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Social Security Administration Retirement Benefits

Knowing how Social Security system works and what you should receive when you retire is vital for every worker. Basically, you earn credits for your social security benefits when you work and pay social security taxes. The number of credits you need to get your retirement benefits is normally dependent upon when you were born. Say, if you were born in 1929, you need 40 credits that is 10 years of work. Subsequently, how much your retirement benefit will be is based on how much you earned during your working career. Your age when you retire will also affect your benefit payment.

Not just a retirement program

Social Security is often simply considered as a retirement program. However, this government program provides other benefits aside from retirement for workers and their families. Social Security secures working and retired workers and their families economic stability that keeps them out of poverty.

Generally, to qualify for Social Security Administration Retirement Benefits, you must have earned forty credits or about ten years of work to be entitled to a monthly benefit. The amount of your monthly payment is based on your career average earnings covered by Social Security at the age at which you retire. Other members of your family could also receive Social Security Administration Retirement Benefits. These includes unmarried children under the age or 18 or who are disabled before the age of 22; your spouse aged 62 or any age if carrying for your child who is under age sixteen or who is disabled before the age of 22; and unmarried divorced spouse aged 62 if married to you for at least ten years.

Your full retirement age comes a few years later than sixty-two. If you choose to begin receiving your benefit before your retirement age, you will receive a reduced benefit. On the other hand, if you choose to begin receiving your benefit later than your full retirement age, you will receive an increased benefit which is more than 100% of the normal benefit. Once you qualify for Social Security Administration Retirement Benefits you can choose to start receiving them at any month. Your starting date doesn’t have to be at age sixty-two or at full retirement age. The amount of reduction for starting your benefit early is calculated in small monthly increments so that the benefit you will get starting the month before or the month after.

In any event, in order to make an informed decision about when to begin receiving your Social Security Administration Retirement Benefits you should understand how it will affect the total benefit you will receive over the remainder of your lifetime.

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