If you are relying upon your social security benefits, then
it is extremely important that you gain as much knowledge as you can. The reason
is that lack of knowledge how this program works can end up losing a huge
amount. There are many people who make the biggest mistakes and this cost those
losing hundreds and even thousands of dollars. Social security topic is not
easy to understand and definitely is a comprehensive program. You must not even
hesitate to take the assistance of the professionals. Here are a few ways by
which you can get more amounts from the SS program.
Explore the different benefits for which you may qualify
There are many people who unintentionally get unaware of the
benefits for which they may qualify. Some people apply too late and some even
don’t for particular types of benefits for which they qualify. They think such
benefits don’t exist or are unaware of them. This happens when a child or spouse
is not living with the worker after separation, death or divorce for a long
time. Divorce spouse can available benefits if they are 62 and married for full
10 years to the worker, but currently not married. There are many spouses who are divorced and
believe that they do not qualify for the benefit; receiving these benefits not
also reduce the worker's own benefit. In
fact, the spouse who is divorced now for 2 full years can still apply for the
benefits on the record of the worker spouse even if he has not applied for the
benefits yet. As long as the age is 62
and the spouse is not remarried he or she is still qualified for the SS
retirement benefits.
If you are surviving spouse whose age is at least 60 can
apply for the benefits on the deceased record if they are married to the deceased
for at least 9 months, even if he died at a young age or many years earlier.
Minor children and the ones who are disabled before 22 years of age can receive
benefits on their parent’s record. In case the parents are not legally married,
parents who are divorced or died and have enough earnings. In such cases, if
the child qualifies according to the SS guidelines can receive benefits.
Apply after retirement age
This is the one way that is going to surely go to increase
the amount of your social security. When you reach the full retirement age, you
are still qualified to gain your full social security retirement benefits and
earn from your work as well. This is absolutely true if you apply for the
benefits after a bit of delay the benefits are going to increase automatically.
The amount may increase up to 8% for every year and delay up to 70 years. The
longer you are going to delay your benefits the higher is going to be the
amount.
You must apply for the benefits timely
When you reach the
time to receive spouse or retirement benefit, the first month is the month when
your application was filed, some people also apply after they reach their full
age of retirement. If this is the case then the fund is paid back if you do not
apply until the 6 months after you reach the full age of retirement. This
6-month limit also applies on most of the other retroactive SS benefits. Social
security disability includes pay up to 12 months after you submit your
application. The conclusion is that you must apply for the benefits timely to
meet all the requirements and receive the benefits.
Keep on verifying your record of earnings
Social security perks are totally based upon the records of
the earnings of the worker. In case there are no reports of your earnings or missing
earning, then this can cut down the SS benefit of yours and you can lose the
benefit of thousands of dollars. The most common mistake that people make is
the incorrect reporting about their wages and failure to inform the
administration about their self-employment earnings.
Another thing that people do is incorrectly reporting their
wages because the number or name they are using as an SS number does not match
the information on the social security card. To get credits for your earnings you
must verify every single record and information even your name. You must fill the W-2 and not 1099 which some
people do to avoid paying their SS taxes, which means their employees will have
to report their pay as the income from self-employment and for which they will
have to pay higher taxes to get credits.
You must not destroy the W-2 forms and the tax returns until
you verify that the records are correctly posted. You must check and verify all
your information once every year. This way you will be able to make all the
important corrections.
Check your dues
When one has not attained their full age of retirement,
there is a limit of earnings that workers are allowed to earn every year while
receiving SS benefits. In case you
increase this limit but not much then you qualify for the due benefits,
especially later the months. For instance, let's say that you are earning six
thousand dollars over the limit that is allowed. Three thousand dollars which
are the half amount and is to be withheld from the initial benefits payable for
the year. In case if the monthly amount
is thousand dollars, then the first couple of months of the SS benefits will be
withheld, but still, the worker will receive the remaining amount for every
month in the year. This is the reason why you must be applying early before you
reach your full age of retirement, benefits are going to reduce permanently,
but you will receive the increase after you reach the full retirement age for
all those months which were withheld while you were working.
