The recent economic problems that the country is experiencing today may affect even the social security benefits that claimants may receive, especially those who are retiring from employment and those with disability.
Only recently, the federal government has announced that no increase in the social security cost-of-living adjustment will be made for 2011.
The Social Security Administration (SSA) has made efforts to strengthen its retirement program amidst the pressing economic condition. Senate officials have campaigned for the implementation of additional medical and health care benefits for the retiring baby boomers.
The Social Security retirement benefit program provides financial assistance for insured members who have reached the full retirement age. It gives monthly allowance plus other government-sponsored benefits.
Here are some frequently asked questions on filing an SS retirement benefit claim:
Q: Who can avail of SS retirement benefits?
A: Employees who have paid federal taxes and have gained at least 40 credits can apply for SS retirement benefits. This means that a worker born in 1929 or later will have to render an equivalent of at least ten years of work.
Employees who have not met the required number of credits and years of work can apply for Social Security Disability Insurance (SSDI) benefit program, if illness or impairment has compelled the individual to stop working. SSDI provides an equivalent amount of benefits as SS retirement program does. However, SSDI implements stringent rules in qualifying for SSDI program.
Q: How does the Social Security Administration determines the retirement age?
A: For individuals who are born in 1943-1954, the full retirement age is 66. Several months are added for years 1955-1959. Citizens, who are born in 1960 and later, have to comply with the full retirement age requirement of 67.
Q: What is the minimum age requirement for applying for SS retirement benefits?
A: You can choose to avail of SS retirement benefits as soon as you reach 62 years of age. However, the amount of benefit that you will receive is lower than your supposed full retirement benefit amount. Retiring at age 62 may reduce your benefits by 25 percent.
Q: How much will the SS retirement benefit be?
A: SS retirement benefit amount depends on the range of your earnings throughout your working years. If you have consistent higher earnings, you will receive higher SS retirement benefit amount. Months or years that you have not worked or paid your SS taxes, can reduce your SS benefit amount.
Consult with a Social Security lawyer in Los Angeles to help you file your SS retirement benefit claim.
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