Retirement Benefits

SSD Retirement Benefits

For millions of American seniors, obtaining Social Security retirement benefits can mean the difference between enjoying their twilight years in relative comfort and struggling to make ends meet on a daily basis. In either case, securing the help of an experienced benefits attorney could greatly speed up the process and alleviate any unnecessary stress involved. The Kenton Koszdin Law Office can help you, or a loved one, navigate the increasingly complex application process surrounding Social Security retirement benefits. Whether you are looking to retire early and capitalize on your taxed income immediately or plan to maximize the full retirement package, the Kenton Koszdin Law Office can provide superior guidance along the way.

To learn more about how our knowledgeable team can assist you in your retirement and increase your potential benefits package, please contact our office at (800) 438-7734.

Social Security – By the Numbers

Established in 1935 as part of Franklin Delano Roosevelt’s Second New Deal, Social Security was implemented to help the labor force of the future cash in on their years of dedicated hard work. Almost 80 years later, Social Security is one the biggest federally funded social reform programs in America. Today, over 60 million people receive benefits through Social Security, with over 50 percent of retirees needing it to supplement almost all of their monthly income. Social Security benefits for retirees are calculated using three main criteria:

  1. Number of “Years” Worked
    In truth, the Social Security Administration (SSA) operates on a system of credits. Each credit corresponds to the amount of income earned while employed; for citizens looking to receive retirement benefits, they will need to have accumulated 40 credits during their careers and be born after 1929. In 2014, in order to earn one credit, an individual will have to earn over $1200 of taxable income. While most people will earn far more credits in their lifetime than needed to apply for benefits, this will not increase the final amount awarded.
  2. Age
    Americans are living longer each year and as a result the SSA now factors age on a sliding scale rather than a fixed date. Previously, early retirement was defined as 62 years old and full retirement as 65 – with early retirement netting an individual less each month rather than holding out for full retirement. While early retirement remains the same age, full retirement has shifted. If you were born between 1943 and 1960 the age of full retirement increases with each year – maxing out at 67 if you were born after 1960.
  3. Earned Income
    Quite simply, how much money you made in your lifetime. While the credit system qualifies an individual for retirement, the amount of money yielded from the 6.2 percent Social Security tax each pay period defines how much an individual will earn at full retirement. The theory being, the more money you put in now, the more you’ll benefit from later.

Retirement Accounts and Effects on SSDI Payments

If you become disabled, your Social Security Disability Insurance (SSDI) benefits may not be enough to allow you to live comfortably. In such a case, you may want to make withdrawals from an individual retirement account to help you make ends meet.

Many people wonder if tapping into retirement funds will affect their SSDI payments. The complicated answer to this question depends on several variables, including what type of Social Security benefits you are receiving. For a complete and understandable answer to this question, you need to consult an experienced disability attorney.

Kenton Koszdin Law Office in Van Nuys has represented Social Security clients for over 15 years. We are passionate about the rights of the disabled and their ability to live a fulfilling life.

Contact our office today at (800) 438-7734 for a free, comprehensive consultation.

SSDI and Retirement Funds

If you have worked and earned the required SSDI credits for your age, you can collect disability benefits while still earning an income. But, the amount of your benefits may be affected. IRA retirement withdrawals do not count as taxable income so they shouldn’t affect the amount of your SSDI benefits.

Supplemental Security Income and Retirement Funds

If you become disabled but haven’t earned the required amount of SSDI credits for your age, you may still qualify for Supplemental Security Income (SSI). SSI benefits pay less per month than SSDI benefits. Because SSI benefits are based on financial needs, withdrawals from a retirement account can reduce your SSI benefit.

Don’t Try to File an SSDI Claim on Your Own

In general, any income you earn can affect the SSDI benefits you are eligible to receive. All Social Security statutes are constantly being amended and changed. For this reason, it is vital that you get representation from an experienced Social Security attorney. A skilled Social Security lawyer can advise you in how to get the maximum benefits per your situation. Kenton Koszdin Law Office is thoroughly knowledgeable of current Social Security laws. We can present a complete and competent case to the Social Security Administration on your behalf.

As in all interactions with a government agency, filing an SSDI claim with the SSA is rife with bureaucracy and can be a long, drawn out process. This can result in long waits for benefits while your income is gone or drastically reduced. This may be a time when you are also facing mounting medical bills and expenses. The experienced legal team at the Kenton Koszdin Law Office can speed up the SSDI claims process and get you a just settlement so that you can get on with your life.

Koszdin Law Office has successfully represented Southern California SSDI clients for over 15 years. If you are unable to come in to our office, we will come to your home or hospital room. For the sake of your future, call us. Call our offices today at (800) 438-7734 to schedule a free consultation.

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