This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.
Retirement Rules For Social Security In Cook
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State:
Multi-State
County:
Cook
Control #:
US-001HB
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FAQ
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
Starting in the month you hit your full retirement age, there is no longer an earnings limit. Your benefits will no longer be reduced regardless of how much income you have. The earnings limit specifically applies to earnings from wages or self-employment.
The earnings limit for people reaching their “full” retirement age in 2025 will increase to $62,160. (We deduct $1 from benefits for each $3 earned over $62,160 until the month the worker turns “full” retirement age.) There is no limit on earnings for workers who are "full" retirement age or older for the entire year.
Some American workers do not qualify for Social Security retirement benefits. Workers who don't accrue the requisite 40 credits (roughly 10 years of employment) are not eligible for Social Security. Some government and railroad employees are not eligible for Social Security.
Once you have decided when you want to start receiving your monthly Social Security benefit, you can apply up to four months before the date you want your benefits to start.
Here are some of the most common reasons for a denial of Social Security benefits: Your monthly income exceeds $940. Your disability will last less than a year. You failed to heed your doctor's instructions.
Documents we may ask for include: Your Social Security card or a record of your number. Your original birth certificate, a copy certified by the issuing agency, or other proof of your age. If you were not born in the U.S., proof of U.S. citizenship or lawful alien status.
Infrequent workers: Individuals who have insufficient earnings to qualify for Social Security, but are not late-arriving immigrants. Non-covered workers: Individuals with sufficient earnings, but who work in non-covered employment (primarily state and local government employees).
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At the end of each year, we'll mail you a Social Security. Benefit Statement (Form SSA-1099) that shows the amount of benefits you received.How your household worker earns credit for Social Security. Our goal is to help you understand your retirement options as an employee of Cook County and to eliminate any anxiety around the process. You're entitled to Social Security retirement benefits if you paid Social Security taxes for 10 years. But not all employers withhold Social Security taxes. The Bipartisan Budget Act of 2015 made some changes to Social Security's laws about filing for retirement and spousal benefits. Line 1 — Social Security and SSI benefits. Withhold and pay social security and Medicare taxes. There is a onemonth lag in benefit payments.