Retirement often means that you must financially prepare yourself and apply for certain benefits. Some of the benefits you are going to apply for include social security and disability. In most cases, you will be applying for one or the other, but there may also be times when you qualify and can apply for both. Therefore, it is important to know some facts before applying for social security or disability payments. Here are some of the things that you should know before applying for benefits:
1. Your Eligibility When Applying for Social Security Benefits
When you are applying for social security benefits, there are many factors that are used to determine your eligibility. Some of the eligibility factors include your work history, income and assets. All your financial income and assets will be considered when applying for social security benefits. Other factors that are considered for eligibility for benefits include earned income, which disability payments will affect.
2. Assets and Limits on Your Social Security Benefits
There are limits on your assets when determining your social security benefits. If you are an individual applying for benefits, the asset limits are set lower than for married couples. Some of the assets include land, bonds and stocks, insurance and vehicles. Any assets over the set limits could affect the amount of payments and eligibility for social security benefits.
3. Reasons That Cause Low Benefits Payments
Low benefits may be something that you are concerned about, and it helps to know some of the reasons why your payments will be lower. Some of the reasons for lower social security benefits include short work history, low income or unearned income. The unearned income can be from things like assets like stocks and bonds, as well as other financial payments.
4. Requirements to Qualify for Both Social Security and Disability
Even when your assets are too high, you may still qualify for benefits. In many cases, you will qualify for social security or disability benefits. There are also some cases where an individual qualifies for both social security and disability. To be able to qualify for both benefits, you must meet the financial requirements for social security and the medical requirements for disability.
These are some of the things that you should know before applying for some of these benefits. Contact a social security lawyer to help determine the type of benefits you qualify for, and ensure you get the financial payments you need. Visit a site like http://www.socialsecurityesq.com for more help.
Share7 February 2018
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