GOVERNMENT HELP FOR YOUR RETIREMENT in Software

Printing QR Code in Software GOVERNMENT HELP FOR YOUR RETIREMENT

Year of Birth 1917 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 or later Yearly Percentage Increase 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80%

If your family members receive any social security benefits from your record, all the benefits will be affected by your earnings So, not only will your earnings reduce your monthly benefits, but they will also reduce any other benefits that your family may receive However, if one of your family members is working, this will only affect his or her benefits, not yours or any others received by your family The Social Security Administration has a special rule, though, that they allow you to apply to your earnings and benefits for one year, usually the first year you are retired Under this rule, you can receive full benefits for any month you are retired, no matter what your annual earnings will be However, your monthly earnings must fall below a set limit If you are self-employed, your work there is also considered If you are currently receiving a pension from your former employer, the amount you receive will not affect your social security benefits, as long as you paid social security taxes at that job However, if you are receiving a pension from an employer that didn t participate in social security, such as the federal civil service, state, and local governments, or work in a foreign country, your pension amount will reduce the amount of social security benefits you will receive

Also, the month you begin taking your benefits may affect how much you receive In some cases, the month you choose to retire will result in added benefits for you and your family Taking your benefits early in the year you are going to retire may benefit you more than waiting, even though you aren t officially retiring until later that year Under the current law, Social Security recipients receive the most benefits possible with an application that takes effect in January of their retirement year Family and Survivor s Benefits Social security also offers benefits for those who either worked but didn t earn enough credits or fall under different categories other than workers If you are widowed, married, or even divorced, you can claim social security benefits off of the work record of your spouse (or former spouse) If you are receiving benefits, your family members may also receive benefits if they fall into one of the following categories:

your spouse age 62 or older your spouse under age 62, if that person is caring for your child who is under age 16 or disabled your former spouse age 62 or older children up to age 18 children age 18 19, if they are full-time high school students children over age 18, if they are disabled

Widows and widowers may begin receiving benefits when they are 60 years old, or 50 years old if they are disabled This also includes divorced widow(er)s If you are receiving widows or widowers benefits, you may switch to your own benefits when you reach 62 as long as your retirement benefits are more than what you are currently receiving Often times, a widow(er) may begin receiving one benefit and then switch to the other (unreduced) benefit when he or she reaches full retirement age For spouses, they can receive one-half of their retired spouses benefits unless the spouse begins collecting before he or she turns 65 If that s the case, the benefits are permanently reduced by a certain percentage based on the number of months that are left before