Social Security Benefits?

Question

I just recieved my Social Security Statement telling me what my benefits are as of my last years earnings. This may sound stupid but is there a way that I can cash out my earnings now? I am a student and am at the point where if I dont come up with the money I might have to drop out. I dont have a cosigner so I was wondering if this is possible. Any feedback would be appreciated

Answer 1

No you can not cash them in. You can only get SS benefits when you retire, and have at least 40 work credits, or if you become disabled (you have to have some work credits but do not necessarily need 40). It is VERY DIFFICULT to get Social Security Disability (SSD) benefits. Either way you have to have worked for a time (unless you become disabled before you turn 21 and one of your parents is disabled, retired, or deceased and had enough work credits on their own record). The SS statement, is NOT like a pension. We don't have our own accounts like a pension with an employer or 401 K. The money that we pay into the SS system, via taxes, is used to pay the benefits that are being paid out now. You are really accumulating credits right now. You can earn up to 4 credits a year. I forgot what the amount is, it is something like $800.00. So, for example, approximately every $800.00 you earn you can earn a credit (but you can only earn 4 a year).

Answer 2

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Answer 3

It is most definitely not a good thing for America. Illegal aliens cause a hole in the American economy. The way the system works is people make money, give money to the government, and the cycle goes on and creates an economy. Illegal aliens take money, but don't give money to the government. This causes a hole. It's like a balloon. There's a hole and the balloon gets smaller and smaller. Same thing with the economy. Illegals are one reason the economy has dropped so much in the last decade. The other reason illegal aliens shouldn't get social security benefits is because they've never paid into a social security fund. Why should they take benefits away from someone who has actually worked for them? It's not fair. Illegal immigration is not fair for anyone.

Answer 4

No. This statement will come close to your birthday each year. It will show you Social Security's records of your earnings, whether you are insured under Social Security Disability, and if you become disabled, what your expected monthly income (and that of you dependents) would be. The Social Security we pay now funds the checks of those on Social Security-that is why there is worry about when all the baby boomers retire.

Answer 5

Unfortunately, no. Unless you are filing for disability already you can't cash them in. If you had kids you could do a tax credit advance but, I don't think that is the case for you. Have you tried regular financial aid and subsidized and unsubsidized student loans? Work study is great too, since you can earn while you learn, not to mention working at the college will make it easier for you to work around your class schedule. Hope this helps!!

Answer 6

There is NOTHING there to cash in. The statement shows the monthly amount you would be eligible to collect at retirement assuming at least 2 things don't change. Your income, and the law are assumed to remain constant form now until then. Neither is likely to do so. The so call trust fund consists entirely of Government IOUs. That means the government would have to borrow more to have money to remove form the trust fund.

Answer 7

The easiest way to explain it is: The Federal Social Security Act "provides" retirement income, health care for those 65 and older, and disability coverage and/or death benefits for eligible workers and their dependents. So, to answer your question, no.

Answer 8

I am currently going through American Benefit Services out of Sarasota, Florida. They help you get U.S. grant programs. You can get a maximum of $50,000 to go back to school. The paperwork takes several months though. You would have to drop out and return when your grant goes through. But it is not a loan. You need never pay back a government grant. Their phone number is 1-800-989-3395 if you want to get some information from them.

Answer 9

No, you can't cash it out. You can receive benefits either when you are age 62, or become disabled.

Answer 10

Talk to them about a good way for your Question there About the S.S information, talk to them about which way you can use your point of use , if you useing the money for College then you can take it out if not then ask them what you can do