First established in 1935, the Social Security program provides retirement funds to U.S. citizens, covering most Americans. According to the Social Security Administration Fact Sheet, almost 37% of senior men and 42% of senior women receive 50% of their income through social security.
Therefore, every American needs to know and comprehend social security despite age. Here are the most frequent questions about social security and their answers.
Social Security FAQs
There is a lot of confusion surrounding social security, and many people have different questions about social security they want answers for. Below are some social security FAQs to learn more about social security.
Who is Eligible?
Your social security eligibility depends on the credits you earned during your working years. You earn one credit for every $1,640, with a maximum limit of four per year. You need 40 credits total, meaning 10 years of working full-time to qualify.
When Do I Receive My Social Security Benefits?
You receive your social security benefits once you retire; it could be between the age of 65 to 67. You can opt for your social security benefits by 62 if you need them. However, these benefits would be reduced permanently.
Similarly, if you delay your social security benefits until later years, you will get additional or higher benefits than usual.
How Much Do I Have to Pay?
If you work for a company, you will pay around 6.2% of your salary up to $160,200, and your employer will pay the other 6.2%. However, if you are self-employed, then you will have to pay the complete 12.4% yourself.
How Much Do I Get?
Social security benefits vary, depending on a person’s life earnings. The Social Security Administration averages 35 of the highest earning years to come up with a mean sum. They also provide an online social security estimator to help you calculate how much social security you will receive.
Can I Receive My Social Security Benefits Without Retiring?
You might not want to retire from your work but still receive your benefits. You can get your benefits after you reach full retirement age and still work as much as you want. However, your benefits will be cut if you apply for your benefits before retirement age.
How Can I Apply For Social Security?
You can apply for your social security at the local office or apply online. Before you apply, collect all the necessary documents. Try applying a few months before when you want to receive your benefits. This is because processing can take a few months, and it’s better to be prepared.
What is Spouse Benefit?
Your spouse can claim your benefits despite working a paid job. However, the spouse must be retired and over 62 to qualify. These benefits follow many of the same rules as your social security benefits. However, widowers receive 100% of their partner’s benefit plan; otherwise, they would receive 50%.
Get Help With Your Social Security Benefits
At Maggi Tax Advisory & Financial Group, we help you develop a clear understanding of your social security, how to maximize it, and when to receive it. We are committed to helping you get the most out of your savings and years of hard work to enjoy a comfortable and financially stable retirement.
Call us at (727) 799-1701 to schedule an appointment or fill out our form online, and an experienced agent will get back to you.