When you are engaged in your retirement planning efforts you are logically going to have some questions about the Social Security program.
Let’s examine some of the more frequently asked questions about Social Security here.
How do they calculate the benefit that I will be entitled to?
The Social Security Administration uses the 35 years during which you earned the most amount of money to calculate the amount of your benefit.
When will I become eligible?
Those born between 1943 and 1954 become eligible at the age of 66. The eligibility age then rises by two months each year. This two-month per year graduation continues until 1960. The age of full eligibility is 67 for people born in 1960 or after.
Do I have to wait until I reach the age of full eligibility?
No, it is possible to apply for Social Security when you are as young as 62. If you do this you will receive a reduced benefit.
Is there any way to increase my benefit?
You can choose to delay your application. If you don’t apply for Social Security as soon as you become eligible for your full benefit you start to earn delayed retirement credits.
These credits will increase your benefit by 8% per year that you delay your application. However, this accrual ceases once you reach the age of 70.
How do I find out how much I’ll be getting?
You can obtain your Social Security statement by registering your account on the Social Security Administration website. This is the page to visit if you would like to register: My Social Security.
Author, President and Founding Attorney
Parman & Easterday
- Understanding Estate Planning – What is a Letter of Instruction? - April 2, 2020
- Do I Really Need an Estate Plan? - March 31, 2020
- Founding Attorney, Larry Parman, Shares a Personal and Insightful Message about the Coronavirus Situation and How the Firm is Handling It (click on the video below) - March 27, 2020