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USLF Multistate Elder and Retirement Law Handbook - Guide

Retirement Rules For Social Security In Washington

Category:

Family Law - Elder Law

State:

Multi-State

Control #:

US-001HB

Format:

Instant download

Description

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.

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Full retirement age If you were born in 1957 or earlier, you're already eligible for your full Social Security benefit. The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67.

A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.

You need 5 or more years of service to qualify for a retirement with PERS Plan 2. Full retirement age is 65. You can also choose to retire as early as age 55, but your benefit could be reduced depending on your total years of service.

Certain circumstances make it logical to claim benefits as soon as you're eligible. “If you need the income at 62, you are going to claim,” Orman wrote. “Or if you arrive at age 62 in poor health, claiming your benefit early may make sense.”

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.

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.

Those facing financial emergencies, such as a layoff or debt, may benefit from accessing Social Security early. If you retire early and need extra income, Social Security benefits can provide supplemental funds to support your new lifestyle, hobbies or retirement activities.

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The Bipartisan Budget Act of 2015 made some changes to Social Security's laws about filing for retirement and spousal benefits. Retirement plan guides for all Department of Retirement System plans including rules and benefit information for Washington State DRS pension customers.You can apply up to 4 months before you want your retirement benefits to start. Your first step is to request a benefit estimate from DRS. You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding. As the full retirement age goes up, benefits claimed at earlier ages go down. You must submit an online UW Retirement Application within 6 months of your UW separation date and no later than 60 days after the separation date. To get information about filing a claim, telephone 1-800-772-1772 toll-free from anywhere in the State of Washington. Eligibility is always based on work.

Retirement Rules For Social Security In Washington

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