How Can Social Security Be Claimed in St. John?

How Can Social Security Be Claimed in St. John?

Claiming Social Security is likely something that you are looking forward to when you retire. However, the strategy for claiming Social Security has changed over the years, and understanding your options and how to maximize your benefit amount is important. At Harvest Social Security QA, our workshops near St. John are designed to answer all of your Social Security questions, including how Social Security can be claimed.

Eligibility for Social Security Retirement Benefits

The first question that you need to ask regarding claiming your benefits is whether or not you are even eligible for Social Security retirement benefits. In order to qualify for Social Security retirement benefits, you have to earn work credits. If you have not yet earned at least 40 credits, then you are not yet eligible for retirement. You receive credits based on your earnings. For example, in 2017, a person will receive one work credit for every $1,300 of earnings, up to four credits per year. Typically, then, if you have worked for at least 10 years, you will have 40 credits.

Eligibility for Other Benefit Types

You may have questions about other types of Social Security benefits, such as spousal benefits, disability benefits, or survivor benefits. Here is a brief overview of each:

  • Disability benefits. The Social Security Administration maintains two types of disability programs: Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). While both require that the applicant have a qualifying disability that is expected to last for at least 12 months or result in death, only the former requires a person to have earned work credits (similar to retirement benefits).
  • Spousal benefits. Even if you have never worked under Social Security, you can still receive benefits from your spouse’s record if you are at least 62 years old and your spouse is entitled to retirement or disability benefits.
  • Survivors’ benefits. If you are a worker and something happens to you, it is important that your family is provided for. Survivors’ benefits do just that, and act as a form of life insurance for those who lose a loved one when that loved one has earned work credits (the number of credits needed is dependent upon the worker’s age at time of death).

How to Claim Your Social Security Benefits

As mentioned above, the strategy for when you begin claiming your Social Security benefits has changed over the years. You have the right to start collecting benefits as young as age 62. However, the longer you wait to collect benefits (up to age 70), the more your monthly benefit amount will be. Whether or not waiting is worth it is something you will need to decide after calculating your potential benefit amount over time.

Sign Up for a Free Social Security Workshop Near St. John Today

If you have been thinking about your Social Security benefits and want to learn more about how Social Security can be claimed, we recommend that you attend one of our free Social Security workshops. Our workshops are offered near St. John, and provide a great opportunity to ask financial professionals tough questions. You can find a workshop near you online today.

No Charge to Attend! Seating is limited, so sign up today!

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by Harvest Financial Planning, LLC to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.  Harvest Financial Planning, LLC Is Not Associated With The Social Security Administration Or Any Government Agency.