The Federal Social Security Administration is responsible for providing Social Security retirement and disability benefits to qualified applicants. For this blog discussion, we’ll cover Social Security retirement benefits.
Almost all of us have a right to claim Social Security retirement benefits once we reach retirement age. For those born in 1929 or later years, you can claim Social Security retirement benefits if you’ve earned a sufficient number of work credits. Usually, you must have earned at least 10 years to qualify. The Social Security Administration determines our benefits based on our work history and age of retirement. Typically, you can begin collecting Social Security retirements at age 62, but the longer you delay retirement, the greater your chances of receiving a higher monthly benefit amount. You can also receive partial benefits while you continue working after age 62.
The Social Security Administration also provides benefits to some dependents and spouses based on an applicant’s earnings and history. Each year you can delay your benefits, you may increase your monthly Social Security benefits by almost 8 percent. You can contact the Social Security Administration and ask them for a statement of earnings to calculate your monthly benefits and plan accordingly. If you are eligible for survivorship benefits, you’ll need to make sure you contact the administration to report your spouse or other family member’s date of death. However, other agencies or funeral homes may have reported it for you.