Tuesday, August 9, 2022

What Age Am I Eligible For Social Security

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Lost Or Stolen Federal Payments

Am I Eligible for Social Security Disability Benefits

Report your lost, missing, or stolen federal check to the agency that issued the payment. It’s usually one of these paying agencies. If your documentation indicates it’s a different agency, and you need its contact information, look in the A-Z Index of U.S. Government Departments and Agencies.

To get an update on your claim, contact the Treasury Department Philadelphia Financial Center at 1-855-868-0151, option 1.

Benefits For Disabled Children

Children with disabilities can be eligible for Social Security benefits, but the requirements and application process can be arduous. Social Security says that the child must have a physical or mental condition that severely limits their activity and is expected to last more than one year or result in the childs death.

The family must also have few, if any, other financial options for providing care. Social Security considers the familys household income, additional resources, and other factors in making that determination.

If the child and their family qualify, the child may receive up to half of the parents full retirement or disability benefit. A disabled child could receive a benefit of 75% of the workers benefit if the worker has died. A child who is 18 or older is also eligible if they suffer from a disability that began no later than age 22.

For families that are in this situation, it’s worth noting that there are other government programs, such as Medicaid, that have provisions to assist children and adults with disabilities.

You Already Have Your 35 Highest

Your Social Security benefits are based on your earnings in the 35 years that you had the most compensation. If youre in your peak earning years, you could boost your benefits if you keep working a few more years and delaying your benefits. However, if you arent going to increase your average earnings, such as if youre only working part-time or youve had to retire early, you wont miss out on the chance to boost your benefits with higher earning years. However, youll still receive a smaller benefit for not waiting until full retirement age.

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Certain Government And Railroad Employees

There are some jobs that dont pay into Social Security. Federal government employees hired before 1984 are included in the Civil Service Retirement System , which provides retirement, disability, and survivor benefits. These workers did not have Social Security taxes deducted from their paychecks and thus are not eligible to receive Social Security benefits.

They may still qualify if they have earned benefits through another job or a spouse. However, in these cases, CSRS pension payments may reduce Social Security payouts. Government workers who are covered by the Federal Employees Retirement System , which replaced CSRS, are eligible for Social Security benefits.

Most state and local employees have Social Security protection under a federal Section 218 agreement. However, some of these workersincluding those who work for a public school system, college, or universitywill not receive Social Security benefits if they do not pay Social Security taxes. They generally receive pension benefits from their employers.

What If Im Not Automatically Enrolled At 65

Am I Eligible for Social Security Benefits If Im Divorced?

If your Medicare enrollment at 65 is not automatic, but you want to enroll, here are some more magic numbers.

3 and 7.

To start taking advantage of Medicare at 65, you need to sign up during the three months before the birthday month you turn 65. Those are the first three months of your seven-month Initial Enrollment Period.

Unless your birthday is on the first day of the month, your Initial Enrollment Period includes the three full months before turning 65, the month you turn 65, and the three months after you turn 65. If you were born on the first day of the month, IEP is the four months before your birth month, along with your birthday month and the two months after.

If you sign up during one of the months before your 65th birthday, your coverage will begin on the first day of the month you turn 65 .

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Benefits For Children And Grandchildren

Children can qualify for a benefit as the survivor of a deceased worker or as the dependent of a living parent who receives Social Security retirement or disability benefits. Children need to be one of the following:

  • Unmarried
  • Under the age of 18
  • 18 or older and disabled from a disability that started before age 22

Benefits paid to a child will not decrease a living parents retirement benefit. The value of the benefits the child could receive, added to the parents benefits, may help the parent decide if taking their own benefits sooner may be more advantageous.

A dependent child can receive up to half of the benefit of a parent who is receiving retirement or disability benefits. If the parent is deceased, dependent children can receive up to 75% of the workers benefit, calculated as a percentage of the benefit that the worker would have received had they continued working until retirement. If you are taking care of a child and receiving benefits, then their benefits may stop at a different time than your own.

If grandchildren become dependents of their grandparents due to the death of their own parents or for other reasons, they can be eligible to receive benefits based upon the earnings record of either of their grandparents. Great-grandchildren do not qualify for dependent benefits, however.

Why Should I Wait

You can take your Social Security benefits early or when you reach retirement age. You can also delay benefits.5 Whether you’re still working or have budgeted enough to live without Social Security benefits, you may be on the plus side when it comes to your monthly payout.

If your full retirement age is 66 or older, check out this chart, opens new window to see how delaying retirementeven just by several monthscould affect your Social Security benefits to your advantage.

You can also use this retirement benefits planner, opens new window to determine the best time to access your Social Security benefits.

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When Am I Eligible For Benefits

Under current Social Security regulations, a person must have reached the age of 62 to receive benefits for living expenses. However, a person can choose to apply earlier and wait until 62, or they can wait to apply until a later age and actually receive a higher yearly amount. The maximum age to start receiving benefits is at age 70. At age 70, you would receive the maximum benefit so waiting longer to apply would not increase the yearly income. This benefit is for life, and it is guaranteed by the U.S. government.

How To Calculate Social Security Benefits

When Am I Eligible To Take and Collect Social Security

Lets say your FRA is 66. If you start claiming benefits at age 66 and your full monthly benefit is $2,000, then youll get $2,000 per month. If you start claiming benefits at age 62, which is 48 months early, then your benefit will be reduced to 75% of your full monthly benefitalso called your primary insurance amount. In other words, youll get 25% less per month, and your check will be $1,500.

That reduced benefit wont increase once you reach age 66. Rather, youll continue to receive it for the rest of your life. It may go up over time due to cost-of-living adjustments , but only slightly. You can do the math for your own situation using the Social Security Administration Early or Late Retirement Calculator, one of a number of benefit calculators provided by the SSA that can also help you determine your FRA, the SSAs estimate of your life expectancy for benefit calculations, rough estimates of your retirement benefits, individualized projections of your benefits based on your personal work record, and more.

Although the cost-of-living adjustments announced each year are usually only slight increases, Social Security benefits will increase by 5.9% in 2022, marking the largest increase since 1982.

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How Does Social Security Affect Medicare And My Retirement Benefits

Although Medicare is a separate benefit offered by the government, it often times goes hand in hand with Social Security retirement benefits as a means of providing a financial safety net for retired workers.

Medicare is the government sponsored health insurance plan for people who are at least 65 years old. The only exceptions to this are the disabled or those who have permanent kidney failure, both of whom can get Medicare at any age.

Medicare is broken into four parts:

Medicare Part A Hospital insurance that helps pay for in-patient hospital care and some follow-up services.

Medicare Part B Medical insurance that helps pay for doctors services, outpatient hospital care and related medical services.

Medicare Part C Medicare Advantage Plans allow people to combine Part A and Part B to get medical services from a single provider organization.

Medicare Part D Prescription drug coverage helps pay for prescribed medications.

Medicare and Social Security benefits are linked in that when you turn 65 years old, your Part A Medicare hospital insurance begins automatically. If you live in the United States or U.S. territories, youll also be enrolled in Part B Medical insurance coverage as well.

Regardless of whether or not youre getting Social Security benefits, you should sign up for Medicare about three months before your 65th birthday.

Increasing The Eligibility Age For Social Security Pensions

Summary

Social Security faces a long-term financing problem. Many young workers believe the problem is so severe they may never receive a Social Security check. The most logical solution to Social Securitys financing problem is to trim promised benefits and increase payroll taxes moderately. A sensible way to reduce future benefits is to increase the early eligibility age and normal retirement age for retirement pensions. This reform is justified by the substantial increase in life spans that has occurred since Social Security was established in the 1930s. An increase in life spans, when the normal retirement age remains unchanged, is equivalent to a sizable increase in lifetime Social Security benefits.

Increasing the retirement age is unpopular with voters. Unfortunately, so are all other reforms that would restore Social Security to solvency, including tax hikes and cuts in the formula for calculating full pensions.

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Tax Considerations For Social Security Benefits

How do these tax considerations affect when you should apply for Social Security benefits? At todays , they may not have much of an impact on most people. Still, tax rates and income thresholds can change, so its worth remembering that you will lose less of your Social Security to taxes if you are in a lower marginal tax bracket when you begin to collect.

You should also note that if you decide to return to work, even part-time, and arent yet at your FRA, your Social Security benefits may be temporarily reduced. The reduction is $1 for every $2 of earned income over $18,960 in 2021 . During the year when you reach your FRA, your benefits will be reduced by $1 for every $3 in income over $50,520 in 2021 until the month when you become fully eligible. That money isnt lost, however. The SSA will credit it to your record when you reach your FRA, resulting in a higher benefit.

Explore How The Age You Start Collecting Social Security Affects Your Retirement Benefits

How does Social Security work when your spouse dies?

The calculator bases your benefit estimate on current formulas from the Social Security Administration. Your answers are anonymous. Because we do not access or use your Social Security earnings record, these are rough estimates.

Your estimated benefits:

Select claiming ages on the graph to see how your estimated benefit changes.

Claiming at age Age 67 is your full benefit claiming age.

Compared to claiming at your full benefit claiming age.

Social Security retirement benefits are not designed to be your sole source of retirement income, but waiting even one month will increase your benefits.

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What To Consider Before Filing For Social Security

A larger benefit check sounds great, but there are tradeoffs, and soon-to-retire folks should consider multiple issues before they decide one way or the other on when to file. If you really want to consider all the avenues, then youll have to think about your finances and longevity two issues that people have a hard time grappling with.

But heres the key trade-off: you can file early and take a reduced benefit, expecting that a shorter life span will mean you receive more now, or you could file at full retirement age or later and claim a bigger check, and eventually live long enough to claim more than the first approach.

Social Security is like longevity insurance, says Brent Neiser, a Certified Financial Planner and former chair of the Consumer Advisory Board at the Consumer Financial Protection Bureau. Its a stream of payments that will not stop throughout your life, so delaying your benefits to keep those payments as large as possible forms a helpful base to your retirement plan.

Neiser urges those who have not saved enough for retirement to use whatever means possible to postpone their Social Security benefits until after their full retirement age to help boost their future income.

You can use personal savings to help bridge the gap, but ideally you should plan to work a little longer , Neiser says.

Why Did The Full Retirement Age Change

Full retirement age, also called “normal retirement age,” was 65 for many years. In 1983, Congress passed a law to gradually raise the age because people are living longer and are generally healthier in older age.

The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later.

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Common Questions About Social Security

Thomas J. Catalano is a CFP and Registered Investment Adviser with the state of South Carolina. He is a CFP, registered investment advisor, and he owns his own financial advisory firm. Thomas experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning.

Getting A Social Security Number For A New Baby

Am I eligible to receive Social Security Disability Benefits?

The easiest way to get a Social Security number for your child is at the hospital after they are born when you apply for your childs birth certificate. If you wait to apply for a number at a Social Security office, there may be delays while SSA verifies your childs birth certificate.

Your child will need their own Social Security number so you can:

  • Claim your child as a dependent on your income tax return
  • Open a bank account in their name
  • Get medical coverage for them
  • Apply for government services for them

Keep your Social Security card in a safe place to protect yourself from identity theft.

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Full Retirement Age Defined

Your full retirement age is the age at which you can claim the full benefits you have accrued throughout your working years. Though you can technically retire and start claiming Social Security payments at age 62, retiring at that point wont give you access to your full retirement benefits.

Your full retirement age is determined based on the when you were born, explained in detail below.

Social Security Entitlement Requirements

Many people who are eligible for Supplemental Security Income may also be entitled to receive Social Security benefits. In fact, the application for SSI benefits is also an application for Social Security benefits. We often need to obtain additional information from the person before we can award Social Security benefits.

The following sections provide information on who may be entitled to Social Security benefits.

TO BE ELIGIBLE FOR SOCIAL SECURITY BENEFITS AS A WORKER YOU MUST BE:

    Age 62 or older, or disabled or blind and

    “Insured” by having enough work credits.

For applications filed December 1, 1996, or later, you must either be a U.S. citizen or lawfully present alien in order to receive monthly Social Security benefits.

HOW MUCH WORK DO YOU NEED TO BE”INSURED”?

We measure work in “work credits”. You can earn up to four work credits per year based on your annual earnings. The amount of earnings required for a work credit increases each year as general wage levels rise.

To be eligible for most types of benefits , you must have earned an average of one work credit for each calendar year between age 21 and the year in which you reach age 62 or become disabled or blind, up to a maximum of 40 credits. A minimum of six work credits is required, regardless of age.

The rules are as follows:

Born After 1929
40

WHO CAN RECEIVE BENEFITS ON YOUR EARNINGS RECORD?

If you are receiving retirement or disability benefits, your spouse may qualify if he or she is:

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Use Our Full Retirement Age Calculator For Social Security

One of the keys of deciding when to retire is determining when you will reach your full retirement age. Full retirement age, also known as normal retirement age, is the age you must reach to start receiving full retirement benefits from Social Security. This age varies depending on when you were born. Because people are generally healthier and living longer, this age has gradually been increasing. For people born before 1938, the full retirement age is 65. People born between 1938 and 1960 are on a scale that ranges up to age 67.

Social Security has developed a Full Retirement Age Calculator that will give you detailed information on when your full retirement age is and what percentage of benefits you can expect as a record holder or as the spouse of a record holder. All thats required is for you to enter the year you were born.

To use the Full Retirement Age calculator, go to

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