Abingdon, Bristol and Johnson City
We all think about our retirement from time to time. As it gets closer to reality, our questions become more serious and important. What is Social Security and where does it come from? What are some problems to avoid when trying to get Social Security benefits? How fast can you get your Social Security benefits? How much will you receive? These are some of the questions concerning our Social Security benefits that the Law Offices of Michael R. Munsey, P.C. can answer for you. We have provided some important tips to help answer your questions and avoid any problems when going through the Social Security process.
What is Social Security?
According to the National Academy of Social Insurance, Social Security is the foundation of economic security for millions of Americans—retirees, disabled persons, and families of retired, disabled or deceased workers.
Where Does Social Security Come From?
The NASI also states that about 163 million Americans pay Social Security taxes and 59 million collect monthly benefits. About one family in four receives income from Social Security. Social Security is largely a pay-as-you-go program. This means that today’s workers pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries.
What are Some Common Mistakes Associated with the Social Security Process?
Emily Brandon, a staff writer for U.S. News & World Report, listed ten mistakes to avoid in a 2014 article.
The ten mistakes are:
- Failing to work the full 35 years, which results in lower Social Security payments
- Failing to maximize your earnings
- Signing up as soon as you are eligible (at 62) is not a good idea
- Forgetting your full benefit retirement age (typically 66-67)
- Not considering waiting to claim your benefits
- Failing to coordinate with your spouse
- Failing to factor in survivor’s payments
- Earning too much money after you sign up
- Paying tax on your Social Security benefit
- Not checking your benefit statement
How Fast Can I Get My Social Security Benefits?
The Social Security Administration states that recipients are eligible for their Social Security at age 62 but only at 75%. Age 66 is the age for full benefit payments. The SSA advises filers to submit their applications about 3-4 months prior to the date of the first payment. It is recommended that filers also file 3-4 months before turning 66 even if the recipient wants to delay payments.
Social Security Benefits in Abingdon and Johnson City
Not all questions are always easy to answer, as filing for SSI may involve a unique situation in your case. That being stated the Social Security process does not have to be a stressful one. Social Security is designed to be a benefit and protection for Americans. Do your best to follow all guidelines and procedures when filing for your Social Security benefits. However, mistakes or legal challenges still occur, and when it does, contact your attorney by calling (276) 451-2056 to schedule a free consultation.
The Law Offices of Michael R. Munsey, P.C., are proud to serve clients in Bristol, Kingsport and Johnson City, TN, as well as Bristol, VA.