Social Security is a government program that pays people during retirement. People receive Social Security because they no longer work and have paid into the system, usually for many decades. While the benefits are generally enough to pay for basic living needs, they usually are not sufficient to support a person. Even so, the money helps people budget for retirement basics. If you have questions about benefits, contact our Phoenix Social Security disability lawyer.
Our Phoenix Social Security Disability Lawyer Explains: Your Tax Dollars at Work
Social Security deducts a certain amount of money from your paycheck, which your employer matches. You must work for a minimum of 10 years and attain a certain age in order to receive benefits. Social Security determines how much you will receive by averaging your yearly income for 35 years when you earned the most money. The maximum allowable benefit is $2,513, but recipients received an average of $1,229 in 2012 with a yearly increase adjusted for inflation. Ask our Phoenix Social Security disability attorney for further clarification regarding your benefits.
Our Phoenix Social Security Disability Lawyer Shares How Waiting to Retire Can Benefit You
The minimum age for retirement as of 2012 was 62 with full retirement at 67. The longer a person waits to retire, the more money they will receive. Due to depletion of Social Security funds, these ages could change and are expected to increase. You can continue working after age 67 without affecting your benefits. Our Phoenix Social Security disability lawyer can review the exact amount of money you will receive.
Our Phoenix Social Security Disability Lawyer Explains Social Security for the Self-employed
A person who is self-employed needs to pay self-employment tax in lieu of paying Social Security contributions. As of 2012, that amount stood at 12.4 percent of a person’s income. However, the individual might choose to receive some income through dividends. While they will not pay a self-employment tax on this amount, their retirement compensation will be reduced later. Discuss the benefits and disadvantages of which option will be better for you with our Phoenix Social Security disability lawyer. When a self-employed person decides to take early retirement, the Social Security Administration will calculate their benefits. Our Phoenix Social Security disability attorney can help self-employed clients determine how much they will receive in Social Security benefits.
Our Phoenix Social Security Disability Lawyer Explains Why the Future of Retirement Benefits Is Uncertain
The “baby boomer” generation is retiring at an increasing rate, but those who are working and paying into retirement are paying enough into the system to keep up with those who are retiring. This means the system is running low on funds and, within the next 20 years, is expected to only have enough money to pay 75 percent of people the money they are due. In order to counter this problem, the government might raise Social Security taxes, delay retirement ages or combine some of these tactics. Our Phoenix Social Security disability attorney recommends that you look for additional ways to fund your retirement in order to protect yourself.
If you have specific questions about retirement, contact our Phoenix Social Security disability lawyer. You can reach the Schiffman Law Office, P.C., at (602) 235-0539 for further help.