Social security is a program under which the United States
government pays regularly to the unemployed, survivors, disabled and people
with low or no source of income. To receive the social security benefits one
needs to pay the social security taxes. The majority of the seniors today
totally depend upon the social security retirement benefits to pay their
pills. Well, there is nothing wrong in
that. You have been paying taxes your entire life and now it is the time to
reap benefits. So, if you are close to reaching the retirement age, then you
must start developing a strategy to apply for the social security benefits. You
can do it by applying online or through a local office. There is a social
security website where you will get all the help you need.
For today's worker, the full retirement age is 66-67 and certain months are also included. You will start getting your benefits after the retirement age based on the history of your earnings without any increase or deduction. In case you apply for the benefits before the full retirement age a percentage will certainly go down. The earliest you can claim your social security benefits is 62 yrs. Then there is another side and that is in case you apply after the full retirement age then you are going to get 8% boost every year which you will keep on receiving till you reach 70 yrs. If you have been looking over to social security benefits you will remember many experts speaking about availing the benefits at full retirement age, but it might not be a good idea, but still, the choice is all yours. Here are the few reasons why it is so.
It is also important to know all the vital details to
minimize the chances of getting your files delayed or rejected, which happens
in the majority of the cases. To receive your SS benefits you must first
calculate them on the basis of your earning years and that is 35 years of
working. The next thing is the age when you are going to apply for the benefits.
The age might go up or down or can even stay the same. There are amendments
from time to time. If you are close to the age of retirement you must start doing
your homework.
When to apply?
For today's worker, the full retirement age is 66-67 and certain months are also included. You will start getting your benefits after the retirement age based on the history of your earnings without any increase or deduction. In case you apply for the benefits before the full retirement age a percentage will certainly go down. The earliest you can claim your social security benefits is 62 yrs. Then there is another side and that is in case you apply after the full retirement age then you are going to get 8% boost every year which you will keep on receiving till you reach 70 yrs. If you have been looking over to social security benefits you will remember many experts speaking about availing the benefits at full retirement age, but it might not be a good idea, but still, the choice is all yours. Here are the few reasons why it is so.
1.You stop working sooner
Everyone would like to imagine themselves working and
enjoying their professions until the age of 70s. Today many of us are having this future goal.
But this might not be a successful and fulfilling idea for all of us. In fact,
sixty percent of the united states employed are forced to retire early and
there is a gamut of reasons for example health issues. So if you are not having
enough income and cannot afford your expenses anymore, then it is wise to apply
for the social security benefits as soon as you can before even you reach our
full retirement age. There are downsides; you will lose some part of these
benefits. You will reduce some amount every month if you start taking SS
benefits earlier.
No one would like to live in financial pain so it is wise to
get the money and live with integrity instead of waiting to reach full
retirement age.
2.You are counting on SS benefits
It’s not easy to save a good amount for the after
retirement. There are many older workers who cannot count on their savings. The
average household older workers are having medium savings, which is not enough
to live with. Older people are having their own requirements and might get
stuck in the financial crisis. So, if you are about to get retired and is not
having enough money in your bank accounts, then there is no need to wait to
receive your SS benefits till you reach the full retirement age. Social
security benefits will help you manage all your bills without burdening you
anymore financially. If you have enough
money piled in your accounts it makes sense to delay otherwise not. If your
health is good, you can willingly and happily work even after your retirement
age you can wait for the 8% boost.
3.Your health is in poor shape
Today the humans are having an average lifespan and if your
health is in the poor state you must apply for the SS benefits to pay your
medical bills. Also if you have reason to think that you will not live as long
as the average senior it is wise to apply for your social security benefits. No
one can predict about their lifespan but can evaluate the reasons why you must
be applying for the SS benefits early. Filling for SS benefits might reduce
your payments, but still, you will be able to collect sixty more payments. You
must not take a chance and take care of your health with the money you get
after filling for the SS benefits, which is a wise thing to do again.
Many would think of getting boosted amount, but there are
numerous good reasons why you must be applying for the social security benefits
before you reach the full retirement age. There are many scenarios that call
for financial help, which is also your right and makes sense. You must think
about everything like your financial needs, your health and your ability to
earn after the 60s. Take a wise decision according to the circumstances.
You must also talk to
the people who are receiving social security benefits similar to your
situations as this will help you in coming to an informed decision. You can also talk to an expert who can guide
you when is the perfect time for you to apply for the SS benefits. Visit the https://www.ssa.gov/ to get precise information
on SS retirement benefits and any other category you fit in.
