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7 Things to know about social security benefits


There is a lot of misconception and misunderstanding amongst people regarding the social security benefits. Most of us who want to get social security benefits hardly know how one can maximize the benefits. Let’s check out seven things that one should know about social security:

1. Calculation of your social security benefit: The benefit that you receive from social security will be based on your highest 35 years of earnings. The number of years you work will matter. The years you did not work will be counted as 0. Thus, the more years you work and the more you earn, the greater will be your benefit.

2. Primary insurance amount: This is the amount that you would receive when you reach the full retirement age. You should know your primary insurance amount as your calculations for benefits would come from this figure.  You can find this figure from your annual Social Security mailing or by visiting www.ssa.gov.

3. Benefit in case of married couple: If one of the spouse begins taking social security benefits and you're 62 or more of age, you will be able to apply for your own benefit. You should remember that if your spouse receives more than double of your primary insurance amount, then you may be able to apply for a portion of your own benefit as well as a portion of your spouse's benefit.

4. Benefits in case of divorced couple: If you're 62 years of age, were married to someone for 10 years and your ex-spouse starts taking social security benefits, then you would be able to apply for your own benefit. If your primary insurance amount is less than half of your ex-spouse's, you can apply for your own benefit as well as a portion of your ex-spouse's benefit. Multiple divorced spouses will be able to receive the same benefit without decreasing each others benefits.

5. Suspension of benefits: If you're receiving social security benefit after your retirement at 62 and then decide to go back to work, you will be able to suspend your benefits. The additional years that you work will increase your benefit that you'll receive once you start getting the benefit at a later period.

6. Survivor benefits: If you're 60 years old (50 years in case of permanently disabled) and your spouse is deceased, you would be able to qualify for survivor benefits. This benefit would be equal to an "age-reduced portion" of your spouse's benefit. It is same in case of your deceased ex-spouse to whom you were married for at least 10 years.

7. Losing the benefits: If you're working and apply for social security benefits at age 62, you would lose $1 for every $2 that you earn over $14,160. If you apply for benefits after your full retirement, you can earn any amount you want without losing any benefit.

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