Retirement Benefit Lawyers
What are Retirement Benefits?
Social Security benefits are an integral part of many retirement plans. When you retire, monthly Social Security retirement benefits may be one of your sources of income.
How Do I Qualify for Retirement Benefits?
As you work and pay Social Security taxes you will earn up to four credits per year. You need to work at least ten years to earn the 40 credits needed to qualify for retirement benefits.
How Much Money Can I Expect when I Retire?
How much money you can expect when you retire is based primarily on two factors:
- Earnings - The Social Security Administration (SSA) will average your earnings over your career to determine what you are entitled to. The size of your benefits will depend on how much you earned while working.
- Age - The earliest you can begin drawing retirement benefits is 62. The longer you wait to take your retirement benefits, the more you will receive.
Will my Retirement Date Determine How Much I Am Entitled to?
Yes, the SSA has classified retirement benefits into three categories:
- Full Retirement - If you wait for your full retirement age to begin taking benefits, you will receive the maximum payments available to you. What age you qualify for full retirement benefits will be determined by what year you were born. Currently, the full retirement age ranges between 65 and 67.
- Early Retirement - If you choose to retire between age 62 and your full retirement age, your benefits will be permanently reduced. The reduction is based on the number of months until you reach your full retirement age. The reduction ranges between 7 and 30%.
- Delayed Retirement - If you decide to work past your full retirement age you can increase your Social Security benefits. Not only are you increasing your earnings, but the SSA will also increase your benefits by a certain percentage for each additional year you work beyond your full retirement age.
Can I Find out How Much I Am Expected to Receive when I Retire?
Annually, the SSA will send every worker, 25 or older, an earnings statement. The statement will calculate your expected retirement benefits. If your statement is incorrect, an attorney experienced with Social Security regulations may help you correct the error.
Can I Get Retirement Benefits on My Divorced Spouse's Record?
If you are at least 62 years old, unmarried, your marriage lasted at least 10 years, and you have been divorced for at least two years, you may draw benefits based on your divorced spouse's account. This will not affect the divorced spouse's benefits. To do this your divorced spouse must qualify for retirement benefits and be at least 62; but they do not have to be retired.
Do I Need a Lawyer?
An attorney experienced with Social Security benefits and regulations can help you plan the best time to retire. If you are having a problem obtaining your benefits a lawyer can help prepare and file an appeal.
Consult a Lawyer - Present Your Case Now!
Last Modified: 04-21-2011 10:41 AM PDT
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