Whenever veterans reach their point of retirement, the first thing that comes in their mind is how can their social security play a role as a source of income whenever they retired. Declaring a social security claim is a difficult task to do, since the process can be complicated than what you think. In order to formulate a good retirement income strategy regarding social security, there are a few things that you need to put into considerations. 

1. Determine the age range from which you can claim your benefits, usually this is within the age range of 62 to 70 years old. 

An income credit is earned each and everytime you are going to pay taxes on your social security lumberton nj with your line of work. Qualifications to these benefits vary in the amount of years that you have contributed to the system and mostly at least ten paying years equivalent to forty credits to the social security system. One alternative of qualifying for social security benefit even without any work is being married since spousal benefit is granted to spouses of the social security holder. On the other hand, claiming social security benefits entitled to you can be claimed once you reached age 62 or you can delay it until 70. 

2. The changing full retirement age 

The old social security system has an implemented full retirement benefit was at age 65. Now for those who have not been registered during these provisions, the new age to claim full retirement benefits from social security is at age 66. A two month increase per year is implemented to those who registered much later. And to those who are having a 1960 date of birth can claim their benefits at age 67. Learn more and check it out! 

3. The amount of benefits will depend on the amount of time you have waited. 

Benefit amounts usually depends on the chosen age  of income reception. An example of this is that those who are collecting benefits at age 62 but the full retirement age requirement is 66 will have a significantly lower percentage of benefit. On the other hand, an increase in social security benefit of roughly eight percent per year is granted to those who significantly delay the claims up to the maximum age standard which is 70 years old. 

4. Extra flexibility is given to married couples  as part of spousal benefit. 

In the case of both working spouses, the benefit that they will be able  to receive is based on the history of their individual earnings. Although a choice of basing the benefit of the low earning spouse to the higher one can also be an option for them. Fifty percent is the equal amount of the spousal benefit that can be granted  between spouses enrolled in the system. Be sure to remember that the claim of spousal benefit is just the same as the individual benefit which will dramatically decrease if claimed before full retirement age. For more facts and info regarding social security, you can go to 

5. Benefits you earn may be subject to tax 

According to the Social Security Administration, about one-third of people who receive Social Security have to pay income tax on their benefits. You may want to consult a tax professional to determine what impacts this will have on your overall benefits.