When you become eligible for Social Security, you may have questions concerning your future finances. Our Social Security lawyers are here to help with some of their clients' most commonly asked questions about the .
When can I start collecting Social Security benefits?
The Social Security retirement age is 62. However, if you wait until your full retirement age, your benefit will be greater. If you were born between 1943 and 1954, your full retirement age is 66.
Can I collect full Social Security if I am still working?
If you are at full retirement age, there is no limit to how much you can work and earn. These earnings will not prevent you from collecting your full Social Security benefits.
If you are younger than full retirement age, you may still receive all your Social Security benefits as long as your earnings are under the annual limit. This limit can change over time and for the most up-to-date information, you should check with the(SSA).
If you have earned more than your designated limit—don't worry. For certain earning thresholds, additional income is added to your future Social Security benefits. If this happens you will receive a letter in the mail informing you on the change. In the meantime, until you reach full retirement age, you will also have decreased benefits for as long as you are over-earning.
Will my wages be taxed if I work and collect Social Security?
All wage-earners are subject to taxes, regardless of age or if you are also collecting Social Security checks.
Will my Social Security benefits be taxed?
In the state of Michigan, benefits from Social Security are exempt from taxation.
What counts as wages or earnings for Social Security?
Social Security earnings include bonuses, commissions, and severance pay. Some non-examples of wages include investment income, pensions, and inheritances. For a complete list, check out the website for the Social Security Administration.
Will my earnings affect my Medicare benefits?
If you are at full retirement age, your Medicare benefits will not be affected by your earnings. We encourage you to use the Social Security benefits calculator provided by the SSA and to schedule an appointment with a Social Security attorney near you.
How much Social Security will I get when I retire?
When you retire, you will receive a statement from Social Security estimating your future benefits. Be sure to check this information against your own financial records to confirm that your benefit estimation is accurate. The statement will arrive three months before the birthday you reach full retirement age.
If you are not near retirement age, but would still like to check your benefit amount, feel free to use the Social Security calculator from the SSA.
If you have any questions regarding your Social Security eligibility, contact one of our experienced attorneys. We can help you fill out your Social Security application so you receive the financial help you deserve.
The East Lansing Social Security attorneys at Foster & Harmon P.C. are dedicated to helping you create an estate plan and receive full Social Security benefits. For more information regarding Social Security or estate planning, give us a call at (517) 337-4600.