At the end of a long life of work, many of us are expecting Social Security retirement benefits to tide us over as we move into the final chapters of our lives. Claiming these benefits, however, is not always the easiest task, and understanding when and why to put in a claim can be difficult. It therefore helps to have an experienced attorney on your side, and the Law Offices of Dr. Bill LaTour can definitely assist. We are a South California law firm that specializes in SSDI and SSI claims cases, so we can adequately assess your potential for social security benefits.
The following are just a few of the general things you will want to keep in mind as you decide whether or not to put in a Social Security claim.
How Old Are You?
Social Security benefits are calculated in part by how old you are when you start receiving these benefits. If you are of Full Retirement Age, which is either 66 or 67 depending on when exactly you were born, you are entitled to full benefits that will see no reduction or increase in amount. However, starting your benefits early, between 62 and your Full Retirement Age, could lead to a reduced benefit amount of up to 30 percent. On the other hand, starting late—between your Full Retirement Age and 70—could potentially increase benefits up to 32 percent
Why Start Early
If you want more money back on your Social Security benefits, it makes sense to wait until you are past your Full Retirement Age, but there are many reasons why you might want to enroll early. Chief among these reasons is that you are in poor health or have a short life expectancy and need help now. This is especially applicable if you are out of work and need the money to make ends meet.
Why Start Late
The most obvious reason to delay your Social Security claim is because you want to see a higher benefit amount later down the line. This is made a lot easier if you happen to be in good health or if you are in a higher federal income tax bracket. Keep in mind as well that up to 85 percent of your Social Security benefits can be taxed, so waiting could almost be necessary.
What’s Your Marriage Status?
In general, it is best to wait for Full Retirement Age before claiming Social Security benefits if you are a single man or woman. Married couples, though, have some flexibility. Depending on who is earning more, it may be best for the lower earning partner to go on Social Security early. This way, a couple can enjoy benefits for a few years before switching over to a higher plan when the other partner retires with full or increased benefits. For situations like these, you will definitely want to consult an SSDI and SSI claims firm.
Learn More About Social Security Benefits
Your retirement should be a cause of celebration and relaxation, not stress over money matters, but we know at the Law Offices of Dr. Bill LaTour that the process of getting what you deserve can be an arduous one. We therefore want to be the ones to help you submit your SSDI and SSI claims. If you have any further questions on how you could request Social Security benefits, contact one of our representatives to see how we can assist you today.