Social Security Benefits

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DEFINITION of 'Social Security Benefits'

The monetary benefits received by retired workers who have paid in to the Social Security system during their working years. Social Security benefits are paid out on a monthly basis to retired workers and their surviving spouses. They are also paid to those who are permanently and totally disabled according to the strict criteria set forth by the Social Security Administration.

BREAKING DOWN 'Social Security Benefits'

Social Security benefits may be taxable depending on the taxpayer's level of income. Single taxpayers who have income above $25,000 per year and married couples filing jointly with more than $32,000 of income may have a portion of their Social Security benefits taxed. Social Security disability payments are usually tax-free.

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RELATED FAQS
  1. What type of asset allocation should I use if I am already retired?

    Among investors, asset allocation is a topic of discussion that receives a great deal of weight during the asset accumulation ... Read Full Answer >>
  2. Is there any way to opt out of paying Social Security?

    Exemptions from the Social Security program exist for a small number of groups. These individuals are not responsible for ... Read Full Answer >>
  3. What are the main differences between Social Security Benefits & Social Security ...

    While the names are very similar and they have similar purposes, there are a few marked differences between Social Security ... Read Full Answer >>
  4. How do I apply for Social Security retirement benefits?

    Applying for Social Security benefits is a fairly simple process. Applications can be submitted either online, over the phone ... Read Full Answer >>
  5. How soon do I need to start my application for Social Security retirement benefits?

    Applications for Social Security benefits can only be processed a maximum of four months before benefits are scheduled to ... Read Full Answer >>
  6. When is it optimal to take my widow's Social Security benefit?

    The optimal time to apply for Social Security benefits as the surviving spouse of a deceased worker depends on several factors, ... Read Full Answer >>
  7. How are Social Security benefits affected by your income?

    Social Security retirement benefits may be affected by a variety of factors, but your earned income is one of the most important. ... Read Full Answer >>
  8. Are Social Security benefits taxable?

    Social security benefits are not taxable according to the Internal Revenue Service, as of 2014. There are certain rules that ... Read Full Answer >>

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