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.
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.
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:
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.
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.
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