The Social Security Administration's Role in Your Retirement

The Social Security Administration is an independent5.5% to 8% increase depending on when you were
agency of the US government, which is responsible forborn. If you wait until the age of 75, there is an even
administering Social Security, an insurance programbigger increase. You can visit the Social Security
that handles retirement, disability, and survivors'Administration website for more information regarding
benefits. Its headquarters is in Woodlawn, Maryland,this increase for full and late retirement.
known as the central office.Making the decision on when to claim your retirement
When is the best time to claim retirement?benefit may be based on a few key factors. Are you
One of the insurance services the Social Securitystill working? Many people who are already in the early
Administration handles is retirement benefits for itsretirement age still choose to work. If you are still
members. Deciding on when to make a retirementinterested in maintaining some form of gainful
claim may be an important decision for some people.employment even after the age of 62, then you may
For many elderly people, their Social Securitywant to delay claiming your retirement benefit until that
retirement benefits will dictate what kind of lifestyleage when you may really need it.
they will have on their retirement. Some elderly peopleYou may also need to consider the state of your
who have not saved up enough for a morehealth during the time that you would like to claim your
comfortable retirement depend on their social securityretirement benefit. If you suffer from a medical
checks to provide for them during their retirementcondition or spend a lot of time in and out of the
years.hospital, then it may not be a very practical thing to do
There are three options available for members into delay claiming retirement. You may even use this to
claiming retirement benefits from the Social Securitysupplement your funds for medical support.
Administration.Are you married, and would your spouse need financial
Early Retirementsupport? If your spouse has not made substantial
Early retirement benefits can be claimed at age 62.contributions to the Social Security Administration to
Many elderly people do not want to wait beyond thisensure him/her sufficient retirement benefits, you may
age because of many reasons. Some may alreadywant to delay claiming yours up to the full retirement
have a disease or sickness that prevents them fromage to make sure that you both have enough money
looking forward to an older age. Some already needto supplement your income when you will need it most.
the monthly benefit to support their monthly needsWhatever your reasons for claiming your retirement
since they have already stopped working. Some justbenefit, and whatever time you decide to claim it,
do not see the point of waiting longer.consult the Social Security Administration website to
Claiming your social security retirement benefit at theget an idea of what you are expecting. If you need
age of 62 reduces the amount of benefits you canlegal advice regarding the matter, many lawyers
get by about 20% to 30%, depending on when youspecialize in that area who are willing to give you the
were born.right advice that you need.
Full and Late RetirementFor social security issues such as retirement benefits,
The full retirement age is 70 years old, at which point,you can seek the assistance of our experienced Los
the Social Security Administration will give you the fullAngeles social security lawyers. You can log on to our
benefit you are entitled to, and even get betweenwebsite and avail of our free case analysis.