Social Security is as American as baseball and apple pie. Not everyone likes apples or baseball games, but almost every American who reaches retirement age will receive Social Security retirement benefits. In fact, 96 percent of Americans are covered by Social Security.
If you’re ready to retire in the near future, this article is for you. We’d like to share with you a few important items about Social Security retirement benefits and how to apply for them.
When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. If you were born in 1929 or later, you need 40 credits (10 years of work) to qualify for retirement benefits.
To qualify for retirement benefits, 10 years is the minimum. However, the amount of your benefit is determined by how long you work and how much you earn. Higher lifetime earnings result in higher benefits. If there were some years when you did not work or had low earnings, your benefit amount may be lower than if you had worked steadily or earned more.
Also, your age when you retire makes a difference in your benefit amount. The full retirement age (the age at which full retirement benefits are payable) has been gradually rising from age 65 to age 67.
You can retire as early as age 62, but if benefits start before you reach your full retirement age, your monthly payment is reduced.
Find out what your full retirement age is by referring to the convenient chart in our publication, Retirement Benefits, at www.socialsecurity.gov/pubs/10035.html. It’s in the second section.
Just as you can choose an early retirement and get a reduced payment, you also can choose to keep working beyond your full retirement age to take advantage of a larger payment. Your benefit will increase automatically by a certain percentage from the time you reach your full retirement age until you start receiving your benefits or until you reach age 70.
The decision of when to retire is an individual one and depends on a number of personal factors.
To help you weigh the factors, we suggest you read our online fact sheet, When To Start Receiving Retirement Benefits, available at www.socialsecurity.gov/pubs/10147.html.
You may want to consider your options by using our Retirement Estimator to get instant, personalized estimates of future benefits. You can plug in different retirement ages and scenarios to help you make a more informed retirement decision.
Try it out at www.socialsecurity.gov/estimator.
When you decide to retire, the easiest and most convenient way to do it is right from the comfort of your home or office computer.
Go to www.social
security.gov where you can apply for retirement benefits in as little as 15 minutes. In most cases, there are no forms to sign or documents to send; once you submit your electronic application, that’s it!
In addition to using our award-winning website, you can call our nationwide toll-free number at 1-800-772-1213 (TTY, 1-800-325-0778), call the Terre Haute office at 1-866-635-0282, or visit the Social Security office nearest you.
To learn more, read our publication, Retirement Benefits, at www.socialsecurity.
gov/pubs/10035.html.
Business
SOCIAL SECURITY: Benefits await most at retirement age
- Business
-
- RESTAURANT INSPECTIONS: May 21, 2012
-
EYE ON THE PIE: Use to be close tie between output, employment
Crusty Crawford joined our lunch table with a pronouncement. “We’ve always assumed a close tie between output and employment,” he said. No one responded.
-
Employer opinions sought on students
A joint venture between Ready Indiana and the Indiana Department of Education is seeking employer input that will impact how Hoosier high school students are equipped for the workforce.
-
Carlisle prison marks 20th anniversary
2012 marks the 20th year of service for the Wabash Valley Correctional Facility, going on line with its first offenders Dec. 10, 1992.
-
SOCIAL SECURITY: Why young workers should care about Social Security
Summer will be here before we know it.
-
BUSINESS CENTS: Does your staff understand pricing?
Many companies feel as though their staff will follow instructions and implement price strategies as instructed.
-
Valley Child Development Center receives grant
Valley Child Development Center has been awarded a $5,000 grant from the Terre Haute Day Nursery Foundation through the Wabash Valley Community Foundation.
-
Exec offers advice on becoming startup entrepreneur
Sam Clemens, chief product officer of Cambridge, Mass., startup company Insight Squared, gave Rose-Hulman Institute of Technology students insight on how to develop a startup business.
-
Newsmakers: May 20, 2012
Leland Phipps, family practice physician at Paris Community Hospital/Family Medical Center, has been re-elected to membership with the American Academy of Family Physicians.
-
Alumna to serve as VP for Rose-Hulman Ventures
Rose-Hulman Institute of Technology alumna Elizabeth M. Hagerman is returning to her alma mater to serve as vice president for Rose-Hulman Ventures, the institute’s successful innovation space that has spawned careers and entrepreneurial enterprises throughout Indiana.
-
Summer Sidewalk Sale set
Marshall Main Street’s Downtown Summer Sidewalk Sale is planned from 8 a.m. to 2 p.m. June 9.
-
Oil drops to lowest level in 6 months
The price of oil dropped to a six-month low Tuesday on concern that economic uncertainty in Europe could hurt demand for crude.
-
Adidas initiative: ISU students develop business improvement process at facility
As Indiana State University students cruised Interstate 70 on Friday afternoons from Terre Haute to Indianapolis, they were looking forward to reaching their destination.
-
BUSINESS BRIEFLY: May 13, 2012
An evening of networking and education for Clark, Crawford and Edgar counties regarding branding, marketing and tourism development opportunities is planned for 6:30 p.m. May 21 at the Heath Museum on the square in downtown Robinson.
-
Wendy’s partners with Riley Hospital
For just $2, customers at participating Wendy’s restaurants in the Evansville/Terre Haute area can get free Jr. Frosty desserts through Dec. 31 while supporting Riley Hospital for Children at Indiana University Health.
-
Marshall Chamber to stage annual golf outing
The Marshall (Ill.) Chamber of Commerce invites golfers to its annual golf outing scheduled for June 8 at the Marshall Golf Course.
-
ON THE MOVE: May 13, 2012
McKenze Rogers has joined Williams Randall as an account supervisor.
-
Seminar teaches seniors to fight fraud
The Federal Trade Commission estimates that 25 million Americans are victims of consumer fraud each year.
-
EYE ON THE PIE: Economic tools for consumers, workers, business owners, officials
My friend is a carpenter. He has two heavy boxes of tools and several other containers with stuff.
-
SOCIAL SECURITY: Potential Medicare savings for mom
Given the current economic climate, buying a nice gift for Mother’s Day may be more difficult than in years past.
-
‘Best Places to Work’ honored at banquet
Companies raising the bar with their workplace practices were recognized on May 3 at the Indiana Roof Ballroom by the Indiana Chamber of Commerce.
-
NEWSMAKERS: May 13, 2012
Susi Willis, CPA and partner in Larsson Woodyard & Henson, LLP, was recently presented with the Distinguished Service Award by the Indiana CPA Society at its annual CPA Celebration at the Indiana Roof Ballroom in Indianapolis.
-
Indiana Rail Road wins Family-Friendly Award
The Indiana Rail Road Co. has won the Terre Haute Chamber of Commerce’s “Family-Friendly Business Award” for 2012 based on the company’s highly successful employee wellness program.
-
Government cuts summer gasoline price forecast
The government says gasoline will be cheaper this summer than previously expected thanks to a drop in the price of oil.
-
Mall operator becomes biggest real estate company
The nation’s largest shopping mall operator is now also the country’s largest real estate company.
-
Dealership to celebrate first year
The 500 Automotive Group in Clinton will celebrate its first year in business with an big birthday bash at the dealership on Friday and Saturday.
-
EYE ON THE PIE: Compensation levels did not cause the recession
America is still fascinated with “The Price is Right.”
-
Old National begins year with strong first quarter
Old National Bancorp reported 1st quarter net income of $21.7 million, or $0.23 per share.
-
Enroll in disaster preparedness class
The University of Illinois Extension is offering a disaster preparedness course on May 23 for Clark, Crawford and Edgar county businesses called Ready Business.
-
Newsmakers: May 6, 2012
• Dr. Haytham Mansour
• Terre Haute Regional Hospital
- More Business Headlines
50 Years Later, Underground Fire Still Burning
NJ Man Charged With Murder in Death of Patz
Dragon Arrives at Space Station in Historic 1st
Police: Gunman Has Hostages in Realty Office
Passenger Restrained on Flight to Miami Arrested
Beer Here!: An Historic Exhibit
Support, Fun for Kids of Fallen Soldiers at Camp
Raw Video: Unruly Passenger Restrained in Miami
Fugitive Penguin Caught, Returned to Aquarium
Light Show Transforms Sydney Opera House
Raw Video: Robber Uses Drive-thru Window
Raw Video: Dragon Arrives at Space Station
Calif.'s Coronado Named Nation's Best Beach
Texan Ranchers Remain Wary of Drought
Raw Video: SpaceX Capsule's Docking Delayed
Sudden Storm Topples Wisconsin Trees
Raw Video: Toddler Trapped in Washing Machine
Vegas Grocer Deported to Face War Crimes Charges
Stuntman Makes Skydive Without Parachute in UK
Raw Video: Wildfire Burns 110 Square Miles
Kristen Stewart Is Red Hot
Shark Attacks Australian Fishing Boat
Bradley out for playoffs
Kayaker Survives Trip Over Washington Waterfall
Alison Brie Likes To Jog Naked
Heidi Klum Goes Sheer
Alton's Best Burger Ever
Ellie Kemper's Stripper Surprise on 'Ellen'
Maddie the Balancing Dog On Cross-Country Trip
Crawford's Sexy Leather Look
Boys eyes 'removed with spoon'
Raw Video: Fight Erupts in Ukrainian Parliament
"Twilight" Stars Caught Kissing
Etan Patz Case: Suspect Arrested
Britney's Hot Pink Mini-Dress
Wrongfully accused rapist exonerated after 5 years in jail
Actress to Play Casey Anthony
Hurricane Forecast: 15 Named Storms Expected
Prince William on The Queen: 'Woman in Man's World'
