Social Security benefits are no free gift! You paid it in, now it’s time for you to reap the benefits. Here’s simple and quick help with social security benefits to help you get back what you deserve.
Social Security benefits could wind up as your primary source of retirement income, so it’s important to have a feel for how it all works.
You’ll find information in this post to help you think about the best time to file for your benefits, and know how much you’ll receive each month.
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Who qualifies for Social Security benefits?
Before I retired I never understood that your qualification is based on a credit system, and it takes 40 credits to begin drawing retirement income.
One credit is awarded each time you meet an earning requirement, and you can earn up to 4 credits a year.
Your Social Security benefits eligibility requirements will be met when you have met the requirements for 10 years in total.
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How are benefits calculated?
The Social security administration will take the 35 years in which your earnings were highest and then calculate an average figure and come up with an average yearly income. Next they will adjust the income to take into account yearly inflation.
Here’s a post to help you decide on the best time to leave work for retirement.
Waiting until your personal full retirement age before you file for Social Security benefits will allow you to receive the full benefit based on these 35 years of paying in.
What is full retirement age?
As you know, your own birth date sets the full retirement age.
If you were born between 1943 and 1954 your full retirement age is 66. People born in 1960 and beyond reach full retirement age later, and can start receiving full benefits at age 67.
You will need to be cautious not to get impatient and file even a few months before your own full retirement age so that you draw the full benefits.
Can you get benefits before you reach full retirement age?
If you do get impatient and decide to start drawing benefits out of Social Security as soon as you’re 62, you’ll take a pretty good hit on the monthly pay out, compared to what you would draw at 66 or 67.
Planning your retirement bebore hand is really the key to financial needs being met after you retire.
It will take careful planning to get the most from your retirement and these inexpensive and insight full books can help with your personal retirement planning.
Filing early will cut your check some amount for each year you retired before your full retirement age.
Can you delay receiving benefits?
Yes, you can choose to start receiving your Social Security Benefits anytime after 62. In fact your benefits will increase 8% each year you wait after your FULL RETIREMENT AGE.
By working longer, which many senior citizens do these days, you’ll wind up with a little larger check each month.
How can you file for Social Security benefits?
You can go to the official Social Security website at ssa.gov and create your account. You’ll find the process there easy to follow along, but I would recommend that you don’t wait until the last-minute to get started.
In fact, I would give myself at least 3-4 months before the day you’re wanting to retire and start drawing benefits.
Be ready to upload documents like your tax returns, birth and marriage certificates. If you file stuff away like I do, I would start looking for those months in advance to speed up the approval process.
I personally think it’s great to open an account at ssa.gov, have a look around, and then do some face to face with your nearest SSA office. If you don’t know where that’s at, use this simple SSA locator.
Can you find out how much your benefits will be in advance?
Even if you’re still some time off from actually beginning the filing process, it’s helpful to open your free account at ssa.gov.
Once you have your account created, there’s a lot of helpful information along with being able to calculate your Social Security retirement benefits.
When it’s all said and done, your check will depend on the amount of money you earned during your life, paid in, and how old you are when you file to start drawing. And of course your total amount will depend on how long you live?
The best way to get the benefits you really deserve, of course is to stay healthy and live a long life after retirement, right?
That’s about the best help with Social Security benefits I can give you, other than the fact that you can get smaller checks for more years, or larger checks for fewer years. If I were you I would create an account with them and get more Social Security information to help you decide when to retire?
You payed in to Social Security, so you deserve to get back all you can! But to go along with those “benefits” I’ve found another way to enjoy my retirement years far more than what I get from the gov.
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