How To Start Social Security Benefits

And This is How YOU Can Take Advantage

Social security benefits are social insurance and social welfare program. They are a wide-ranging federal benefits program targeted at aiding qualified retirees disabled people and survivors of disasters. Generally, people in particular positions and victim of occurrences that restrict them from being able to cater for themselves. The Old-Age, Survivors, and Disability Insurance (OASDI) program in the United States is a wide-ranging federal benefits program. They give partial replacement income to individuals in the incidence of old age, disability or the death of a spouse.


The benefits one receives comes from the taxes paid under the Self-Employed Contributions Act (SECA) tax or the Federal Insurance Contribution Act (FICA) tax. The IRS collects these tax payments and ensures it to the Social Security Trust Fund. To qualify for the program, the person has to pay into the program during their working years.


Once you’re ready to start receiving social security benefits, you can submit your application online. However, if you prefer the more traditional way, you can either apply by a phone call or you can book an appointment at your local social security office.


You must be at least 61 years and 9 months old before you can apply for social security retirement benefits. You must have worked at least 10 years at jobs where you pay tax and earn social security credits.


You probably hear a lot “start social security benefits early” or “wait until full retirement age” advice from different people. But you can start taking benefits while working. Surprised? Don’t be. It’s true.

You’re allowed to take benefits while working. You are however required to be between the age of 62 and your full retirement age. Also, will be subjected to earning limits till you reach your full retirement age. Taking benefits between age 62 and 66 attracts a 25% reduction in the benefit you’re entitled to, which reduces as you approach retirement age. As of 2017, earning limits is $16,920 and you only get $1 benefit every $2. This implies that if you are entitled to $2000 at full retirement age, you’ll get $1,500 at age 62 and only get $750 if you’re still working – better off than nothing.

Receiving $750 monthly, while working, amounts to an additional $9,000 to annual income, and over $36,000 at full retirement age. When you get to retirement age, you then start getting 100% of your social security benefit.

Hence, you’re presented with two options of starting social security early.

  1. Retire early, at about age 62 and start getting $1,500 benefits, which implies 75% of your entitled benefits at full retirement age – over $72,000 in 4 years.
  2. Keep working till full retirement age but apply for security benefits while working, getting half of what option 1 above gets monthly, plus the work monthly income – over $36,000 in 4 years plus monthly income for those 4 years.

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