Frequently Asked Questions on Your Social Security Benefits
Written by Kasey Ng   


1. How much can I expect to get in Social Security benefits?
The amount of Social Security benefits that you will receive does not depend on how much you need, but rather based on how much you earn before you retire. It is usually calculated as the average of the highest 35 years of your earnings.

2. Who is eligible to collect Social Security benefits?
Most Americans are eligible to collect social security benefits. The most important criteria that needs to be satisfied is that a worker has to have at least ten years of working history before he or she retire in order to claim the benefits.

3. Can I collect more than one type of benefit at the same time?
You are not allowed to claim more than one benefit at the same time. For example, you can’t claim your social security benefit and the spousal benefit simultaneously, even if you are eligible for both.

4. Can I still work while I am collecting Social Security benefit?
It is fine if you do that. In fact, many people are doing so that there is another income source to supplement their living standard. However, your benefit will be reduced proportionally with the income you earn while you are in retirement. The general rule of thumb is that for every two dollars you earn from work, you lose one dollar of your Social Security benefit.

5. When can I start collecting Social Security benefit?
You are allowed to claim social security benefit as long as you are in age 62. However, your benefit will permanently be reduced if you claim the benefit between age 62 and age 65. On the other hand, if you delay receiving your benefit after age 65, you will receive higher benefit. Notice that the most you can delay your benefit is when you reach age 70. Read When Should You Start Collecting Social Security Benefits for further details.

6. Do I still need to pay Social Security if I work while I am receiving Social Security benefit?
Yes. You need to pay social security whether you are receiving the benefit or not. It is required by law.

7. Do I need to pay taxes for my Social Security benefit?
The answer depends on whether your combined income above certain limit. If yes, then you have to pay for taxes on your benefit. For example, for married filer, combined income above $35,000 will make your benefit become taxable. However, if social security is your only income source, then you probably do not need to pay taxes. Read Taxes on Social Security Benefits  for more details.

8. Can I claim spousal benefit if I am divorced?
You still can claim the spousal benefit even if you are divorced. However, to obtain the benefit the marriage needed to last at least ten years, and you are still single. The Social Security Spousal Benefits article has more information on this topic.

9. Who can qualify for Social Security disability benefits?
Generally, a worker can claim the benefits if:
  • insured for disability;
  • under age 65;
  • been disabled or expected to be disabled for at least 12 months; or
  • has filed an application for benefits and completed a five month waiting period.
10. How long do the disability payments last?
Your disability benefits generally continue for as long as your impairment has not medically improved and you cannot work. They will not necessarily continue indefinitely, however.



 
Last Updated on Wednesday, 22 December 2010 06:12