Social Security
In planning your retirement you will need to take into account Social
Security benefits. Basic information regarding Social Security benefits is
provided here. Contacts: Contact your local Social Security
Administration to determine the date your Social Security payments will begin.
The Durham area Social Security Administration is located at 3004 Tower
Boulevard, Durham, NC 27707 and can be reached by telephone at 919-541-5442. The
regional office number is 1-800-772-1213. You may make an appointment for an
office visit or arrange for a telephone interview. Additional information may be
obtained at the Social Security Administration home page, located at
www.ssa.gov.
Benefit Amount: The Social Security Administration can provide
information regarding the amount of your benefit, the amount of your family
benefits, and any other questions you may have. The Social Security benefit
amount will depend upon when you decide to retire and begin to receive your
Social Security benefits.
- Full Benefit-If you were born in or before 1937, the retirement
age for full or normal Social Security benefits is 65 years. If you were
born in 1938 or later, the normal retirement age for receiving full benefits
is increased beyond 65. Please contact Social Security Administration for
more details.
- Early Retirement-You are eligible for an early retirement Social
Security benefit at 62. However, the benefit amount is reduced based upon
your age when the benefit begins. The early retirement benefit is less than
your full retirement amount would have been if income had commenced at your
full retirement age.
Working During Retirement: You can work while you receive Social
Security retirement (or survivors) benefits. While you are working, your
earnings will reduce your benefit amount only until you reach your full
retirement age. To calculate your full retirement age contact Social Security
Administration at 1-800-772-1213 or visit their
web site. The Social
Security Administration uses a formula to determine how much your benefit must
be reduced. If you are under full retirement age for the entire year, $1 will be
deducted from your benefit payments for every $2 you earn above the annual limit
- $12,960 in 2007. In the year you reach full retirement age, $1 in benefits
will be deducted for every $3 you earn above a different limit - $34,440 in
2007. Starting with the month you reach full retirement age, you can get your
benefits with no limit on your earnings. Contact Social Security Administration
for the most current information. Note: Benefits payable to people who retire earlier
than their full retirement age are reduced to account for the longer time the
benefits will be payable.
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