This may come as a shock to many people, but after a lifetime of working, Social Security retirement benefits do not provide enough for most people to live on, especially if they plan to continue their previous standard of living. In order to maintain their quality of life, they will need something to supplement the government retirement benefits they earned during their lifetime.
Although many people will also receive benefits from the place of employment, that plus Social Security retirement benefits still may not equal the income they were receiving while they were working. Additionally, there may be some income received by retired workers that will affect the amount of retirement benefits they are entitled to receive. At any time during a person's working life, they can contact the Social Security Administration for an update on the benefits they would be eligible to receive upon retirement.
The age at which a person chooses to retire will affect the amount they receive in benefits and the full retirement age, according to SSA is based on the year of birth.
Benefits Reduced By Early Retirement
Laws governing SSA retirement benefits recently changed, and could change again in the future, but currently with an age of 66 considered as full retirement age, if a person has earned enough credits, they can retire at the age of 62 with a 25 percent reduction in SSA benefits. At age 63 they would receive a 20 percent reduction of the full amount and at 64, a 13 and one-third percent cut and at age 65, their benefit would be reduced by six and two-thirds percent.
The amount received in Social Security retirement benefits will be determined by the amount a person has earned over their lifetime. A person who continues to work past their retirement age may see an increase in their benefits. SSA will annually review a person's work record each year and notify them if there will be any change in their benefits.
Persons who opt to retire before reaching full retirement age will be restricted to the amount of income they can earn before losing some of the Social Security retirement benefits to which they were qualified at the time of taking early retirement. The maximum amount a person can earn each year without losing benefits is currently $12,960 and the benefits will be reduced by $1 for each $2 earned over that limit.
National Guard Retirement Benefits
Here are some of the more important things you need to consider as part of your preparation:
1.Once you go to the Social Security Office to file your application for retirement benefits, remember to be prepared since, more likely than not, you will undergo an application interview.
This simply implies that when you apply, you should prepare important documents such as your birth certificate and have it certified in order that the process of your retirement application will run more smoothly.
In addition, if you apply with the indication that you are a naturalized citizen or a permanent resident of the country, you will have to provide a birth certificate that is certified from the country where you were born.
1.1.If you do not know it yet, a "certified birth record" is a significant document that has an official stamp or a raised seal. Your birth record should come from the government office that has authority over the birth records of your birthplace.
A knowledgeable and well-experienced social security retirement lawyer would advise you against bringing or attaching a complimentary copy of your birth certificate. This document is usually given to your parents by the hospital where you were born.
The Social Security Administration (http://www.ssa.gov/) does not honor these birth certificates issued by hospitals as they can be altered too easily.
1.2.Most importantly, do not fall into the error of bringing just a copy of your certified birth certificate or record. The Social Security retirement claims representative, during the interview, needs to see the actual certified copy of your birth record.
However, if for some reason you fail to secure your certified birth record, the representative for Social Security retirement claims who interviewed you would give a list of evidence sources that you can produce as acceptable alternatives to your birth record. This will serve as the main evidence and establish your birth date.
1.3For naturalized United States citizens, you will be required to bring with you the naturalization papers for the application interview.
For legal alien residents, a proof of alien status should be brought.
Remember that without the necessary documents to support your social security retirement benefits claim, your application would not be processed. These are essential documents that are strong proof of your citizenship or legal status even as an alien for you to be awarded with Social Security benefits, not only of retirement.
2.After you are done with the SSA representative's interview, you will then be requested to produce other additional evidence. These you should supply within the period of 30 days starting from your application date. If you fail to furnish the other requirements, your claim might be denied.
If you encounter troubles in acquiring the needed information, call your claims representative or have your social security retirement lawyer deal with it for you.
Generally, as early as possible before your retirement, obtain a proof of your birth already. Furthermore, you have to consult with a lawyer specializing in social security benefits program in order to know what to prepare before filing your applications.
Both Scott Goodman & Lala C. Ballatan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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