- Retirement benefits supplement the expenses of living a work-free life. When approved for Social Security, you receive a monthly payment from the federal government by check or direct deposit. The average monthly retirement benefit in November 2010 was $1,073. Your benefit, however, will be higher or lower in proportion to your salary over your working years.
- Medicaid is a state-run health insurance program for the low-income population of the U.S. Note that Medicare is a different from Medicaid. Medicare is health insurance for the elderly without income restrictions, whereas Medicaid is a government health insurance program for impoverished, disabled or blind people of any age. Social Security's office locator website can help you find your local Social Security office and learn more about your state's Medicaid program (see Resources). You may qualify for both Medicaid and Medicare if you're near retirement age.
- To qualify to receive retirement benefits, you must have worked at least 10 years while paying Social Security taxes and you must be at least 62 years old. However, many people don't retire until their full retirement age, since their monthly benefit will be higher if they wait. Full retirement age is 65 if you were born in or before 1942, 66 if you were born in or before 1959, and 67 if you were born in or after 1960. Medicaid, on the other hand, has requirements that vary by state. Generally, to qualify for Medicaid insurance, your income must be under a certain amount.
- Though you can apply for Retirement benefits online, you must visit your local Social Security office to apply for Medicaid since requirements vary by state. To apply for Retirement online, follow the link in "Resources." You'll need your Social Security number, work and tax information and other basic personal information. You may also need your spouse's information, as well. You may also apply for Retirement over the phone by calling 800-772-1213, or in person at your local Social Security office.
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