By Erin Thompson, Public Affairs Specialist in Toledo, OH
Guest Column
Question:
I’m planning to retire next year. I served in the Navy back in the 1960s and need to make sure I get credit for my military service. What do I need to do?
Answer:
You don’t need to do anything to apply for the special credit for your military service—it is added automatically. For service between 1957 and 1967, we will add the extra credits to your record at the time you apply for Social Security benefits. For service between 1968 and 2001, those extra military service credits have already been added to your record. So you can rest assured that we have you covered. Read our online publication, Military Service and Social Security, at www.socialsecurity.gov/pubs/10017.html. Then when the time comes to apply for retirement, you can do it conveniently and easily at www.socialsecurity.gov/retireonline.
Question:
I have never worked but my spouse has. What will my benefits be?
Answer
Answer:
You can be entitled to as much as one-half of your spouse’s benefit amount when you reach full retirement age. If you decide to receive Social Security retirement benefits before you reach full retirement age, the amount of your benefit is reduced. The amount of reduction depends on when you will reach full retirement age. For example, if your full retirement age is 66, you can get 35 percent of your spouse’s unreduced benefit at age 62 (a permanent reduction); if your full retirement age is 67, you can get 32.5 percent of your spouse’s unreduced benefit at age 62 (a permanent reduction).
The amount of your benefit increases if your entitlement begins at a later age, up to the maximum of 50 percent at full retirement age. However, if you are taking care of a child who is under age 16 or who gets Social Security disability benefits on your spouse’s record, you get the full spouse’s benefits, regardless of your age. Learn more about retirement benefits at www.socialsecurity.gov/retirement.
Question:
I worked the first half of the year, but plan to retire this month. Will Social Security count the amount I earn for this year when I retire?
Answer:
Yes. If you retire mid-year, we count your earnings for the entire year. We have a special “earnings test” rule we apply to annual earnings, usually in the first year of retirement. Under this rule, you get a full payment for any whole month we consider you retired regardless of your yearly earnings. We consider you retired during any month your earnings are below the monthly earnings limit, or if you have not performed substantial services in self-employment. We do not consider income earned, beginning with the month you reach full retirement age. Learn more about the earnings test rule atwww.socialsecurity.gov/retire2/rule.htm.
Question:
I’m trying to figure out the best time to retire based on my future earnings. How can I calculate my own retirement benefit estimate?
Answer:
We suggest you use our Retirement Estimator at www.socialsecurity.gov/estimator. Our Retirement Estimator produces estimates based on your actual Social Security earnings record, so it’s a personalized, instant picture of your future estimated benefit. Also, you can use it to test different retirement scenarios based on what age you decide to start benefits. For example, you can find out your estimated monthly payments if you retire at age 62, 70, or any age in between. Try it out now at www.socialsecurity.gov/estimator.
Question:
Is it true that ten thousand people are retiring each day? What is the best way for me to apply and avoid long lines in my Social Security office?
Answer:
Yes. The best way is to use our online retirement application at www.socialsecurity.gov. You can complete it in as little as 15 minutes. It’s so easy. You can apply from the comfort of your home or office at a time most convenient for you. Once you’ve electronically submitted your application, you’re done. In most cases, there’s no need to submit any documents. There’s also no need to drive to a local Social Security office or wait for an appointment with a Social Security representative.