Reply to Stay at home Social Security

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[quote=Anonymous]Medicare is (for the most part) just age-based. Medicaid is income-based, and some low-income seniors use both.

Social security is determined by a credit system: basically, you get “credits” for every quarter you work, and if you work ten years (cumulative), you are vested into the system, and you can draw on the system in retirement age. The amount you draw is based on your earnings (because the amount you pay in is based on earnings), but it is capped. The amount you draw is also based on the age at which you start drawing benefits.

You have the option to draw on your spouse’s benefits. If you are divorced, you can draw on your ex-spouse’s benefits, provided you were married for ten years and did not remarry. If you are widowed, you can draw on your deceased spouse’s benefits, if you don’t remarry. Your kids, if they are minors, can draw on a deceased parent’s benefits as well.

It might be helpful for your friend to have a quick meeting with a financial planner so she is aware of her options.[/quote]

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