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This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

Finance / Insurance / Useful info

U.S. Social Security : Types and Conditions of Entitlement from Old-Age Benefits to Disability Benefits

What are the types of Social Security programs in the United States?

The following types of Social Security programs in the United States are designed to supplement income lost due to retirement, disability, or death.

1. Old-age benefits : Old-age benefits provide financial assistance to retired workers. If a worker pays certain Social Security taxes and meets certain conditions, he or she is entitled to a regular pension benefit. The benefit amount is calculated based on the length of time the Social Security taxes have been paid and on earnings.

2. Family Benefits : These are benefits available to family members of recipients who have paid certain Social Security taxes. It is attached to the old-age benefit. Eligible family members are children, spouses, and divorced ex-spouses. The recipient's own old-age benefit will not be reduced by the family member receiving the family benefit.

3. Survivor Benefit : The Survivor Benefit is a benefit designed to guarantee a minimum subsistence level to family members upon the unexpected death of a recipient who has paid certain Social Security taxes. It is attached to the old-age benefit. Eligible family members are children, spouses and divorced ex-spouses, and parents considered dependents.

4. Disability Benefits : Disability benefits provide financial assistance to those whose ability to work is limited by disability. Benefits are available when a worker pays certain Social Security taxes and the ability to work is limited for a long period of time or permanently.

5. Medicare : Medicare is a medical insurance plan that provides benefits for medical services to the elderly and some disabled persons. It can cover a portion of medical expenses for workers and their families who have paid premiums and meet certain conditions.

Currently, company employees pay Social Security Tax \ and Medicare Tax \ which are deducted from the gross amount of each paycheck in order to receive benefits in the future.

Who is entitled to what benefits and when?

1. old-age benefits
Who : has paid Social Security taxes in the U.S. for about 10 years (40 credits - 4 credits x 10 times a year).
If you qualify for the U.S.-Japan Social Security Agreement, ① you have paid Social Security taxes in the U.S. for a total of 2 years (6 credits - 4 credits x 1.5 times per year ) and ② 40 credits for about 10 years ( in Japan and the U.S. combined), and
or pension insurance (in Japan) for about 10 years in both Japan and the U.S.A. In addition, you must have paid Social Security tax for about 10 years in both Japan and the U.S.A. The amount of income required to earn a credit changes each year; in 2023, the amount of income required to earn one credit is $ $1,640. To earn the maximum of 4 credits per year, you will need $ $6,560 in income.
From when : If you want to take early entitlement ・ ・ ・

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https://www.hkstanfield.com/blog/ ussocialsecurity/

Irvine Accounting Firm - U.S. and Japanese Taxation ・ Over 20 years of experience in accounting ! Company formation. Accounting services and financial statement preparation. Human Resources ・ Payroll.

  • Posted : 2024/06/23
  • Published : 2024/06/23
  • Changed : 2024/06/23
  • Total View : 83 persons
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