Subscribe

Social Security Benefits & Retirement

by | Social Security Benefits

Retired CoupleThough all Americans look forward to the day when they can kick back in a lawn chair and spend time working in their flower gardens, retirement comes with many burdens. A fixed income or access to a 401(k) may not be enough to supplement the lifestyle many seniors are used to. Fortunately, there are benefits for seniors to access in retirement. If you are retired and between the ages of 62 and 70, you may be eligible to begin drawing retirement benefits from Social Security.

 

 

How long must someone work to become eligible?

To become eligible for Social Security benefits, an individual must work for at least 10 years and earn 40 credits if they were born after 1929. Those born before 1929 need fewer years of work to qualify. Not every type of work qualifies for credit. See below to find examples of exemptions.

 

What are credits?

In order to qualify for Social Security, an individual must earn at least 40 credits during their working career, provided they were born after 1929. If they were born before 1929, they need fewer credits. The qualifications for credits change from year to year to account for the overall increase in yearly earnings. In 2017, employees earned one credit for every $1300 worth of earnings. An individual may earn up to four credits per year.

There are special rules for other careers. Self-employed Americans follow the rules for credits, but those with net earnings below $400 a year may have special rules. Military service may qualify for additional credits. Domestic work, farm work, and church employees may also have different rules. Please visit the Social Security website at the link below to find out more.

https://www.ssa.gov/planners/retire/creditsa.html

 

What types of work do not qualify for benefits?

Not all employees are covered under Social Security. This includes most Federal employees hired before 1984, railroad employees with more than 10 years of service, employees of some state agencies that have decided not to participate in Social Security, and children under 21 who worked on household chores for a parent.

 

When do employees become eligible for benefits?

The age to begin receiving benefits depends on the person’s birth year. This age may vary between 62 and 70. The benefits are calculated by lifetime earnings. The more that an employee earns over their lifetime, the more they will receive in retirement benefits through Social Security. This means that the longer an individual waits before drawing benefits, the more they will receive. Employees are eligible until age 70.

Retirement may last longer than people think. The average lifespan of an American citizen has increased greatly with the advent of new medical technologies and advancements. Waiting to draw benefits will help to ensure that the benefits better protect against outliving savings and any sudden needs that may arise.

 

How long do the benefits last?

Social Security benefits last for the remainder of an individual’s life. This makes it important to ensure that the benefits supplement any savings that may be relied on through retirement.

 

How to Apply

The Social Security Administration website provides a planner in order to determine the best time to retire and begin drawing benefits. It will help calculate credits, eligibility, and retirement in addition to factoring in longevity. The link for the planner may be found at the following link:

https://www.ssa.gov/planners/retire/

The actual application for retirement benefits may also be found on the Social Security Administration website. Before you apply, ensure that you know your date and county of birth, names of current spouse and prior spouses for marriages that lasted over ten years, dates and branch of military service, employment information for the previous two years, and bank account number and routing number. Documentation must be provided in the way of birth certificates, social security cards, and permanent resident cards. The website to apply may be found here:

https://secure.ssa.gov/iClaim/rib

Remember that it will take at least four months to process the applications for benefits. You may begin applying at 61 years and 9 months of age to ensure you receive your benefits on time. Retirement does not have to be frightening, so make sure you begin planning now. Social Security also provides disability and Medicare. Plan your retirement and check out the Social Security planner on their site.

 

 

Car Loans Approved Today!
Drivers will be excited to hear that the cost of a vehicle has started a downward plunge making it even easier to get the car loans you have always wanted. According to predictions by GasBuddy, the average price for a gallon of gasoline is set to fall...
Is Public Housing An Option for You?
The US Department of Housing and Urban Development (HUD) utilizes several programs to ensure housing for lower-income families. One of these programs is Public Housing. This program was designed to provide decent and safe rental homes for lower-income...
“Believe in The Power of 3”
The number 3 is the first number to which the meaning “All” was given. It is the number of the whole as it contains the beginning, a middle, and an end. When you raise the number 3 to a second power, it simply magnifies everything you already have and...
Government Assistance for Unemployment
Government Assistance for Unemployment Sometimes, life does not go as smoothly as planned. Fluctuations in the economy lead to periodic lay-offs. Sometimes, a company fails and workers find themselves out of work. Often, an employee and employer simply part ways after...
How to Manage Credit Card Payments
Do you have issues paying off credit cards? Sometimes the interest itself can be an overwhelming monthly payment. We have gathered some information below from credit experts that can hopefully help you manage your payments and find a way out from under...
Health Insurance Coverage Changes | ACHA
Healthcare reform tends to be tricky and complex as it attempts to find a common ground that is beneficial for all people. Burdened by the political firestorms that surround it, the new healthcare bill approved by the House of Representatives will...
Self Help Works Too!
Self-Help Works Too! Government assistance serves as a great safety net for a lot of people. Unemployment, SNAP, Social Security Disability, and other benefits operate as a great way to prevent total financial collapse following negative life events. However, each of...
Affordable Housing Problems
On 1st Street in Santa Ana — not far from where authorities recently cleared a tent encampment along the Santa Ana River near Angel Stadium — developer Caleb Roope wants to build nearly 1,000 apartments that will be affordable for low-income seniors and...
Home Improvement Grants
 Is your home desperate for repairs? Are you at your financial limits, broke...flat broke? Have you ever wondered how it would feel to have the government help you be able to afford these critical repairs? Help is possible through new home improvement...
SNAP (Supplemental Nutrition Assistance Program)
The first nutrition assistance program was started in 1939. These types of programs were developed to help people during strenuous times and financial hardships. The program we know today (SNAP) was first introduced in 1961 as the Food Stamp Act that was...
The AHCA Impact on Medicare & Medicaid
The Impact on Medicare & Medicaid The repeal and replace legislation concerning the Affordable Care Act (ACA), or Obamacare, seems complicated for many consumers. Though it will likely see changes as it is debated in the Senate, the American Healthcare Act (AHCA)...
Social Security Disability Benefit Application Help
 There are several advantages to applying for Social Security Benefits online. There is no need for an appointment and it will definitely save you time. Visitng your local Social Security Office can be very time consuming and frustrating. Read the...
Is Rent to Own Housing An Option?
Rent to own housing is a popular term that should be carefully considered. It can be an agreement between owner and seller to rent or lease a property until it is paid in full. The plan can work several different ways, some have zero deposits and no...
5 Strategies to Reduce Stress and Strengthen Family Relationships
 Stress is everywhere. You feel stressed at work and on your commute, and maybe even your home, the place that is supposed to be your sanctuary. When you arrive home from your job, you're met by bills that need to be paid, children that need to be fed and...
Feeling Lost? Free (Or Cheap) Career Assessment Tools
In today's world, more people are struggling to pay/find for housing, medical bills, education, and other aspects of life. As a result, embarking on a new career is becoming a popular option to better themselves and their families. However, when choosing a new career,...
Things You Need to Know About Section 8 Assistance
Things You Need to Know About Section 8 Housing Some families might find a safe, decent and affordable housing as a big challenge to tackle. Majority of regions in the United States do not have rent control laws in place. Therefore some renters find affording a...
Section 8 Vouchers Less Likely to be Accepted
 About 300 less, that is the number in Nashville, TN. Since 2010 there has been 300 fewer Section 8 vouchers accepted throughout the Greater Nashville Area. Families are being kicked out of their apartments and housing because the owners have just decided...
How Do You Repair Your Credit Score?
How Do You Repair Your Credit Score? You may be bombarded with ads for businesses telling you they can help fix your credit. Many companies say they have some kind of proven method for improving your credit score. However, you should first follow this advice and see...
Accepting Failure | Achieve Success
Everybody has a setback every once in a while, but it doesn’t mean that there is anything wrong with you. In fact, accepting failure can be a great opportunity to learn your own limitations and boundaries, then push through them, and provide you with a...
The FHA and Home Loans
 The Federal Housing Administration (FHA) insures mortgages on loans provided through FHA-approved lenders. Since its creation in 1934, the FHA has insured tens of millions of homes for families in the United States. These mortgage insurances protect...

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Name and Email for Best Results

Due to the overwhelming response, enter your email for best results. Look for your free ebook from New Flex Career about finding unclaimed money!

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Pin It on Pinterest

The More You Share. The More We Can Help!

Share these posts & pages with friends!