Peter Jeppson, owner and operator of Time & Money, LLC, in Bountiful, UT, makes his living giving people financial advice. Peter Jeppson provides that information through seminars, webinars and continuing education courses, as well as through blog posts on MoneyMastery.com, a website that provides financial literacy guidance to people seeking to eliminate debt, reduce tax liability, and build wealth. Mr. Jeppson works to help his clients survive and thrive financially.
When resources are limited or lacking, Social Security is especially important to financial survival. Social Security provides monthly income benefits to US citizens including retirees, disabled persons, and the families of retired, disabled, or deceased workers, according to the National Academy of Social Insurance (NASI). NASI reports that about 59 million Americans and one in four U.S. families receive income from Social Security.
Rules for collecting benefits vary with age and circumstance. People retiring from work receive full benefits if they retire at the full retirement age for their age group as defined by the Social Security Administration. People born in the years 1943 through 1954 receive full retirement benefits at age 66, for example, and reduced benefits if they retire before age 66.
Survivor benefits are based on the earnings of the person who died. The amount that survivors may receive varies with the survivor’s age and circumstance. Widows and widowers who are at full retirement age receive 100 percent of the deceased worker’s benefit. Widows and widowers who are not at full retirement age receive a reduced monthly benefit, but about the same total benefit overall. The monthly benefit is reduced to continue benefits over a longer period of time.
