Retirement Benefits or Social Security benefits are earned by you when you work and pay Social Security taxes. Based on your birth date, the number of credits you need to get retirement benefits depends on. You require 40 credits if you were born in 1929 or later.
The credits will remain on Social Security Record, if you stop working before you have enough credits to qualify for retirement benefits.
Later on, if you return to work, you can add more credits so that you qualify for retirement benefits. Until you have the adequate number of credits, no retirement benefits can be paid.
Higher lifetime earnings result in higher retirement benefits. When you did not work nor had low earnings for some years, your benefit amount may be lower than if you had worked steadily.
The age at which you decide to retire is also having an effect on your retirement benefits. If you retire at age 62 (the earliest possible retirement age for Social Security), your benefit will be lower than if you wait until later to retire.
You will receive a Social Security Statement every year that is about three months before your birthday.
To help you plan a secure financial future, it can be a valuable tool. It provides you with a record of your earnings and gives estimates of what your Social Security benefits would be at different retirement ages.
It also gives an estimate of the disability benefits you could receive if you become severely disabled before retirement, as well as estimates of the survivors benefits Social Security would provide your spouse and eligible family members when you die.
Social Security benefits were begun to receive by widows and widowers at age 60, or at age 50 if they are disabled. And they can take a reduced retirement benefits on one record and later switch to a full benefit on the other record.
For example, a woman could take a reduced widow's benefit at 60 or 62 and then switch to her full (100 percent) retirement benefit when she reaches full retirement age.
The rules vary depending on the situation, so you should talk to a Social Security representative about the options available to you.
The cause of the retirement may vary depending on the situation of the employee.
Given below are the different causes:
- Service Retirement (Unreduced Benefits)
- Early Retirement (Reduced Benefits)
- Disability Retirement
- Reciprocity Between Retirement Systems
- If You Leave The System Before Retirement
Retirement Benefits For Family Members
If you are getting Social Security retirement benefits, some members of your family also can receive benefits. Those who can include:
- Former wives or husbands, if they are age 62 or older;
- Wives or husbands, if they are age 62 or older;
- Children up to age 18 or 19, if they are full-time students who have not yet graduated from high school; and
- Disabled children, even if they are age 18 or older.
- Wives or husbands who are younger than 62, if they are taking care of their child entitled on your record who is under age 16 or disabled;
Retirement Benefits For Spouse
A spouse who has not worked or who has low earnings can be entitled to as much as one-half of the retired worker's full benefit. If you are eligible for both your own retirement benefits and for benefits as a spouse, they will pay your own benefits first.
If your benefits as a spouse are higher than your retirement benefits, you will get a combination of benefits equaling the higher spouse benefit.
If spouses want to get Social Security retirement benefits before they reach full retirement age, the amount of the benefit is reduced permanently. The amount of reduction depends on when the person reaches full retirement age.
Related Articles:
|
