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GermanLawGroup

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

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Home » Social Security Benefits FAQs

Social Security Benefits FAQs

    • What is the Social Security Retirement System?

    • The Social Security Retirement system has been around since the 1930s and is based on contributions workers make into the system. While you are employed, you pay into Social Security and then you receive benefits later, when it’s your turn to retire. On your paycheck, the contributions will appear as the Federal Insurance Contributions Act (FICA) taxes.

    • How are Social Security Retirement benefits calculated?

    • To qualify for Social Security benefits when you retire you must accumulate sufficient credits, based on your earnings, over the course of your working years. The amount you need to earn to accumulate a credit has increased over the years to keep up with inflation. For 2022, you get one credit for every $1,510 you earn, up to a limit of four credits per year. Once a credit is earned it remains on your record forever. If you were born after 1929, you need 40 credits to receive Social Security retirement benefits.

    • Can I get Social Security Retirement benefits if I am a widow/widower?

    • Yes. You may be eligible for retirement benefits based on your spouse’s work history if you are a widow or widower. The earliest you can start survivor benefits is age 60. If you also qualify for benefits based on your own work record, you can switch to those benefits if they are higher after you reach age 62.

    • Can I get Social Security Retirement benefits based on my ex-spouse’s work history?

    • Yes. You may be eligible to receive Social Security Retirement benefits based on the work history of your ex-spouse if you were married for at least ten years, you are not now married, and you are at least 62 years old. If your own benefit amount would be higher, you will receive your own benefits; however, if you would receive a higher benefit based on your ex-spouse’s work history you are entitled to that amount.

    • When can I start getting Social Security Retirement benefits?

    • The soonest you can start receiving payouts from Social Security Retirement is age 62 and the latest is age 70; however, you may choose to begin anywhere in that eight-year span. The longer you wait to start getting payments the more your monthly payments will be when you start receiving them and they will stay that amount forever. Conversely, if you start taking your benefits earlier, your monthly payment will be less for the rest of your life.

    • How does retiring early or late impact my benefits?

    • Starting your benefits early or late will significantly impact how much you receive each month. If you start your benefits early (prior to age 66 or 67 for those born after 1960), Social Security reduces the monthly payment by 5/9 of 1 percent for each month before full retirement age, up to 36 months, and 5/12 of 1 percent for each additional month. By way of example, if you were born in 1960, meaning you will turn 62 in 2022, your retirement benefit amount would be reduced by 30 percent if you retire early at age 62. Conversely, your retirement benefit amount is increased by eight percent for every year you delay receiving benefits, up to age 70. For most people, that means your benefit amount could be increased by 24 percent by retiring at age 70 instead of age 67.

    • Can I find out how much I have paid in Social Security?

    • Yes. You can find out how much you have paid to date as well as get an estimate of what your benefit will be by navigating to the Social Security Administration’s website. You can access information showing how much you have paid into Social Security Retirement every year as well as use the Retirement Estimator tool to get an idea what your retirement benefit will be when you retire.

    • How does retirement planning fit into my estate plan?

    • Throughout your working years, your retirement plan and your estate plan may have been separate plans. As you near retirement age, however, those two plans should be merged to ensure that they work in harmony with one another. When you retire, your income will undoubtedly change. Knowing how much to expect from Social Security is an important part of budgeting for retirement and may impact what you decide to do with other assets as you near retirement age.

    • How do I apply for Social Security Retirement benefits?

    • The easiest way to apply for benefits is online through the Social Security Administration website. You can also apply by phone by calling 1-800-772-1213 or by contacting your nearest SSA field office.

You may be counting on Social Security retirement benefits to fund some, or all, of your retirement. If so, you may have questions about those benefits, including how much you will receive and when to start collecting your benefits. To make sure you are prepared, those questions should be answered long before you head into your retirement years. Toward that end, the retirement planning attorneys at German Law | Wealth provide answers to some frequently asked questions about Social Security retirement benefits. If you have additional questions or concerns, please feel free to contact our office to schedule an appointment.

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TESTIMONIALS

Client Review
August 24, 2020
    

Needed to come in to get specific advice for our needs. The attorney spoke to us in terms we could understand, coming to our level and did not make up feel uncomfortable. They were very considerate and caring. We didn’t feel rushed. We felt like they cared and knew what they were doing.

C.P., Minnesota
Client Review
August 24, 2020
    

We were wonderfully satisfied. Wayne did an outstanding job of explaining, diagramming and answering questions and concerns.

JW & CD, North Dakota
Client Review
August 24, 2020
    

They were courteous, efficient, knowledgeable, and trustworthy.

D.T., Minnesota
Client Review
August 24, 2020
    

Very helpful. Our children and us are are confident in your group.

-Anonymous, Fargo, North Dakota
Client Review
August 24, 2020
    

"Very professional, covered all, expertise, friendly, peace of mind now."

- Anonymous, North Dakota
Client Review
August 24, 2020
    

So much of a client's high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly.

~J.R., Grand Forks, ND
Client Review
August 24, 2020
    

From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. 

~ Deborah Rucinksi, North Dakota 
Client Review
August 24, 2020
    

All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us. 

~Anonymous
Client Review
August 24, 2020
    

Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn.

- Anonymous
Client Review
August 24, 2020
    

This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.

Anthony G., Los Angeles, CA
Client Review
August 24, 2020
    

Everyone at German Law was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn't rush, which is good because a lot of this can be over people's heads.

A.W., Red Lake Falls, MN
Client Review
April 15, 2021
    

Excellent

Very interesting, informative and valuable information and ideas.

Valuable information.

RP
Client Review
April 15, 2021
    

5 STARS! Thanks for allowing this to be on a webinar! Very interested in this topic.

Great Estate Planning Guide

SD
November 25, 2022
    

John provided very short turn-around time that we needed. He built an amortization schedule that really met our needs. He was responsive and very easy to work with! Quick and easy!

 

Cammy was also very helpful and professional!

November 25, 2022
    

Really Liked it.
Assisted by John Oelke

November 25, 2022
    

Excellent!

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German Law
2650 32nd Avenue South, Suite O
Grand Forks, ND 58201
Phone: (701) 738-0060
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