For many, Social Security benefits are an important source of income, particularly as they grow older. Often, we are asked what Social Security benefit amounts might be at a certain age. It’s an understandable question to ask. Many people want to be able to plan and budget, particularly if they are on a fixed income, and perhaps unable to work and earn money as they used to. Knowing roughly what you will receive and when can be quite helpful.
A Closer Look At Various Types Of Benefits
As many know, there are various types of Social Security benefits available, depending upon the circumstances of a particular individual. There are Social Security benefits intended for those of retirement age, and Social Security disability benefits intended for those who are disabled. How much you might receive at age 62, or any other age, is dependent upon a variety of factors. Let’s take a closer look at the various types of benefits:
Social Security Retirement Benefits:
Generally, Social Security retirement benefits are based on lifetime earnings from work through which an individual paid Social Security taxes. For the most part, a higher income, and thus more money paid into the system, will translate to a bigger benefit amount, up to a certain point. In addition, the amount that an individual receives is also often modified by other factors, in particular, the age at which benefits are claimed.
Typically, an individual will qualify for the “maximum benefit amount” when they reach “full retirement age” – which is a certain specified age determined by the Social Security Administration. For those born in 1956 or before, full retirement age is considered 66 and 4 months, and gradually rising to 67 for those born in 1960 or later. In 2022, the “maximum benefit amount,” which is the most that an individual retiree can get, is about $3,345 a month at full retirement age, although this amount may change from year to year depending upon calculations and factors considered by the Social Security Administration.
For the most part, the only way to know one’s retirement amount for certain is to complete the application and receive the actual amount. However, there are often Social Security benefit calculators available that can provide a rough estimate, in addition to checking one’s online Social Security account. This typically provides information about earnings on file with the Social Security Administration, and the basis upon which benefits are calculated.
Social Security Disability and Supplemental Security Income Benefits:
In contrast to retirement benefits, Social Security Disability Insurance (SSDI) benefits and Supplemental Security Income (SSI) benefits which are received based on having a disability and not necessarily on age are not determined in the same way. These benefits will be determined based on the disability involved, whether or not the individual applying has worked a qualifying job for a sufficient length of time that paid into the Social Security system, and what income and resources that particular individual has, among other factors.
For those who are receiving SSDI benefits, it is also important to keep in mind that the benefit amount will change to Social Security retirement benefits at the appropriate time, as generally, individuals cannot collect both simultaneously. There is usually nothing in particular that a recipient needs to do to ensure that this change occurs – it will normally happen at the time you reach the correct age, and you will continue to receive a monthly check as usual.
Unlike SSDI payments, SSI payments do not automatically convert to Social Security retirement benefits upon reaching retirement age. Often, the Social Security Administration can force those receiving SSI benefits to apply for early retirement benefits at age 62, instead of waiting for full retirement age. This may happen if the individual did not work enough to qualify for SSDI benefits but did work enough to qualify for a small amount of retirement benefits. Ultimately, however, the overall monthly benefit amount will not generally decrease.
While this general information about potential benefit amounts is intended to be helpful, it is certainly no substitute for advice from knowledgeable and experienced legal counsel tailored to your unique circumstances. Every person and each situation is different, and as a result, it is always essential to contact an attorney who can guide you through any legal process to be sure that you are pursuing your full rights under the law. At London Disability, we’re here for you.
London Disability – Here For You
Like any legal matter, the processes surrounding Social Security benefits can be complex. Sometimes, you simply need the added benefit of knowledge and expertise on your side, to reduce stress and to ensure that you pursue every benefit you might be entitled to. At London Disability, that’s what we’re here for. Our talented, knowledgeable, and experienced team is here to help you through every step of the process. We understand the law, and we know the best strategies to pursue on your behalf. Wherever you are in the process, we’ll meet you there, and we’ll help you to move forward. If you’re ready to get started, we’re here for you. Give us a call today. We look forward to speaking with you soon.