SOCIAL SECURITY (RETIREMENT BENEFITS)

Question: What is Social Security?

Answer: Social Security is a planned program for individuals and families to protect from loss of income due to retirement, disability, unemployment, or death of a wage earner.

Question: How are benefits calculated?

Answer: Social Security benefits are determined by the number of years a person works and his average earnings computed by a special Social Security Administration formula.

Question: At what age can a retiree start receiving Social Security benefits?

Answer: To receive full benefits, a retiree becomes eligible at age sixty five. A retiree can apply for benefits at age sixty two but will receive only partial payments.

Question: What are the advantages of taking Social Security benefits at age sixty two?

Answer: You will receive the benefits for a longer period of time.

Question: What is the disadvantage?

Answer: If you decide to take your benefits early, you will receive reduced payments from that time permanently.

Question: Can I continue to work past retirement age?

Answer: Yes. If you decide to work past sixty five and not apply for Social Security until you do retire, your monthly benefits will increase.

Question: Can I work and still collect Social Security benefits?

Answer: Yes. You can continue to work and collect full benefits but your benefits may be reduced depending on your income.

Contact your local Social Security office for further information on filing for your benefits.

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