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Social Security Benefits | Not just for retirement

This Article Written for Willhoite Law, PLLC

You could never be in a worse situation than one whereby you retire and do not have any idea how you are going to survive without your job. There was a time when people never took saving seriously hence ended up suffering when they retire which can be frustrating and troubling to the people close to you since they have to start taking care of an extra person.

Social security benefits in retirement are what you get once you leave your career after many years. After you reach the retirement age bracket, you are able to collect what you have put away each month in order to supplement the additional income from pensions, savings, and retirement funds. This money can be any sum and is based on the money that you earned while working at your job. 

As you near retirement age, you have a lot of things to consider. One of these is when you are going to claim your social security benefits. After all, you have been contributing to those benefits for quite some time now. According to Financial Times though, the process of applying for security benefits can be quite intimidating for some people. It does not have to be. These social retirement benefits are available to all working people that paid social security taxes during their working years at retirement. In addition, certain Social benefits are available to you before retirement if you meet certain requirements, such as suffering from a disability that no longer allows you to work.  

Nowadays, almost everybody knows the importance of saving for old age and social security program is one way of securing that future that looks so blurred for some. Social security benefits will come in handy as it is a form of income when you are no longer working. What determines the benefits you get when you retire is the amount you were earning and the age you started saving with social security. The benefits are calculated using the amount one earns and so the higher your pay, the higher the benefits you will enjoy once you retire.

When a person retires, one of the forms of income is from social security benefits. When it comes to determining the monthly benefits that a person will receive, 2 factors are taken into consideration. These factors are how much money the person earned while he or she was working, and what age did the person select to start receiving the benefits.

When it comes to calculation the benefits, the Social Security Administration takes a person highest earning thirty-five years. In case a person has not worked for 35 years, then those years are taken as zero dollars. Therefore, the higher the person earns, the more benefits he or she will receive on retirement. At the same time, there is an annual limit prescribed by the Social Security Administration. Hence, any amount over this limit is not taken into consideration when calculating the Social Security benefits.

All the calculations are done assuming that the retiree retired at the normal age of retiring. You are however allowed to work past the age. Actually, the later you retire, the more the benefits you will receive compared to a situation where you needed your benefits earlier. This is why it is not advisable to go for your benefits earlier as you could end up getting reduced benefits throughout the years of your retirement. If you can manage to work past the retiring age, the better it should be for you and your future benefits.

Therefore, once a person takes his or her social security benefits early, it has an impact on all the future benefits that are made to the person. In other words, when you are thinking about retirement and do not have a source of income other than social security, then it is advisable to delay your retirement as far as possible. This will ensure that you get a higher amount when you actually retire. It is not advisable to take social benefits early, as the amount will be significantly reduced and you will receive reduced benefits throughout your retirement years compared to what you would have received at the normal age of retirement or delayed retirement.

The basics plan behind the social security programs is for the working population to fund the older populations that have already retired. Different amounts are taken from the working paychecks to pay the already retired people. When you eventually retire, you then enjoy the benefits from those who are still working and are yet to retire. This is a system that revolves around all generations and in the end, everybody stands to benefit without much hustle.

The only way you can get yourself into the social security program is to apply which is a very simple process. It’s very rare for social security benefits to claim applied by an individual 62 or older to be rejected. Usually, this comes about due to a clerical mistake. If that does happen to you, then by social security law, you have the right to appeal. At this point, you will want to bring in a social security attorney at Willhoite Law, PLLC to make sure that everything is filed appropriately and on time. Otherwise, you might end up waiving your right to contest, and that would mean that you have to start at the beginning of the filing process all over again.

You will need to have certain information for your application. You have to give information on your retirement as well as your Medicare position. You will also need to provide information on whether you have a spouse or children whom you are supporting. It’s also important that you bring the documentation that demonstrates you are whom you say you are. This is typically through a driver’s license, social security card, and birth certificate.

You can choose to call social security, apply online or physically go to the offices to complete the registration process. After you register, there is a certain amount that you will be required to save with the scheme every single month or annually as a means of securing future benefits. This is a very simple process that has lots of benefits to all people and should, therefore, be taken seriously. Saving some money is important since nobody really knows what the future holds and therefore the more secure it is the better it is.