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What Is Social Security?
Social Security is a tax withheld from your paycheck in order to fund this federal governement program that provides financial security for the worker and his or her family. What is FICA? FICA stands for the Federal Income Contribution Act. This is also known as Social Security. What type of Social Security benefits am I eligible for? Elderly benefits, disability benefits, benefits paid to dependents of a retired or disabled worker and death payment benefits. What is the age that Social Security determines that I can collect my full retirement benefits? Well, if you were born before 1938 you can retire with full retirement benefits at age 65. However, if you are born in 1938 and later, the retirement age is 67. Can I retire earlier than age 65 or 67 and collect my benefits? Yes, you can retire at age 62. However, your benefits will be reduced. Can I collect more money from my Social Security benefits if I wait longer to retire? Yes, your benefits will increase. How should I apply for my benefits when I am ready to retire? First, make sure you apply for your benefits directly with Social Security. It's a good idea to apply approximately two to three months prior to your retirement. This will usually ensure that your benefits will start by the time you officially retire.
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