Monday, May 16, 2022

When Does Social Security Start

Don't Miss

Gen Z And Millennials: Too Early To Tell Or Worry

When to start Social Security

Experts say its too early for millennials and Gen Zers to worry about Social Security cutting benefits.

You are too young to confidently guess how Social Security will pay benefits, notes Mantell. Half of you dont even yet have your 40 credits for eligibility. So, your focus will be well-served to be on you.

Elsasser shares that point of view: Though its important for everyone, particularly if you are under 40, your focus should continue to be on improving your skills, education and training in order to maximize your earnings potential through your peak earnings years, he advises. Saving consistently in vehicles you wont touch until retirement is important as well. At minimum, be sure to take advantage of any company matches or incentives.

Can A Person Who Is Due A Public Pension Also Collect Social Security Benefits

Two rules could reduce benefits for people who are also entitled to a public pension on earnings not covered by Social Security.

One rule is the windfall elimination provision , which applies to people who worked at jobs covered by Social Security but also worked as noncovered government employees and are due a pension.

When it is time to claim benefits, many people are unprepared for these cuts, Mr. Blair said. Possible W.E.P.-related reductions are not reflected in the workers Social Security statement, which shows the history of annual earnings and estimates of future benefits only for jobs covered by Social Security.

You can have someone who looks at the Social Security statement and it shows a benefit of $1,000 at full retirement age, Mr. Blair said. But the individual a teacher who is due a public pension, for example may be surprised later if the benefit is much lower, he said.

In addition to W.E.P. reductions, a government pensioner who applies for a Social Security spousal or survivor benefit can face reductions. The government pension offset reduces those benefits by two-thirds of the government pension.

Mr. Blair said individuals who are eligible for a public pension and Social Security can estimate their future benefits by running the numbers on the W.E.P. and G.P.O. calculators.

Pensioners are exempt from the W.E.P. offset if they paid into Social Security for 30 years or more in jobs with substantial earnings .

When Does Social Security Disability End

Social Security Disability benefits are available to those who are unable to work due to a significant medical condition or have a health issue that is expected to result in death. For a disability to qualify, it must be significant enough that it would prevent you from working for at least one full year.

If you are disabled, Social Security will continue to monitor your condition on a regular basis through Continuing Disability Reviews. These reviews must occur every 18 months, three years, or seven years depending on your condition. If you suffer from a condition that is likely to improve, you can expect a shorter review cycle. However, chronic conditions that are unlikely to improve may involve a longer time between reviews.

If you are currently receiving Social Security Disability benefits, it is important to know what circumstances would cause them to end and what your limitations are regarding income. In addition, you should be aware of what changes to your benefit income you may see as you reach retirement age.

Returning to WorkSince disability benefits are generated due to an inability to work, one common means of benefit termination is returning to work. In 2020, Social Security Disability allows a recipient to generate up to $1,260 per month, or $2,110 for those who are blind. However, any income over this amount, and potentially an amount below it, could qualify as substantial gainful activity, disqualifying you from receiving Disability benefits.

Also Check: How To Get Social Security Number Of Deceased Parent

Q& a: When Will I Receive My First Social Security Check

April 7, 2020 By kristine

Q: I am 61 at this time and will turn 62 next January. I am planning on applying for Social Security retirement benefits in October, 3 months before by birthday.

My question is when will I receive my first Social Security check after I have applied for benefits? Will I receive it in February since my birthday is in January, or will my first check arrive in March?

A: Thank you for your question. You must be age 62 for the entire month in order to receive retirement benefits. Since you were born on January 28th, you legally attain retirement age on February 1st and are eligible for benefits beginning in February.

However, Social Security benefits are paid in the month following the month for which they are due so you will receive your first check on March 1st.

Social Security Benefits Now Paid by Direct Deposit

Starting in 2013, the SSA requires you to receive your Social Security benefits electronically. Receiving your benefits by direct deposit is safer, quicker and more convenient than having to wait for a check and take it to the bank. To learn more about direct deposit and how to sign up, .

Who Received the First Social Security Check?

The first person to receive monthly Social Security benefits was Ida May Fuller. Miss Fuller applied for Social Security on November 4, 1939. She received her first check for $22.54 on January 31, 1940.

How to Apply for Social Security Benefits

1. Apply online at

When to Apply for Medicare

Amendments Of The 1950s And 60s

How Does Social Security Work &  Where Should You Start?

After years of debates about the inclusion of domestic labor, household employees working at least two days a week for the same person were added in 1950, along with nonprofit workers and the self-employed. Hotel workers, laundry workers, all agricultural workers, and state and local government employees were added in 1954.

In 1956, the tax rate was raised to 4.0 percent and disability benefits were added. Also in 1956, women were allowed to retire at 62 with benefits reduced by 25 percent. Widows of covered workers were allowed to retire at 62 without the reduction in benefits.

In 1961, retirement at age 62 was extended to men, and the tax rate was increased to 6.0%.

In 1962, the changing role of the female worker was acknowledged when benefits of covered women could be collected by dependent husbands, widowers, and children. These individuals, however, had to be able to prove their dependency.

Medicare and Medicaid were added in 1965 by the Social Security Act of 1965, part of President Lyndon B. Johnson‘s “Great Society” program.

In 1965, the age at which widows could begin collecting benefits was reduced to 60. Widowers were not included in this change. When divorce, rather than death, became the major cause of marriages ending, divorcées were added to the list of recipients. Divorcées over the age of 65 who had been married for at least 20 years, remained unmarried, and could demonstrate dependency on their ex-husbands received benefits.

Read Also: How To Locate Someone By Social Security Number

How Long Does It Take To Process Social Security Retirement Benefits

If you are considering retiring from the workforce in the near future, one of the most important things you’ll need to know is how long it will take for you to start receiving your Social Security retirement benefits after you apply for them. While it generally takes approximately six weeks for an application to be processed, it is advisable for you to initiate the process three months before you want to receive your first benefit payment.


  • It usually takes around six weeks to process your Social Security application for retirement benefits, but applying a few months before you need your payments is recommended.

The Bottom Line On When To Start Social Security

Timing your Social Security benefits is a complex decision that will vary from person to person. Knowing the answers to the above questions will help you gauge when might be right for you, but consider speaking to a retirement professional, like a Certified Financial Planner , to map out when may be the right time to file for Social Security.

You May Like: Locate Someone By Social Security Number

What About Taxes On Social Security

Keep in mind that Social Security benefits may be taxable, depending on your combined income. Your combined income is equal to your adjusted gross income , plus non-taxable interest payments , plus half of your Social Security benefit.

As your combined income increases above a certain threshold , more of your benefit is subject to income tax, up to a maximum of 85%. For help, talk with a CPA or tax professional.

In any case, if youre still working, you may want to postpone Social Security either until you reach your full retirement age or until your earned income is less than the annual limit. In no situation should you postpone benefits past age 70.

When A Person Dies When Does Social Security Stop

I-Team: Social Security disability: Stay in line or start all over?

What you may not know is that SSA cannot pay benefits for the month of death. So for anyone receiving Social Security benefits, the benefit received for the month of death and any following months must be returned to SSA. For example, when a person dies in January, no benefit payment is due in February or beyond.

Read Also: How Do They Determine Social Security

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 tradeoff: you can file early and take a reduced benefit, expecting that a shorter lifespan 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.

Can A Divorced Woman Who Was Married For More Than 10 Years Claim A Spousal Benefit On Her Ex

Not any longer. The government eliminated a strategy that allowed a spouse or a divorced spouse to use a restricted application to file for a spousal benefit while letting her own retirement benefit grow. Now only people born before 1954 can do this.

Instead, when a spouse or divorced spouse files for benefits, the government will give her all the benefits she is eligible for whether it is her retirement benefit or a spousal benefit, said William Reichenstein, a principal of Social Security Solutions, a company that helps individuals maximize their lifetime income.

A divorced spouse can file for a spousal benefit even if the ex-spouse has not yet claimed a benefit as long as both are at least 62 and are divorced for more than two years. A married spouse must wait until her spouse has filed.

But if the ex-spouse dies, the picture changes. The surviving ex-spouse can claim a survivor benefit as early as 60 and allow her retirement benefit to grow until as late as 70. Or she can claim her reduced retirement benefit early and then switch to a higher survivor benefit at full retirement age.

If you were married for 10 years, keep tabs on the ex, Ms. Floyd said. Once he dies, that survivor benefit could be higher than your own.

Also Check: How To Set Up Appointment With Social Security

Get Ssa Benefits While Living Overseas

U.S. citizens can travel to or live in most, but not all, foreign countries and still receive their Social Security benefits. You can find out if you can receive benefits overseas by using the Social Security Administrations payment verification tool. Once you access the tool, pick the country you’re visiting or living in from the drop-down menu options.

Social Security Benefits For Workers Turning 60 In 2020 Will Very Likely Drop Due To The Coronavirus Pandemic

Do LTD Benefits Have to Be Paid Back If I Start Receiving ...

As a result of the COVID-19 pandemic, about 3 million retired workers who turn 60 years old in 2020 will very likely have much lower lifetime Social Security benefits than previously expected. Without legislative changes, the average earner stands to lose nearly $1,500 per year for the rest of their life. Fortunately, there is a simple legislative changeexplored in detail belowthat would fix these problems without lowering the benefits of any other cohort of retirees. Chairman of the U.S. House Ways and Means Social Security Subcommittee, Rep. John Larson , has introduced such legislation*and Congress should fix this situation as soon as possible.

Recommended Reading: How Do You Make An Appointment For Social Security

Gen X: Plan On A 10% Reduction

If you were born 1965 through 1980, planning for your retirement income becomes more important than ever, warns Mantell.

Elsasser recommends planning on a 10% reduction in your Social Security benefits and doing retirement projection that includes a reduced Social Security amount to balance your lifestyle today with the lifestyle youd like to live in retirement.

The good news about this bad news? For the 65 million of you who are between the ages of 41 and 56, you are in your peak earnings years, says Mantell. And that means you can and will need to ramp up your personal savings.

Youll be well-served to rethink, rebudget and redesign your spending and your savings strategy in case Social Security delivers less in income than currently projected, she cautions. You have time on your side, and every $1,000 or $2,000 or $5,000 you can sock away now will increase your income for retirement and balance out the trade-offs that you may have to make.

And whats the worst-scenario if you ramp up your savings and theres cut in Social Security benefits? You end up with more than you need, says Elsasser.

How Do I Find Out How Much Social Security I Will Receive

For a worker who becomes eligible for Social Security payments in 2021, the benefit amount is calculated by multiplying the first $996 of average indexed monthly earnings by 90%, the remaining earnings up to $6,002 by 32%, and earnings over $6,002 by 15%.

You May Like: What Is The Number To The Social Security Building

Making The Most Of A Giant Cola

Many seniors rely on Social Security for the bulk of their income. And for some seniors, Social Security is the only income source they’re privy to.

While seniors may be getting a nice boost for 2022, Social Security beneficiaries may not come out all that far ahead between rising Medicare premiums and living costs. But still, a sizable raise is better than a minimal one, so those in line for higher benefits in 2022 should put that money to good use — especially since we may not see another COLA like this for many, many years.

A Big Raise Is On The Way

When To Start Taking Social Security Benefits

In 2022, Social Security beneficiaries will get a 5.9% raise. Right now, the average senior on Social Security collects a monthly benefit of about $1,559. With a 5.9% COLA, that raises that average benefit to $1,651, leaving seniors with an extra $92 a month to enjoy.

But not so fast. We still don’t know how much Medicare Part B premiums will rise in 2022, and a large increase will no doubt eat into seniors’ upcoming COLA.

In August, Medicare’s trustees estimated that the standard monthly premium for Part B will increase about 6.7% for 2022, though that number isn’t set in stone. But even if Medicare premiums see a big hike, next year’s COLA should help seniors better manage their living costs — especially at a time when everything from food to gasoline has gotten more expensive.

Also Check: Update Address With Social Security

When It Makes Sense To Collect Before Full Retirement Age

    If you take early Social Security, you start collecting retirement benefits before you reach full retirement age. That’s age 66 or 67, depending on the year you were born.

    You can start to collect Social Security retirement benefits as early as age 62, but your monthly check will be lower than if you wait until your full retirement age. You get the largest benefit if you wait until age 70 to collect. Still, there are several situations when taking Social Social early makes senseeven if it means a smaller check.

    If You Were Born Between 1943 And 1954 Your Full Retirement Age Is 66

    You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.

    The chart below provides examples of the percentage of your full retirement benefit amount you and your spouse would receive from age 62 up to your full retirement age.

    Don’t Miss: Social Security Number Of Deceased Parent

    More articles

    Popular Articles