Social Security

Social Security

Social Security Administration is a government agency which is independent from all branches of the government. Floor: Floor or interest floor is the minimum annual percentage rate that is set by the card issuer to be charged on variable credit cards. Although the SSI and SSDI programs are different in many ways, they are both administered by the Social Security Administration and only applicants who meet medical criteria may qualify for benefits under either program.

Amortization: It is the process where a loan or debt, along with the interest charged, is paid off by regular installment payments over a stipulated time period. Here you could take reduced benefits as early as age 60 (instead of 62). This sometimes can insure that your case does not get lost among the thousands of other benefits claims.

Rate cap: It is the maximum amount to which interest rate on an adjustable rate mortgage can rise annually over the life of the mortgage loan. Details regarding the limit of income can be obtained from Social Security Administration. In a time when many baby-boomers are facing retirement age, some feared that strain on the SSA.

No Pre-set Spending Limit: Consumers with good credit histories are sometimes rewarded with ‘no pre-set spending limit cards’, where the spending limit is not predetermined. In addition, if the disability is based on drug addition or if the applicant is convicted of a crime or commits fraud, the claim for SSI benefits may be declined.

Social Security Disability is a benefit received from the Social Security Administration by disabled workers and in some cases their dependents, similar to those received by retired workers. The upper age limit for this disability benefit is 65 years. As long as you meet the requirements of having a disability, you will receive Social Security Disability benefits.