Question

Which type of benefit has age eligibility requirements? A. disability B. retirement C. Supplemental Security Income D. survivors

Short answer

B. retirement

Step-by-step solution

- Identify Key Terms

First, identify key terms in the question. The key terms are 'benefit' and 'age eligibility requirements'.

- Understand the Types of Benefits

There are different types of benefits: disability, retirement, Supplemental Security Income, and survivors. Determine what each type of benefit involves with respect to age.

- Analyze Each Option

Examine each option to determine if it has age eligibility requirements: A. Disability benefits are generally based on the inability to work due to a condition and not directly linked to age. B. Retirement benefits are usually tied to reaching a certain age, typically 62 or older in the U.S. C. Supplemental Security Income typically considers financial need and disability but has less direct emphasis on age. D. Survivors benefits are generally provided to family members of deceased workers, and eligibility depends on factors like the age of dependent children or spouse, but not specifically the age of the beneficiary.

- Conclude the Appropriate Option

Based on the analysis, the benefit with a clear age eligibility requirement is the retirement benefit.

Key concepts

Retirement Benefits

Retirement benefits are a key component of social security benefits and are designed to provide financial support to individuals who have reached a specific age and are retiring from active work. In the United States, the typical age for starting to receive full retirement benefits is 66 or 67, depending on the individual's birth year. However, you can start receiving reduced benefits as early as age 62.

The amount of benefits you receive depends on your lifetime earnings and the age at which you start claiming them. If you delay benefits beyond your full retirement age, the amount increases. Conversely, taking benefits early can significantly reduce the monthly amount. Understanding these factors can help you decide the best time to start taking your retirement benefits.

Age Eligibility

Age eligibility refers to the specific age requirements that must be met to qualify for certain benefits. In the context of social security, different types of benefits have different age eligibility criteria. For retirement benefits, you generally become eligible at age 62, although the full retirement age is higher.

Supplemental Security Income (SSI) and disability benefits are not primarily age-based. SSI is mostly determined by financial need and disability status, whereas disability benefits are awarded based on the inability to work due to physical or mental conditions, irrespective of age. Understanding these distinctions can help you better plan for your financial future.

Types of Social Security Benefits

Social Security provides various types of benefits to support different needs. The main categories include:

• Retirement Benefits: These are available to individuals who have reached the eligible retirement age and have paid into the Social Security system during their working years.
• Disability Benefits: These benefits are for individuals who are unable to work due to a qualifying disability.
• Supplemental Security Income (SSI): This program assists individuals who have limited income and resources. It is usually focused on financial need, not age.
• Survivors Benefits: These are paid to the families of deceased workers who were eligible for Social Security. This can include spouses, children, and even dependent parents in some cases.

Each type of benefit serves a specific group of people and is designed to provide financial security in different life circumstances. Understanding these will help you make informed decisions about your financial future.