When you receive a paycheck, a certain portion of it goes to Social Security, up to a certain limit if you’re not self-employed. The current cap is $137,700 annually. If you have an employer, they will pay half of the Social Security tax rate; for 2020, the entire tax rate was 12.4%, meaning you and your employer would each pay 6.2%.

The Social Security Administration pools the money it collects from everyone and then pays it out to current beneficiaries. The largest portion, 85%, goes to retirees, dependents of deceased workers, and surviving spouses, and the other 15% goes to qualified disabled individuals.

Claiming Your Benefits

If you’re retiring soon, you can claim your benefits when you reach a certain age. For those born in 1960 and later, the current age to retire is 67. However, you can claim your benefits starting when you’re 62. Just note that you’ll get less money per month. For example, if you wait until you’re 67, you may get $900 a month, but if you claim benefits when you’re 62, you may get $600 per month. If you wait until you’re 73, you could get $1,300 a month since you’re claiming them for a shorter amount of time.

Applying for Social Security Disability Benefits

If you anticipate being out of work for at least one year due to a disability, you may be able to apply for Social Security Disability benefits and start receiving monthly checks. However, most people get denied because the process is complicated and you need to provide valid proof of your disability. With an SSDI & SSI lawyer on your side, you have a much better chance of receiving the benefits you need.

Getting Help With Social Security

If you need help collecting Social Security and don’t know where to turn, Schott Law is here for you. Maggie Schott is an SSDI & SSI lawyer serving Washington and Idaho and Schott Law can help you retrieve the benefits you need to thrive. Contact us now at (509) 328-5789 to get started.