What You Need to Know About Retirement & Social Security Benefits
Retirement is a long-awaited milestone in the aging adult’s life that holds the promise of resting a body that has worked for decades. However, the retirement process and obtaining social security benefits is confusing for nearly all persons approaching retirement age due to misinformation, such as the incorrect belief that Social Security benefits will end in the future when in fact payments will simply be reduced.
The highly qualified and knowledgeable social security lawyers of Waitz & Downer in Baton Rouge, LA, thoroughly understand the application process and how to proceed with the appeals process when necessary. To help you better understand the facts about retiring, here is what you need to know about retirement and social security benefits.
How to Receive the Maximum Social Security Benefit
- Wait until your full retirement to increase your benefit by as much as 25%
- Retiring at a later age past full retirement age, such as 70, can further increase your benefit amount by over 50% than if you were to retire at age 62
- Don’t retire before age 70 as this is age at which you will receive the highest possible benefit amount
- Do not file before the full retirement age of 66-67, which is known as the Social Security earnings test, or your full retirement amount will be recalculated based on the amount you withdrew and how much you made during the course of receiving benefits while being employed
Important Information about Spousal Payments
- Your spouse may be able to receive spousal payments as a married spouse, a divorced party and a survivor after your death
- Your married spouse can receive as much as 50% of your retired worker’s benefit amount during your life and after your death, yet the amount is reduced if you received Social Security benefits
- If you were married for over 10 years before divorcing, you can receive benefits from your ex-spouse’s work record and your ex-spouse can also receive such benefits from your work record
- If you were married less than 10 years before divorcing, you and your ex-spouse are ineligible for spousal payments
Social Security Attorneys of Waitz and Downer
If you need assistance in applying for social security benefits or believe you are not being fairly treated, Waitz & Downer in Baton Rouge, LA, is available to guide you through the process and get you the benefits you deserve. For a free case evaluation with one of our trusted legal experts, contact Waitz and Downer today by calling (985) 876-0870.