Social Security 5 Smart Ways to Get More Benefits, If you are relying upon your social security benefits, then it is extremely important that you gain as much knowledge as you can. The reason is that lack of knowledge of how this program works can end up losing a huge amount. There are many people who make the biggest mistakes and this cost those losing hundreds and even thousands of dollars.
The social security topic is not easy to understand and definitely is a comprehensive program. You must not even hesitate to take the assistance of the professionals. Here are a few ways by which you can get more amounts from the SS program.
Social Security 5 Smart Ways to Get More Benefits
Explore the different benefits for which you may qualify
There are many people who unintentionally get unaware of the benefits for which they may qualify. Some people apply too late and some even don’t for particular types of benefits for which they qualify. They think such benefits don’t exist or are unaware of them.
This happens when a child or spouse is not living with the worker after separation, death, or divorce for a long time. Divorce spouses can available benefits if they are 62 and married for the full 10 years to the worker, but currently not married.
There are many spouses who are divorced and believe that they do not qualify for the benefit; receiving these benefits does not also reduce the worker’s own benefit. In fact, the spouse who is divorced now for 2 full years can still apply for the benefits on the record of the worker’s spouse even if he has not applied for the benefits yet.
As long as the age is 62 and the spouse is not remarried he or she is still qualified for the SS retirement benefits. If you are surviving spouse whose age is at least 60 can apply for the benefits on the deceased record if you are married the deceased for at least 9 months, even if he died at a young age or many years earlier.
Must Read: How Are Social Security Benefits Calculated
Minor children and the ones who are disabled before 22 years of age can receive benefits on their parent’s records. In case the parents are not legally married, parents who are divorced or died and have enough earnings. In such cases, if the child qualifies according to the SS guidelines can receive benefits.
Apply after Retirement Age
This is the one way that is going to surely go to increase the amount of your social security. When you reach the full retirement age, you are still qualified to gain your full social security retirement benefits and earn from your work as well.
This is absolutely true if you apply for the benefits after a bit of delay the benefits are going to increase automatically. The amount may increase up to 8% every year and delay up to 70 years. The longer you are going to delay your benefits the higher is going to be the amount.
You must Apply for the Benefits Timely
When you reach the time to receive spouse or retirement benefit, the first month is the month when your application was filed, some people also apply after they reach their full age of retirement. If this is the case then the fund is paid back if you do not apply until 6 months after you reach the full age of retirement. This 6-month limit also applies to most of the other retroactive SS benefits.
Social security disability includes pay up to 12 months after you submit your application. The conclusion is that you must apply for the benefits timely to meet all the requirements and receive the benefits.
Keep on Verifying your Record of Earnings
Social security perks are totally based upon the records of the earnings of the worker. In case there are no reports of your earnings or missing earnings, then this can cut down your SS benefit of yours and you can lose the benefit of thousands of dollars.
The most common mistake that people make is the incorrect reporting about their wages and failure to inform the administration about their self-employment earnings. Another thing that people do is incorrectly report their wages because the number or name they are using as an SS number does not match the information on the social security card.
To get credits for your earnings you must verify every single record and information even your name. You must fill out the W-2 and not 1099 which some people do to avoid paying their SS taxes, which means their employees will have to report their pay as the income from self-employment and for which they will have to pay higher taxes to get credits.
You must not destroy the W-2 forms and the tax returns until you verify that the records are correctly posted. You must check and verify all your information once every year. This way you will be able to make all the important corrections.
Check your Dues
When one has not attained their full age of retirement, there is a limit of earnings that workers are allowed to earn every year while receiving SS benefits. In case you increase this limit but not much then you qualify for the due benefits, especially later in the month.
For instance, let’s say that you are earning six thousand dollars over the limit that is allowed. Three thousand dollars which is the half amount and is to be withheld from the initial benefits payable for the year.
In case the monthly amount is thousand dollars, then the first couple of months of the SS benefits will be withheld, but still, the worker will receive the remaining amount for every month in the year. This is the reason why you must be applying early before you reach your full age of retirement, benefits are going to reduce permanently, but you will receive the increase after you reach the full retirement age for all those months which were withheld while you were working.