Probably the most common way to qualify for a Social Security benefit is by working. In order to receive a retired worker benefit at or after age 62, a worker will have to accrue 40 lifetime work credits, of which a maximum of four can be earned each year. Or, in other words, you'...
For example, if you are eligible for $1,000 per month in Social Security payments at your full retirement age of 67, you could increase your Social Security benefit to $1,240 per month by waiting until age 70 to start your Social Security payments. These higher payments last for the ...
1. Social Security Card Your SSN is initially provided to you on your Social Security card, which is typically issued when you apply for a Social Security Number. Ensure that you keep this card in a secure place, as it’s one of the primary sources for your SSN. ...
The author addresses several questions raised by readers in response to her earlier column about how residents of the U.S. can maximize their Social Security benefits by filing for benefits upon reaching full retirement age, then immediately suspending them until age 70....
“Social Security benefits are calculated from the 35 years of work in which your salary was at its highest,” says Mark Bodnar, CFP, wealth advisor at Octavia Wealth Advisors in Cincinnati. “This is important to consider, because if you have not worked for 35 years, zeros will be factore...
How big will your social security check be? This is not a good year to be a higher-income Social Security recipient. Overall, benefits are unlikely to be adjusted for inflation, but Medicare Part B premiums are on track to rise for high-income retirees. That means 2015 is a great year...
If those conditions apply, you may withdraw your benefit and it will be as if you had never filed for Social Security. You may then refile for benefits at a later date. Your potential benefit will increase as prescribed by the program,up to 8 percent annually once you hit full retirement...
1. Delay claiming your Social Security benefits We generally recommend todelay taking Social Securityif you don't need the extra funds to pay for your living expenses. Each year you defer taking your benefits after age 62, your future payments will increase up until age 70. Again, before pos...
you may need to request a new number from the SSA. If you decide to apply for a new number, you will need to prove your identity, age, and U.S. citizenship or immigration status. You will also need to provide evidence that someone is using your old number. The SSA booklet “Your ...
A spouse may receive Social Security benefits once a worker retires. If the spouse is at least 62 years old, they can apply for benefits at a reduced rate. By waiting until full retirement age, they can receive up to half of the value of the monthly benefit payment without reducing the ...