on their spouse's salary if they result in a higher benefit than their own. To be more precise, a spouse who has not worked or who has substantially lower earnings than their husband or wife can collect up to as much as half of their spouse's full retirement benefit.
In addition to spousal benefits, homemakers may also be eligible for Social Security survivor benefits. Widows and widowers can start getting Social Security benefits based on their deceased spouse's earnings beginning at age 60 (age 50 if they are handicapped). Children of deceased workers who are below age 18 (19 if they are still in high school) could also qualify for survivor benefits. This is very useful for families with young children when the main bread earner passes away at an early age.
While full-time homemakers that have never worked or who were working for less than 10 years generally won't qualify for Social Security retirement benefits on their own, basically, they may be eligible for benefits based on their husband's earnings. Note: while this report has assumed that the homemaker is lady, Social Security is gender neutral, so gents who choose to stay home to raise the kids can also qualify for spousal and survivor benefits.
Submitting Your Social Security Application: When And How
As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits?
A Few Significant Facts Which You Have To Know About Social Security Spouse Benefits
When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits
Present Condition About Social Security Spouse And Survivor Benefits
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
Making Use Of Government Grants To Upgrade And Improve Your Property.
Being on the property ladder whether renting or owning your own home it can be a very expensive ordeal.
Important Facts About Financial Planners
There are many different types of financial planners. Not only are financial advisors compensated differently, but the services they provide vary quite a bit as well. Here is a quick summary of the different types of financial advisors and how they can help you.
3 Reasons To Use A Fee-Only Financial Advisors
There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.
Have You Planned To Start Saving For Retirement?
Getting ready for retirement is a lot harder than it used to be. Companies no longer offer pensions and many are reducing or eliminating matching contributions to 401K plans. In addition, Social Security benefits are expected to be smaller and you may have to wait longer to collect them.
Easy Methods To Get Approval For Social Security Benefits
Social Security was originally created to provide retirement benefits to workers, but the program has grown tremendously and now Social Security provides disability benefits, death benefits and other family benefits in addition to retirement benefits.
New Guidelines Imply A Lot More People Doing Roth IRA Conversions In 2010
As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them.
Find Out Ways To Apply For Social Security
If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible.