Benefit Amount
Can I Withdraw My Application for Benefits If I Change My Mind?
Yes. If you applied for benefits and changed your mind, you can complete the Request for Withdrawal of Application (Form SSA-521) and re-apply at a future date. Be sure to include on the form the reason you want to withdraw. However, if you are already receiving Social Security benefits and change your mind, you still [...]
What Is the Average Monthly Social Security Benefit for a Retired Worker?
The average monthly Social Security benefit for a retired worker was about $1,164 at the beginning of 2010. This amount changes monthly based upon the total amount of all benefits paid and the total number of people receiving benefits. Share this:EmailFacebookRedditStumbleUpon
Can My Social Security Benefits Decrease?
Your benefit amount will never decrease. Generally, your benefit amount will increase each year to protect you against inflation. Social Security provides an annual cost-of-living adjustment (COLA) based on increases in the consumer price index. Because there is no increase in the consumer price index from the third quarter of 2008, the last year a [...]
What about Pension Benefits under Private Retirement Plans?
“I understand that Social Security has a database of individuals who have been identified as having qualified for pension benefits under private retirement plans. How can I find out about my pension benefits?” Social Security keeps a database of individuals who have been identified by the Internal Revenue Service as having qualified for pension benefits [...]
How Long Does a Person Need to Work to Become Eligible for Retirement Benefits?
Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need to work at least 10 years to become eligible for retirement benefits. During your working years, earnings covered by Social Security are posted to your Social [...]
Can My Spouse Collect Benefits at Age 62 from Her Work and Earnings and Then Receive a Combined Total up to 50 Percent from My Account When I Start Receiving Benefits at Age 65?
Your wife can start receiving reduced retirement benefits on her record at age 62. If the amount she receives on her record is less than what she would be entitled to as a spouse, she would receive a higher spouse’s benefit when you start receiving benefits. However, because she began receiving Social Security before reaching full retirement age, [...]
Will I Receive More Benefits If I Delay My Retirement?
You can decide to continue working full-time beyond retirement age. In that case, you can increase your Social Security benefit in two ways: Each additional year you work adds another year of earnings to your Social Security record. Higher lifetime earnings may result in higher benefits when you retire. In addition, your benefit will be increased by [...]
At What Age Can I Begin Receiving Full Retirement Benefits?
Full-retirement age has been 65 for many years. However, beginning with people born in 1938 or later, that age will gradually increase until it reaches 67 for people born after 1959. The following chart shows the steps in which the age will increase. Year of Birth Full Retirement Age 1937 or earlier 65 1938 65 [...]
If a Spouse Collects 50% of Her Husband’s Benefit Does That Reduce the Husband’s Benefit?
No. The receipt of spouse’s benefits by a husband or wife does not reduce the benefit of the primary wage earner. Share this:EmailFacebookRedditStumbleUpon
Will a Student Attending College Be Eligible to Receive Benefits?
No. At one time, SSA did pay benefits to eligible college students, but the law changed in 1981. Social Security now pays benefits only to students taking courses at grade 12 or below. Normally, benefits stop when a child reaches age 18 unless he or she is disabled. However, if the child is still a [...]