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Seven Reasons You May Be Away Without Retirement In The United States

Seven Reasons You Can't Get Social Security Benefits Informs Yahoo.

Photo: Shutterstock

Social Security is a lifeline for the millions of retirees and other older Americans who still work. Believe it or not, social security is not guaranteed. In fact, there are over half a dozen reasons why you might be missing out on the benefits you were counting on and earned through your taxes.

1. You Failed the Social Security Income Test

Early applicants who are still in employment must pass a Social Security test to be eligible for benefits. Upon reaching the retirement age, such a check is not carried out. In 2021, the Social Security Administration (SSA) is temporarily withholding $ 1 in benefits for every $ 2 earned, starting at an earnings cap of $ 18 per year. That is, if your annual income is below this amount, then nothing is additionally withheld. As soon as the annual income reaches $ 960, one additional dollar is withheld, if more than this amount, then $ 18. There is, however, a more lenient monthly test for those entering the full retirement year.

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2. You ran out of credits

To receive Social Security benefits, you must first work a certain amount of time, pay taxes into the system, and accumulate enough “credits” to qualify for benefits. In 2021, you will receive one loan for every $ 1470 in income earned, up to one loan per quarter or four loans per year. Most people need 40 credits to get Social Security benefits, which means you have to work 10 years before you qualify.

3. You have debt that is payable

It is difficult for private lenders to get your social security payments, but your benefits can be used to pay off some other types of debts. These include child support and damages, but the state determines what constitutes a valid arrest order. If your benefits were received for any of these reasons, contact the appropriate government agency, not SSA.

Tax debt is another item. The Treasury Department can receive up to 15% of your Social Security benefits every month until your tax debt is paid. The Treasury Department can also provide you with non-tax debt relief, including any federal student loans for which you may have defaulted.

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4. You hit a pennyionic civil service (Civil Service Retirement System)

Rather than paying social security, some federal employees hired prior to 1984 made contributions to the Civil Service Retirement System (CSRS). The CSRS was formed as part of the Civil Service Pensions Act of 1920 and was replaced by the Federal Employees' Pension Scheme (FERS) in 1987. CSRS recipients do not receive Social Security benefits unless they are eligible through another job or spouse.

5. You are covered by the Railway Workers' Pension Law

Some railroad workers are also covered by a non-social security pension system and are not eligible for benefits. People who participate in the Railroad Pension Law contribute more from their wages, but receive higher benefits upon retirement — especially “career employees” who have worked for at least 30 years.

6. You are not eligible for your ex-spouse's benefits

Some people are eligible for benefits according to their ex-spouse, but first they must meet certain requirements. You must have been married for 10 years or longer and you must not remarry, although you may still be eligible if your ex-spouse remarries. There are other requirements as well, so if you were planning on applying for former spouse's track record, make sure you meet the requirements first.

7. You have moved to another country

Photo: Shutterstock

In most cases, you can get US Social Security in another country if you live overseas in retirement, although you must follow strict and specific rules from both the SSA and the host country. However, SSA usually prohibits sending payments to several countries, and many of them are post-Soviet.

These include Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan and Uzbekistan. Some exceptions can be made for some eligible retirees in these countries, but you can never get US Social Security in Cuba and North Korea.

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