It is Easy to Get Help

Image by nordique via Flickr

Social Security has a lot of different options, but it is very good at communicating and administering benefits.  If you have worked all of your career and have contributed consistently to Social Security, the process is very simple. Your Social Security Benefit is based on how many years you have worked and how much you contributed during that time.

At the Social Security website (www.ssa.gov) you can find information and project what your retirement benefits are going to be. You can also go to your local Social Security office, call them, or attend a seminar to learn more.

What You Should Know

• You must work at least 10 years or 40 quarters.
• You must have made a good sum of money.
• The longer you work and pay into Social Security the higher your benefits are going to be. 35 years is the standard.
• Someone with lower income is going to get a larger percentage of return on the Social Security amount that they put in versus somebody at the higher end because the government is trying to supplement people’s other sources of income.
• Full Retirement Age
• Full retirement age for most people it is greater than 65.
• The best benefit is at the full retirement age.
• You can choose retirement as early as 62, but benefits are lower than at full retirement age.
• Ff you wait till your are 70 or wait til after you are full retirement age, you can actually increase the monthly benefit that you are going to receive.
• If you have other income, the Social Security income may be taxable
• Spouses can get benefits, even if they did not work or if their spouse dies.
• If the Spouse had higher benefits, the spouse can get those benefits.
• You can also get Social Security for disability.
• If you worked for the State or the Government, and you did not pay into Social Security for your entire career, that may reduce the amount of Social Security that you get.

Here is a good verbal overview of how Social Security works.  It is provided by Geobeats.