7 Little Known Social Security Benefits
Social Security is essential for retirement planning, disability, and social insurance planning.
The Social Security Act of 1935 created a system to help support retiring citizens with pensions, as well as unemployment benefits and health insurance for retirees. Fast forward to today and Social Security is seen as the same program, providing support for elderly citizens after retirement. However, there are some benefits that most people don’t know about. These benefits include how Social Security can affect your age, spouse, or disabilities. Using these tips will help you make the most out of your Social Security, and allow you to be on the way to a happy retirement.
We’ve listed a summary of the top 7 benefits from BankRate.com.
7 Little Known Social Security Benefits
- By waiting until 70 to begin receiving your Social Security benefits, you will receive 76% more in your monthly payments than starting to take your benefits at 62, and 32% more per month than if you started at 66.
- While this could benefit you at a later age you do run the risk of not making it to 70 and not getting your benefits at all. While the benefits are high, so are the risks.
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- For married couples on the edge of divorce. By staying married for 10 years you can claim your ex-spouses Social Security benefits.
- If you don’t remarry you will be treated as a widow or widower and can collect their benefits and leave yours unclaimed until you reach 70 giving you more money.
- For the widow or widower, they can begin taking out their late spouses benefits as early as 60 as survivor benefit on their spouses Social Security at a reduced rate. This allows the widow or widower to keep their benefits unclaimed until 70 to get the most out of their benefits.
- When applying for disability insurance you should hire a lawyer to help you through the process. Social Security does not clearly show that the applicant can have representation. As a result many people wait to get representation after they are initially denied causing the process to be unnecessarily slow. Also, when applying be as accurate as possible because small mistakes can make a big difference.
- The calculation to determine your Social Security benefits is hard to follow on the Social Security website. There is a simpler explanation at myretirementpaycheck.org. This website explains how your social security benefit is calculated over a 35 year period.
With so much riding on your Social Security benefits it’s important to get the most out of what they have to offer. Continue to do research about Social Security and make sure you understand what you are owed and some of the benefits that you may receive. After 35 years of hard work we all deserve those Social Security benefits to help us get by. If you need legal consultation or advice regarding your Social Security benefits, call Bander, Bander & Alves at (978) 369-4242.
