Social Security

Managing your social security benefits

No matter what age you are, managing your social security benefits is something you’ll always need to think about. The biggest reason this is so crucial is the fact that it is vital to the success of your retirement plan to have a thorough understanding of the specific benefits you are eligible for. Below you will find some great tips and social security information that will help you understand and stay on top of your benefits:

• Everyone over the age of 25 should receive an annual social security estimate. The most important thing you can do is to check that your income and earnings history is correct because these figures determine whether or not you are eligible for certain benefits. If there are any flawed estimates or inaccuracies with the numbers, you should contact your local social security office immediately.
• If you and your partner both work, you are both entitled to benefits based on your own personal incomes. The person that has the lower of the benefits will also be entitled to 50 percent of the other person’s benefits.
• A great tip that will save you a lot of frustration, especially in an emergency, is to have your social security payments deposited via direct deposit. This eliminates the possibility of checks getting lost in the mail or having to wait on a hold in your bank account after cashing a check.
• One of the most commonly asked questions when it comes to social security benefits is about people who are divorced. If you are divorced, you are still able to collect benefits based on your ex’s income history, however there are a few stipulations. To receive these benefits you will have to have been married for at least 10 years and you will also have to apply for benefits after age 62 to be eligible.
• If you are someone who doesn’t plan on retiring by your expected retirement date and would like to continue working, it might be best to hold off on social security benefits until age 70. If you can do this, you will be paid a premium for waiting and will end up receiving greater benefits. This is one of the best ways to get the absolute most out of your social security card.
• If you are a widower or widow, you will be eligible to start receiving benefits at age 60.