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One of the numerous services SeniorSmart provides is clear Social Security guides to help individuals and families determine what benefits they are eligible for and when to begin the process of accessing those benefits. Knowing how to sign-up for Social Security benefits can be confusing and may seem on the surface to be an overwhelming task. But having an advocate at your side in SeniorSmart’s informative resources can help.
President Franklin Roosevelt signed the Social Security Act into law in 1935. Since then it has become the largest source of income for most older Americans with at least nine of ten seniors receiving benefits. The program is a way to ensure that as individuals age they remain in stable economic conditions. The benefits you receive from Social Security consist of the taxes that have been withheld from paychecks over the duration of your working career combined with employer contributions.
There are some basic types of benefits that the Social Security Administration offers:
To claim the federal benefits owed to you, you will need to make sure you have the following documentation:
When you apply for Social Security can affect the number of benefits you receive. Thus, it’s important to know when the right time is to get the most out of the program as you need. If you wait until your full retirement age, which is usually between the ages of 65-67, to collect, you’ll receive the full amount of your benefits. But you can file for benefits early at 62. Doing so reduces your monthly payment by thirty percent. However, if you wait to claim benefits, the amount you’ll receive will increase. This is why some in retirement wait until they are older than their determined retirement age to claim benefits. It’s important to discuss when to claim benefits with your spouse and family so everyone gets the most out of their retirement.
SeniorSmart’s mission is to make accessing the resources and information you need to make the best retirement decisions for yourself and your family. If you’re wondering about the social security enrollment process, we can help. We also provide information and advice on the following: