Social Security in Prestonsburg: What You Need to Know (2023)

FAQs

Where can I find answers to Social Security questions? ›

Please call us toll-free at 1-800-772-1213 (TTY 1-800-325-0778) for assistance. Representatives are available between 8a.m. and 7p.m., Monday through Friday.

Exaggerating the extent of your disability will not improve the odds that your application is approved. In fact, claimants who complain of chronic pain that is untreatable might make a poor impression on the ALJ. Inflated claims of pain are never a good idea during a disability hearing.

SSA limits the value of resources you own to no more than $2,000. The resource limit for a couple is only slightly more at $3,000. Resources are any assets that can be converted into cash, including bank accounts. However, some assets you own may not affect eligibility for the program.

The most impactful change in 2023 is the 8.7% cost of living adjustment, or COLA, which takes effect this month. For instance, if you receive $2,000 a month from Social Security, the monthly payout will rise to $2,174 per month.

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits. For reference, the average Social Security retirement benefit in 2023 is an estimated $1,827 a month.

You must have worked and paid Social Security taxes in five of the last 10 years. If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

What is the Social Security 5 year rule? ›

The Social Security disability five-year rule allows people to skip a required waiting period for receiving disability benefits if they had previously received disability benefits, stopped collecting those benefits and then became unable to work again within five years.

What Is the Most Approved Disability? Arthritis and other musculoskeletal system disabilities make up the most commonly approved conditions for social security disability benefits. This is because arthritis is so common. In the United States, over 58 million people suffer from arthritis.

A medical source statement is a form completed by your doctor summarizing how limited you are physically and mentally as a result of your conditions. This document will help the SSA determine whether you are disabled.

The amount of money that you have in the bank may affect your ability to qualify for or continue to receive Social Security disability benefits .

The Social Security Administration can only check your bank accounts if you have allowed them to do so. For those receiving Supplemental Security Income (SSI), the SSA can check your bank account because they were given permission.

While there are certain financial factors that can disqualify someone from Social Security eligibility, having a savings account is not one of those factors.

The interview will take place either in your local Social Security office or by telephone. It will take at least 1 hour. * What can I do to speed up the process? You can cut your interview time in half by starting the process online.

Your Social Security card or a record of your number. Your original birth certificate, a copy certified by the issuing agency, or other proof of your age. We must see the original document(s), or copies certified by the agency that issued them. We cannot accept photocopies or notarized copies.

Work, Income, Assets

A major topic during your SSI interview will be work. You'll have to present information about all of the jobs you've held in the last 15 years as well as the skills that they each involved. The examiners will think about your employability before arriving at a decision.

What is the maximum amount you can earn while collecting Social Security in 2023? ›

In 2023, if you're under full retirement age, the annual earnings limit is $21,240. If you will reach full retirement age in 2023, the limit on your earnings for the months before full retirement age is $56,520.

Key Takeaways. Social Security benefits may or may not be taxed after 62, depending in large part on other income earned. Those only receiving Social Security benefits do not have to pay federal income taxes.

The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572.

The checks worth $1,657 are only for Social Security recipients, not the general public. The Sun newspaper mentions that later in its story but not in the misleading headline.

What Is the Social Security Bonus? There is no specific “bonus” retirees can collect from the Social Security Administration. For example, you're not eligible to get a $5,000 bonus check on top of your regular benefits just because you worked in a specific career. Social Security doesn't randomly award money to people.

That's why there is a special rule that applies to earnings for 1 year, usually the first year of retirement. Under this rule, you can get a full Social Security check for any whole month you're retired, regardless of your yearly earnings.

Sometimes, the employees there need more information before they can decide if you have a disability under Social Security law. If so, they ask you to have a special exam or medical test that we'll pay for. We'll also pay for certain related travel expenses.

Benefit applications can take up to three months to process, so apply three months before your planned start date. If you are drawing spousal or survivor benefits on another person's earnings record, your payment date depends on that person's birthday and follows the schedule above.

If improvement is possible, but can't be predicted, we'll review your case about every three years. If improvement is not expected, we'll review your case every seven years. Your initial award notice will tell you when you can expect your first medical review.

The only people who can legally collect benefits without paying into Social Security are family members of workers who have done so. Nonworking spouses, ex-spouses, offspring or parents may be eligible for spousal, survivor or children's benefits based on the qualifying worker's earnings record.

What is the lowest amount of Social Security? ›

Under the special minimum benefit, the lowest minimum primary insurance amount you can qualify for in 2023, with at least 11 years of work, is $49.40 per month. The full minimum primary insurance amount, which you can qualify for with at least 30 years of work, is $1,033.50 per month.

The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings.

Social Security benefits are typically computed using "average indexed monthly earnings." This average summarizes up to 35 years of a worker's indexed earnings. We apply a formula to this average to compute the primary insurance amount (PIA). The PIA is the basis for the benefits that are paid to an individual.

Without savings, it will be difficult to maintain in retirement the same lifestyle that you had in your working years. You may need to make adjustments such as moving into a smaller home or apartment; forgoing extras such as cable television, an iPhone, or a gym membership; or driving a less expensive car.

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

If you've worked and paid Social Security taxes for 10 years or more, you'll get a monthly benefit based on that work.

Mental disorders such as depression, anxiety and post-traumatic stress disorder are qualifying disabilities that are difficult to prove. Having a long history of medical treatments and contact with a mental health practitioner can improve your case.

Tinnitus, otherwise known as “Ringing-in-the-Ear-Syndrome” is by far the #1 easiest VA disability to claim. Tinnitus is when you experience ringing, hissing, buzzing, or other noises in one or both of your ears.

How do I prove that I am disabled? ›

Statements, records or letters from a Federal Government agency that issues or provides disability benefits. Statements, records or letters from a State Vocational Rehabilitation Agency counselor. Certification from a private Vocational Rehabilitation or other Counselor that issues or provides disability benefits.

Anxiety disorders like OCD, panic disorders, phobias, or PTSD are considered a disability. Therefore, they can qualify for Social Security disability benefits. Individuals must prove that it is so debilitating that it prevents them from working.

In order to be considered a 'disability,' your back pain must involve, among others, one of the following: Herniated discs. Compressed nerves. Degenerative disc disease.

Money In The Bank And SSDI

The monthly limit is $1,350 in 2022 for non-blind individuals and $2,260 for individuals qualifying for benefits as statutorily blind, so it is a good idea to keep records of the source of deposits that you make into your bank account.

Generally, there's no checking account maximum amount you can have. There is, however, a limit on how much of your checking account balance is covered by the FDIC (typically $250,000 per depositor, per account ownership type, per financial institution), though some banks have programs with higher limits.

Social Security does not count pension payments, annuities, or the interest or dividends from your savings and investments as earnings. They do not lower your Social Security retirement benefits.

AARP's Social Security Question and Answer Tool can offer practical and comprehensive information about how the program works and when to apply. The tool can also help clarify eligibility requirements and provide answers to questions on disability, survivor, spousal and family benefits in an easy to understand manner.

Where is the best place to get Social Security advice? ›

Social Security Administration: The SSA itself remains the best place to receive information about Social Security, said Nancy Altman, president of Social Security Works.

Click the "Let's Talk" Button Below and Ask One of Our Live Advisors Your Free Social Security Question!

The question we receive the most calls and emails about is #11. Has the person listed in item one or anyone acting on his/her behalf ever filed for or received a Social Security number card before? The answer is “yes” if you current have a Social Security Card.