With defined pension plans becoming less prevalent, individuals’ overall
savings declining, and people generally living longer, Social Security benefits are more vital than ever to senior citizens’ financial health and well-being. AGreensboro Social Security disability lawyer can help you with potential ways to maximize that monthly check.
AGE AS THE INITIAL CONSIDERATION
The Social Security Administration (SSA) allows a beneficiary recipient the choice as to when he or she will begin collecting benefits. You can begin as early as 62 years old, or wait until what Greensboro Social Security disability lawyers say is considered “full” retirement age – that is, 65, 66 or 67 years, depending on your year of birth. You could also defer collecting until the maximum age of 70 years old. The longer you wait, the higher the monthly benefit.
For those who have elected to receive benefits early, the SSA permits them to change their minds and, in essence, apply for a do-over. This can be significant: a typical beneficiary receives as much as 25 percent less at age 62 than at age 66, and waiting past age 66 adds approximately 8 percent per year. The catch, however, is that, if you are the recipient of these benefits, you must pay back all the benefits you have received. Whether this is possible or desirable is very much a case by case decision.
CONTACT A GREENSBORO SOCIAL SECURITY DISABILITY LAWYER FOR LEGAL ADVICE
Social Security laws are complex. For a full understanding of how you can receive the maximum benefits possible, call the Bridgman Law Offices to speak with a Greensboro Social Security Disability lawyer at (704) 815-6055 today.