If you have been working for the past few decades of your life, there is no doubt that retirement is sounding pretty sweet, and not just for the relaxation. When people who have worked for a long enough amount of time to earn work credits retire, they are entitled to monthly retirement benefits. How much your benefit amount is depends on a number of things, including how much you earned during your career and when you start claiming benefits.
If you are approaching retirement age in Winfield and have questions about how Social Security can be claimed, at Harvest Social Security QA, we have answers. To learn more, sign up for a free workshop near you today.
In order to be eligible to claim Social Security benefits in Winfield, you must have earned at least 40 work credits during your working years. Credits are given based on your earnings, with a maximum of four credits given per year.
In addition to having accumulated work credits, you must also be at least 62 years old. As a note, you can claim Social Security benefits on the record of a spouse if you are at least 62 years old and your spouse is eligible for retirement benefits even if you have not earned work credits on your own record.
Just because you can claim benefits starting at age 62 doesn’t necessarily mean that this is the best strategy. In most cases, if you have the financial means to do so, waiting until you reach full retirement age at the very minimum is ideal. If you can, waiting until you reach at 70 is superb. The longer that you wait to start collecting your Social Security retirement benefits, the greater your benefit amount will be. If you start claiming your benefits before you reach full retirement age, your benefit amount will be reduced in order to account for the additional months that you are claiming benefits. The opposite is true when you wait to claim your benefits until after you have reached your full retirement age.
Depending upon who you are and your circumstances, there may be other types of Social Security benefits available to you. These include:
Each benefit type is unique, and can provide a huge amount of financial assistance. Because benefits cannot always be received concurrently, it is important that you understand which benefit type meets your needs, and how you can best maximize your benefit amount.
We understand that you likely have dozens of questions regarding how Social Security benefits can be claimed. We also understand that you no doubt want to get the greatest benefit amount possible.
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