Social security is a program overseen by the federal government that offers financial assistance for people or their legal dependents who qualify to receive these benefits. As people join the workforce and receive earnings, they are paying social security taxes that goes into a trust fund. With this fund, those who are currently disabled, retired or are surviving family members, can get the help they need. Each year a person works, they gain credits with the intention to become eligible for these benefits when it is his or her time to retire.
How do I know when I am eligible to receive these benefits?
Retirement benefits often start between 65-67 years old, so when you are able to utilize it depends on what year you were born. You may choose to receive your benefits as soon as 62, but they may not be given in full. However, if you wait until retirement age, you can collect the entirety of your lot. These benefits are typically given in small increments for the rest of your life. Every person’s life circumstances are different, so some may have to apply early while others can wait.
It is possible to increase my benefits even more somehow?
You may be able to grow your social security benefits by 8% every year until you reach 70 years old, that is, if you can delay receiving them until then. This can be a nice perk for those who do not need the funds right away, and aren’t negatively impacted by postponing a few years longer.
Can I collect social security even if I am still employed?
Yes, you are permitted to work and still collect social security benefits. If you are above the retirement age, you can work as often as you prefer and still receive 100% of your benefits. If you are under the retirement age and are working but eligible to collect a portion of your benefits, you may only be permitted to make a certain amount before facing penalties.
I am not sure I understand how social security works, can you explain?
Many people may assume the social security portion taken out of their paycheck is going into a separate account just for them, and that the amount contributed will be given back once retired. Unfortunately, it doesn’t really work that way. Social security is often referred to as a pay-as-you-go system, as the money you pay now is being used currently to pay benefits for retirees.
Is there any reason why I may need to hire a lawyer about my social security?
It can be beneficial to have assistance from a lawyer who is familiar with social security. A lawyer can help protect you and has your best of interest in mind, when overseeing your application for social security. It is not uncommon for people to retire then realize that filing for these benefits can be confusing, complicated and even frustrating. A social security disability lawyer in Hillsville Carroll County, VA that understands the inner workings of social security can offer advice on how to present your case in an influential way.
Thanks to The Law Offices of Mark T. Hurt for their insight into social security law and what it is.