Answers to the Most Common Social Security Questions

When you think of any large government agency, you probably think of complicated procedures and stick red tape. True, it can be difficult to unravel the web of rules and regulations concerning Social Security. But the most common concerns about Social Security are usually the easiest to answer. Read on for the answers to your most pressing questions.

When should I file my claim? That depends on when you retire and how badly you need your benefits. Full retirement age is set between 65 and 67, depending upon the year of your birth. This is the age at which you will receive your full scheduled benefits. But you can also claim your benefits as early as age 62, or as late as age 70. If you file your claim early, your benefits will be permanently reduced from their full amount. On the other hand, you can earn a larger monthly check by waiting to file your claim.

How much will I receive? Your monthly benefit amount is based upon your lifetime earnings. And of course, your age will impact the final amount. You can contact the Social Security Administration for a current estimate of your retirement benefits. This information is important to know when you begin planning for retirement.

Can I work and claim benefits at the same time? If you reach age 62 and you’re still working, but want to claim your benefits, you can do so. However, keep in mind that Social Security will withhold some of your benefits, subject to earnings limits. Once you reach your full retirement age, your benefits won’t be withheld no matter how much you earn.

I was a stay-at-home spouse all my life. Can I claim Social Security? Even if you never worked for a paycheck, you can claim Social Security through something called spousal benefits. This benefit is equal to 50 percent of your spouse’s monthly check.

Can I claim benefits on my ex-spouse’s work record? If you were married for at least 10 years, you’re at least age 62, and you haven’t remarried, you can claim benefits on your ex-spouse’s work record. Your former spouse must also be eligible for benefits, but it does not matter if they have remarried.

My spouse died before claiming Social Security. Are those benefits lost? No, if you wait until your full retirement age, you can claim 100 percent of your deceased spouse’s benefits.

Social Security may be an important part of your retirement planning, but don’t make any big decisions without first discussing your plans with a Social Security representative or your financial advisor.

This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency. 

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