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(704) 636-2974
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Social Security: Details You Might
Not Know

Social Security is for people who have at least 40 credit hours of work
Social Security is a program that millions of people in this country rely on for income after retirement. Even though the Social Security program was never really meant to act as a sole retirement fund, many people use it as that. The Social Security program can feel like a convoluted one, especially when you have to factor in all the changes that have occurred! At Koontz & Smith, Attorneys at Law, we are here to help you with your Social Security claims that might be denied. Here are a few details about Social Security that you might not be aware of.

  • Retirement age makes a big difference. If you survey most anyone about the age of retirement, they will tell you the retirement age is 65. However, people born after 1959 will have the retirement age bumped up to 67. In general, the longer you can wait to start taking social security benefits, the more money you can get.
  • Not everyone qualifies for Social Security. Social Security is for people who have at least 40 credit hours of work, with 4 credit hours eligible each year of work. Some spousal benefits, however, can be claimed in some instances.
  • Social Security shouldn’t be your only source of retirement income. Social Security is a very nominal amount of money. Even without debt or a house payment, Social Security alone can make for a very tight budget in your retirement years.
  • Social Security comes from taxes…and can still be taxed. If you take Social Security benefits but also have additional sources of income, such as one spouse retired with one still working, your amount is subject to taxes.

If you have questions or concerns about your Social Security benefits, let us know at Koontz & Smith, Attorneys at Law.