According to the U.S. Census Bureau data, Social Security provides coverage to over 65 million people in America, making a significant impact on their lives. Furthermore, in the state of Alabama, close to one in five people receive social security benefits. It accounts for the only source of income for one in three people over the age of 65 in our beloved state.
Social security benefits are available to several groups of people, not just retired workers. For example, those who are beneficiaries of retirees also receive benefits. People who were hurt on the job and permanently disabled or who developed disabilities or severe illnesses may also qualify. For those who have questions about social security benefits and eligibility, please reach out to SeniorSmart today at 205.460.1124.
At What Age Can Someone Get Social Security?
Seniors can seek Social Security starting at the age of 62, but the total retirement will be of a higher value if they wait to collect until their full retirement age. In 2021, the full retirement age is 66, but it will gradually go up to 67 in the future.
If the person who was going to receive Social Security benefits passes away, then their survivors may start to collect those benefits sooner.
Those who are trying to obtain Social Security Disability benefits, or SSDI, may collect sooner based on their employment history.
Do Seniors Need to Work to Qualify for Social Security Benefits?
To obtain retirement benefits, qualifying individuals need to show that they worked for at least ten years. The Social Security Administration uses credits to determine a senior’s eligibility. To qualify for benefits, a person must have 40 total credits if they are not disabled. For those who are disabled, the number of credits needed may be lower.
Does a Person Have to Stop Working?
No. While it’s called a retirement benefit, if a senior chooses to do so, they can continue working as much as they’d like. If they take this retirement benefit before they reach age 66 as of 2021, then their retirement benefits may be reduced until they reach that age.
Once the senior reaches the full retirement age, there is no cap on how much they can earn while also accepting their benefits. Before that, they’ll lose $1 in benefits for every $2 they earn over $18,960. For this reason, many people do wait to collect their benefits until they reach their full retirement age.
Although people don’t receive their full retirement benefits while they’re working and under the age of 66, they are available on their 66th birthday.
Should a Person Stop Social Security and Go Back to Work?
Many people take their retirement early only to find that they want to go back to work. Alternatively, some would like to try to get a more considerable retirement income in the future.
If a senior took retirement early to cover expenses and is within the first year of doing so, it may be worth stopping with a “withdrawal of benefits.” This approach would allow them to go back to work. They can then reapply for benefits in the future, which will enable them to get their full retirement income. As a result, they then can get more than a reduced rate.
Contact SeniorSmart to Learn More
For those getting close to retirement and wanting to know more about getting Social Security retirement, they can reach out to SeniorSmart. With the help of our concierge membership services, seniors can get information on a range of topics, including: