Social Security Explained
- Social Security Retirement
- Social Security Survivors
- Social Security Disability
- Social Security Income(SSI)
- Medicare Comparison Tool
Contact
Call 877-335-7061,
Social security assistance
call 800-772-1213
Social Security Retirement
You can start your Social Security retirement benefits as early as age 62 or as late as age 70. Your monthly benefit amount will be different depending on the age you start receiving it. If you choose to:
* start your benefits early, they will bepermanently reduced based on the number of
months you receive benefits before you reach
your full retirement age. The reduction in
your benefit amount will also depend
on the year you were born. The maximum
reduction at age 62 will be
- 25 percent for people who reach age 62 in
2009.
- 30 percent for people born after 1959.
You could see a change in your benefit amount if you work after you start receiving benefits.
Some of your benefits may be withheld if you have excess earnings. However, after you reach full retirement age, they will recalculate your benefit amount to give you credit for any months in which you did not receive some benefit because of your earnings.
* wait until full retirement age, your benefits
will not be reduced.
* delay benefits until after full retirement age,
your benefit will be permanently increased
based on the number of months you do not
receive benefits between full retirement age
and age 70.
Note: If you are full retirement age, you can apply for retirement benefits and then request to have payments suspended. That way, your spouse can receive a spouse's benefit and you will continue to earn delayed retirement credits until age 70.
There is no additional benefit increase after you reach age 70, even if you continue to delay taking benefits.
Retirement Continued...
You Can Work and Get Social Security At The Same Time
You can work while you receive Social Security retirement (or
survivors) benefits. When you do, it could mean a higher benefit for
you in the future. Higher benefits can be important to you later in
life and increase the future benefit amounts your family and your
survivors could receive.
While you are working, your earnings will reduce your benefit amount
only until you reach your full retirement age. After you reach full
retirement age they recalculate your benefit amount to leave out the
months when they reduced or withheld benefits due to your excess
earnings.
They use a formula to determine how much your benefit must be reduced:
* If you are under full retirement age for the
entire year, they deduct $1
from your benefit
payments for every $2 you earn
above the
annual limit.
For 2009, that limit is $14,160.
* In the year you reach full retirement age, they
deduct $1 in benefits for every
$3 you earn
above a different limit, but
they only count
earnings before the month you
reach your full
retirement age.
If you will reach full retirement age in 2009, the limit on your
earnings for the months before full
retirement age is $37,680. (If you were born in 1943, your full
retirement age is 66 years.)
* Starting with the month you reach full
retirement age, you can get your
benefits with
no limit on your
earnings.
If you are not already receiving benefits, be sure to contact us at
the beginning of the year you reach full retirement age. Even if you
are still working, you may be able to receive some or all of your
benefits for the months before you reach full retirement age. more