Benefits of SSS (Social Security System) (2024)

FAQs

Benefits of SSS (Social Security System)? ›

Social Security replaces a percentage of a worker's pre-retirement income based on your lifetime earnings. The amount of your average earnings that Social Security retirement benefits replaces depends on your earnings and when you choose to start benefits.

P 1,200 if CYS is somewhere between 10-20 years; P2,400 if CYS is 20 years or more + P1,000. P300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + P 1,000.

The Social Security program in the United States provides protection against the loss of earnings due to retirement, death, or disability. The financial operations of this program are handled through the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds.

Social Security is much more than a retirement program. With retirement, disability, and survivors benefits, we provide financial benefits that help improve the quality of life for millions throughout life's journey.

Can a member withdraw membership with the SSS? No. When a person registers and is covered for SSS membership, he/she becomes a member for life.

Member is at least 60 years old, separated from employment or ceased to be self-employed/OFW/household helper (optional retirement) Member is at least 65 years old, whether employed/self-employed, working as OFW/household helper or not (technical retirement) Member has paid at least 120 monthly contributions prior to ...

It is equal to the total contributions paid by the member and by the employer including interest. A lifetime cash benefit paid to a retiree who has made at least 120 monthly contributions prior to the semester of retirement. The monthly pension is paid for not less than 60 months.

How to find your Social Security full retirement age. If you were born between 1943 and 1954, your full retirement age is 66. If you were born in 1960 or later, your full retirement age is 67. The full Social Security retirement age gradually increases from 66 to 67 for people born between those years.

Social Security's special minimum benefit pays at least $49.40 per month in 2023 and $50.90 in 2024. Social Security's special minimum benefit tops out at $1,033.50 per month in 2023 and $1,066.50 in 2024. You'll receive 100% of the benefit if you file at full retirement age or later.

The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67. The chart on the next page lists the full retirement age by year of birth.

How do I get the $16728 Social Security bonus? ›

Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

• If you become disabled before your full retirement age, you might qualify for Social Security disability benefits. You must have worked and paid Social Security taxes in five of the last 10 years.

Social Security tax FAQs

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.

Because you're getting Social Security benefits at least 4 months before you turn 65, you don't need to do anything to sign up. We'll automatically enroll you in both Medicare Part A (Hospital Insurance) and Part B (Medical Insurance).

If qualified, the member's primary beneficiary is granted a monthly death pension, plus a 13th Month Pension every December. If the member has dependent minor children, they are given a Dependent's Pension equivalent to ten percent (10%) of the member's monthly pension, or P250.00 whichever is higher.

You earn credits when you work and pay Social Security taxes. The number of credits does not affect the amount of benefits you receive. We use the number of credits you've earned to determine your eligibility for retirement or disability benefits, Medicare, and your family's eligibility for survivors benefits.

Register with My. SSS at the SSS website www.sss.gov.ph provided you have at least one (1) month posted contribution. This will enable you to have online access to your records so that you can confirm or check your coverage, contributions and status of claims.