The Social Security Administration was created out of the GreatDepression as a means of ensuring that retirees receive enough money to cover basic living expenses. Unfortunately, the annual increases in average mont
hly retirement payments haven’t kept up with the rising cost of living. If you are having difficulty with your benefits or have questions, call aGreensboro Social Security disability law office.
HOW SOCIAL SECURITY RETIREMENT IS FUNDED
The SSA operates a number of programs, each of which is different from the others and is funded differently. Retirement benefits come entirely from your and your employer’s taxes. In essence, during your working years you pay a percentage each payday into the SSA, and your employer throws in what is actually a somewhat higher amount. If you are self-employed, you must contribute both portions of this tax. In order to collect retirement payments, you must have paid into the system for a minimum of ten years, and you must be at least age 62. The amount you receive is based on your highest-earning 35 years.
AGE AS A FACTOR IN BENEFIT AMOUNTS
Your Greensboro disability lawyers will tell you that just because you can begin collecting Social Security at age 62 does not mean you should do so. This is an issue you need to weigh carefully, for you will not receive the full retirement amount until you reach full retirement age. For those retiring in 2014, this age is 67. It is important to note that funding for the SSA has diminished substantially due to the historic numbers of people retiring in the next few years. Consequently, the SSA is making changes in how it taxes and may increase the retirement age further in the future.
CONTACT A GREENSBORO SOCIAL SECURITY DISABILITY LAW OFFICE?
Many people are very concerned about retirement, and some even feel they may never be able to do so. That said, your Greensboro Social Security disability law office can help you with any questions or concerns you have. Call Bridgman Law today at (704) 815-6055.