Byline Retirement Agreement Made Easy

Signatory retirement agreement

thank you for watching this is Richard with wisdom investor I want to thank you for joining us here today today's video we're talking about Social Security says that these people will not receive retirement benefits so I thank you for joining us here today we're going to review that about eight different situations where a person may not receive Social Security benefits and if you happen to be one of those people there is hope you can start saving now put away some money even if it's only five dollars per month save some money for your retirement and if you do receive Social Security benefits I also recommend it you be saving money because Social Security benefits are typically only a part of what it costs to take care of your expenses while you're in retirement if you have any comments on Social Security benefits leave us a comment okay so the majority of folks that do retires they're 65 and older do receive Social Security about eighty five point six percent the average Social Security benefit in 2018 is one thousand four hundred four dollars however there are some folks that are not eligible to receive Social Security benefits and we're going to talk about those folks eight reasons retirees may not be able to receive Social Security benefits then as we've already said here the majority the people are going to be able to receive Social Security benefits now there are some that have never worked whether it's due to caregiving or living out of the country they may not receive Social Security however if they put away some money for the retirement or if they have help from other members of their family those folks can have a chance to have a decent retirement income okay so we're going to take a look here also some government workers are also not eligible due to their types of Social Security plans that are available in their work in some schoolteachers and we'll take a look at some of that here as we go along okay so number one certain immigrants over 65 so retired folks who immigrated to the United States will not have earned the forty US credits they have to have to be eligible for Social Security in most situations immigrants arriving after they have retired come to the United States on family visas and they are counting on those family members for financial help now there is a way for certain immigrants to receive at least a partial benefit if they start to work and receive at least six credits and they come from a country that has a totalization agreement with the United States there are certain countries that have agreements with United States so if they've worked in that other country and then they come over here and work they can receive some Social Security benefits number two the self-employed that paid no taxes so basically it's pretty simple if you have not paid any taxes you're not going to get any payouts back from the Social Security system in order to qualify for benefits you're if you are self-employed you have to pay both the workers portion and the employers portion of the self-employment tax the tax is calculated and paid each year when these workers file their federal tax returns those who don't file tax returns don't pay Social Security taxes unlike employees whose employers withhold and remit their Social Security taxes from each paycheck so if you're self-employed you need to be paying the portion for the employee and the apportion for the employer if you're not paying that in you're not going to receive Social Security payouts or benefits number 3 govern employees who don't pay Social Security taxes will not receive Social Security benefits doesn't mean they're not going to get some kind of a benefit federal government employees hired before 1984 may have been grandfathered in to the civil service retirement system which provides retirement disability and survivor of benefits these workers don't have Social Security taxes deducted from their paychecks and aren't eligible to receive Social Security benefits unless they earn benefits through another job or spouse state state and local government employees such as those who work for state or local government agency Cleve school system college or university will not receive Social Security benefits if they do not pay Social Security taxes so but they're typically paying into a different system but they're not gonna get the Social Security unless they've worked another job certain legal immigrants workers who haven't earned at least 6 us critics however can't receive payments under tolls ation agreement so legal agreement immigrants they need to work at least six US credits for that totalization package to work legal immigrants who have earned 40 Social Security work credits in the United States are eligible to receive full US Social Security benefits so a legal immigrant that works here and fully qualifies receives 100% of the benefits retirees that move to certain foreign countries cannot receive their payments u.s. citizens should travel to or live in most foreign countries after they retire can usually still receive Social Security benefits so if you move to Mexico or any country that's not on this list you can receive your payments but if that country is the ones listed here and some of those I'm not going to try to Azerbaijan Belarus Belarus excuse me Belarus Cuba Georgia Kazak Kison Creek crooks - Stan Moldova North Korea Tajikistan Turkmenistan Ukraine Uzbekistan or Vietnam the government can't send your Social Security payments now it doesn't say clearly if if they will still if these if you still have the Social Security coming to you you could receive it via electronic transportation through through the an automatic deposit but they're not going to mail it to the those countries certain divorced spouses divorced spouse that never worked and did not paint that social security system will not receive benefits if their marriage lasts fewer than 10 years the spouse that did not work won't be eligible to claim Social Security benefits from the former spouses earnings record instead they'll have to accumulate enough work credits on their own or rely on the earnings record of new spouse so if a person is a spouse never worked no matter what their marries did not last 10 years they will not get Social Security benefits from their former spouse if they remarry and their spouse is receiving benefits they would be eligible when they receive when they're at the right age how but they would not be able to receive from the former spouse now if they start working and earn their own credits then of course they're going to receive earnings and payouts from their work workers with too few social security credits a minimum requirement to collect Social Security retirement benefits is performing enough work to earn 40 social security credits roughly 40 credits equals 10 years of work if you have not worked and you've not received enough credits you're not going to receive the Social Security okay there are some provisions here so that if you're working part-time due to the school or you're caring for a child you will be able to receive Social Security benefits if you have any questions on some of the stipulations on these requirements go to the Social Security website and you can typically get your questions answered there a spouse that is 62 and has never worked and is married to a spouse that is 62 and is collecting Social Security can receive half of what that spouse is earning so there is a provision there so that if you reach retirement age and you've never worked but your spouse is 62 you can also collect security at least half of what they're earning okay number eight workers who died early workers who died before age 62 the minimum they used to start claiming Social Security retirement benefits is 62 those who die young won't receive the benefits they've earned that doesn't necessarily mean that their benefits will be lost up dependent children and spouses may be entitled to survivors benefits for example that age 60 widows and winners can be can begin receiving Social Security benefits on their deceased spouse record and terminally ill patients can apply for Social Security disability income which means they will still get some benefit from their contributions to the system so these are the main reasons that people will not be able to receive Social Security benefits if you've never worked never put any hours in you're you're not going to be able to receive any benefits if you've been a homemaker or it could be reversed the other way the female spouse has been working and the male spouse has not worked at all and you're divorced and the divorce occurred before the marriage was ten years old that would be another major reason you would not receive any benefits so if you have any questions go to the Social Security Administration website and get full details if you have to give them a call I want to thank you for watching if you have any questions from this video leave us a comment thank you for watching and I hope you all have a successful retirement