April 17, 2013
The laws surrounding how Social Security Benefits are distributed are quite complex. These complexities can often lead to citizens becoming confused about the regulations of the program, which can lead to misinformation being spread. An article in The Wall Street Journal recently discussed and put to rest five common misconceptions people have about the way Social Security is distributed.
One of the most common errors is that many believe the amount they will receive in benefits is based off their last ten-years of work. This simply isn’t true. In fact, payments are based on an individual’s best 35-years of work history and are adjusted for inflation rates.
Many also believe they must die before their family can collect their Social Security benefits; however, family members may be eligible to collect benefits at the time the a worker beings receiving benefits.
Another common myth is that if a recipient works and earns more than $15,000 while receiving Social Security, their payments will cease. A person who is over full retirement age can work and collect income at no penalty for up to $15, 120. For every $2 earned after that, and individual only loses $1 of benefits. This means an individual would need to be making around $50,000 to lose their benefits.
The Social Security Attorneys with Fleschner, Stark, Tanoos & Newlin are knowledgeable in the many laws surrounding Social Security and may be able to help if you are considering applying for benefits.
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