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Social Security Questions and Answers
Question:
How much will I receive if I qualify for Supplemental
Security Income (SSI) benefits?
Answer:
The amount of your SSI benefit depends on where you live and
how much income you have. The maximum SSI payment varies
nationwide. The maximum Federal SSI payment for an eligible
individual is $733 a month and $1,100 a month for an
eligible couple. However, many states add money to the basic
payment. For more information, go to
www.socialsecurity.gov/ssi.
Question:
Is it true I can save about $4,000 per year if I qualify for
Social Security’s Extra Help with the Medicare
prescription drug program?
Answer:
Yes. If your income and resources meet the requirements, you
can save nearly $4,000 in prescription costs each year.
Resource limits for 2016 are $13,640 (or $27,250 if you are
married and living with your spouse). Income limits are
$17,820 (or $24,030 if you are married and living with your
spouse). If your income or resources are just a bit higher,
you might be eligible for some help with prescription drug
costs. To learn more, visit
www.socialsecurity.gov/prescriptionhelp.
Question:
I usually get my benefit payment on the third of the month.
But what if the third falls on a Saturday, Sunday, or
holiday? Will my payment be late?
Answer:
Just the
opposite. Your payment should arrive early. For example, if
you usually get your payment on the third of a month, but it
falls on a Saturday, we will make payments on the Friday
prior to the due date. Find more information about the
payment schedule for 2016 at
www.socialsecurity.gov/pubs/calendar.htm. Any
time you don’t receive a payment, be sure to wait three days
before calling to report it missing. To ensure that your
benefits are going to the right place, create a my Social
Security account. There, you can verify and update
payment information without visiting your local office.
Please visit
www.socialsecurity.gov/myaccount
to create your account.
Question:
I’m
creating my budget for next year. How much will my benefit
increase at the beginning of the year?
Answer:
The annual cost-of-living adjustment (COLA) is tied to the
Consumer Price Index as determined by the Department of
Labor’s Bureau of Labor Statistics. In the years when a COLA
is due, you can enjoy your COLA starting in January. Please
visit our website at
www.socialsecurity.gov/OACT/COLA/latestCOLA.html
to see if a COLA is in effect for this year.
Question:
How many Social Security numbers have been issued since the
program started?
Answer:
Since
1935, we have assigned more than 465 million Social Security
numbers and each year we assign about 5.5 million new
numbers. With approximately 1 billion combinations of the
9-digit Social Security number, the current system will
provide us with enough new numbers for several generations
into the future. To learn more about Social Security numbers
and cards, visit
www.socialsecurity.gov/pubs/10002.html.
Question:
Who can get Extra Help with Medicare prescription
drug coverage?
Answer:
Anyone who has Medicare can get Medicare Part D prescription
drug coverage. Joining a Medicare prescription drug plan is
voluntary, and you pay an additional monthly premium for the
coverage. People with higher incomes might pay a higher
premium.
If you have limited income and resources, you may be
eligible for Extra Help to pay for the costs —
monthly premiums, annual deductibles, and prescription
co-payments — related to a Medicare prescription drug plan.
To qualify for Extra Help, you must reside in one of
the 50 states or the District of Columbia. Your resources
must be limited to $13,640 for an individual or $27,250 for
a married couple living together. (Resources include such
things as bank accounts, stocks, and bonds. We do not count
your house and car as resources.) Your annual income must be
limited to $17,820 for an individual or $24,030 for a
married couple living together.
Even if your annual income is higher, you still may be able
to get some help. Learn more at
www.socialsecurity.gov/prescriptionhelp.
Question:
My aunt is considering applying for Extra Help with
Medicare Part D prescription drug costs, but she has about
$10,000 in the bank. Would she still be eligible with this
much money?
Answer:
Based on the resources you mentioned, it sounds like she may
qualify. However, there are other factors to consider. In
most cases, recipients of Extra Help are limited to
$13,640 (or $27,250 if married and living with a spouse) in
resources in 2016. Resources include the value of the things
you own, such as real estate (other than the place you
live), cash, bank accounts, stocks, bonds and retirement
accounts. To learn more, visit the Medicare link at
www.socialsecurity.gov
or call us at 1-800-772-1213 (TTY 1-800-325-0778).
Question:
If I
receive Supplemental Security Income (SSI) disability
benefits, what is the effect on my benefits if I work?
Answer:
In most
cases, your return to work would reduce your benefit amount.
Unlike Social Security disability, there is no “trial work
period” for people who get SSI disability benefits. If your
only income besides SSI is from your work, you can earn up
to $1,551 in a month (in 2016) before we stop your payments.
We have several publications about SSI, including
Reporting Your Wages When You Receive Supplemental Security
Income, available at
www.socialsecurity.gov/pubs.
Note that there are other work incentives that can help you
return to work when you receive SSI. You can read about them
in What You Need To Know When You Get Supplemental
Security Income (SSI), also available at
www.socialsecurity.gov/pubs.
For more information, visit our website at
www.socialsecurity.gov.
Question:
If I get
approved, how much will I receive in Supplemental Security
Income (SSI) benefits?
Answer:
The
amount of your SSI benefit depends, in part, on the amount
of other income you have. For 2016, the basic, maximum
federal SSI payment is $733 per month for an individual and
$1,100 per month for a couple. However, some states add
money to the basic payment. Other monthly income you have
would begin to reduce the basic SSI payment. Other things,
such as where you live and who you live with, can affect
your payment amount. Learn more about SSI by reading SSI
publications at
www.socialsecurity.gov/pubs.
Question:
What is
the average Social Security retirement payment that a person
receives each month?
Answer:
The
average monthly Social Security benefit for a retired worker
in 2016 is $1,341 (up from $1,328 in 2015). The average
monthly Social Security benefit for a disabled worker in
2016 is $1,166 (up from $1,165 in 2015). As a reminder,
eligibility for retirement benefits still requires 40
credits (usually about 10 years of work). The Social
Security Act details how the COLA is calculated. You can
read more about the COLA at
www.socialsecurity.gov/cola.
Question:
I
recently retired and am approaching the age when I can start
receiving Medicare. What is the monthly premium for Medicare
Part B?
Answer:
The standard Medicare Part B premium for medical insurance
is currently $121.80 per month. Since 2007, some people with
higher incomes must pay a higher monthly premium for their
Medicare coverage. You can get details at
www.medicare.gov
or by calling 1-800-MEDICARE (1-800-633-4227) (TTY
1-877-486-2048).
Question:
What is
the maximum Social Security retirement benefit?
Answer:
The
maximum benefit depends on the age you retire. For example,
if you retire at full retirement age in 2016, your maximum
monthly benefit would be $2,639. However, if you retire at
age 62 in 2016, your maximum monthly benefit would be only
$2,102. If you retire at age 70 in 2016, your maximum
monthly benefit would be $3,576. To get a better idea of
what your benefit might be, visit our online Retirement
Estimator at
www.socialsecurity.gov/retire/estimator.html.
Question:
How do I earn Social Security credits, and how many do I
need to qualify for benefits?
Answer:
We use your total yearly earnings to figure your Social
Security credits. The amount needed for a credit in 2016 is
$1,260. You can earn a maximum of four credits for any year.
The amount needed to earn one credit increases automatically
each year when average wages increase.
You must earn a certain number of credits to qualify for
Social Security benefits. The number of credits you need
depends on your age when you apply and the type of benefit
application. No one needs more than 40 credits for any
Social Security benefit.
For more information, visit our website at
www.socialsecurity.gov.
Question:
What is substantial gainful activity?
Answer:
We use the term
“substantial gainful activity,” or “SGA,”
to describe a level of work
activity and earnings. Work is “substantial” if it involves
doing significant physical or mental activities or a
combination of both.
If you earn more than a certain amount and are doing
productive work, we generally consider that you are engaging
in substantial gainful activity.
For example, the monthly SGA amount for 2016 is $1,130.
For statutorily blind individuals, that amount is $1,820.
You would not be eligible for disability benefits. You can
read more about substantial gainful activity and if your
earnings qualify as substantial gainful activity at
www.socialsecurity.gov/oact/cola/sga.html.
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