» Veterans’ Law Attorney with Hook Law Center Explains Rules For Early And Delayed Social Security Benefits Claims

Veterans’ Law Attorney with Hook Law Center Explains Rules For Early And Delayed Social Security Benefits Claims

Virginia Beach, VA (Law Firm Newswire) December 11, 2013 – A recent survey indicates many U.S. veterans are uninformed about the advantages and disadvantages of delaying or hastening the start of their Social Security benefits.

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

The survey, commissioned by financial publishing firm Kiplinger, found that more than 70 percent of veterans either underestimated the reduction in Social Security income incurred as a result of claiming benefits early, or admitted they did not know the costs. Moreover, nearly 90 percent did not realize the increase in benefits they could receive by delaying the onset of payments.

Veterans' law attorney Andrew Hook explains the rules governing Social Security benefits.

“The Social Security Administration's “normal retirement age” is 66 for those born in 1943 through 1954,” Hook said. “Benefits may be claimed as early as one's 62nd birthday, but the cost of doing so is a permanent reduction in benefits of 25 percent. On the other hand, each year beyond age 66 that a beneficiary delays their claim results in an increase to benefits of 8 percent, up to a maximum of 32 percent.”

Of the veterans surveyed, 70 percent said that a Social Security office or the agency's website is the best place to get advice about when to claim benefits.

“Social Security employees can and do impart accurate information as to the rules governing benefits,” Hook said. “But they are forbidden from offering advice on when an individual should begin taking benefits. Such advice is best obtained in consultation with an experienced veterans' law attorney.”

The survey also found that of those veterans already collecting benefits, 80 percent had done so at age 62. Of those not yet collecting benefits, 68 percent said they planned to wait until normal retirement age or later.

“The decision of whether to accelerate or delay claiming Social Security is different for each individual, and many variables will factor into the decision,” Hook added. “The important thing is that everyone makes that choice in full knowledge of the consequences.”

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • Spotlight on: Senior Services of Southeastern Virginia
    To best assist our clients, we strive to familiarize ourselves with the many helpful resources available to seniors in the area. An invaluable resource of which many of our Virginia clients are unaware is Senior Services of Southeastern Virginia (SSSEVA). Hook Law Center’s attorneys and long-term care paralegals recently had the pleasure of meeting with […]
  • IRS Grants Extension for Portability Purposes
    Many people are aware that in 2013, Congress established a permanent basic Federal estate tax exclusion amount of $5,000,000, as adjusted for inflation. For purposes of the Federal estate tax, a portability election allows a surviving spouse to carryover the unused estate tax exclusion amount of the deceased spouse. This carryover essentially increases the exemption […]
  • SENTARA PACE – Adult Day Care
    The primary objective of Sentara’s PACE program is to provide the care necessary to allow the individual to remain at home–care during the day to free the primary caregiver’s time to work/live… This program is truly ‘Adult Day Care’- not just for the dementia population. The range of participants who are served vary in terms […]
  • Blended Families: Why Pre- or Post-Marital Planning is So Vital
    Were you aware that you are not legally allowed to disinherit your spouse? You can disinherit your children, even your minor children, if you have a mind to do so. However, your spouse has special statutory protections which entitle him or her to a portion of your estate upon your death, regardless of what your […]
  • Refuse Care At Your Own Risk
    A recent study shows that as many as 28% of all seniors refuse care after a hospitalization for an acute injury or illness. The study revealed that those refusing care were more likely to be younger, to have been admitted to the hospital from their homes, to have some higher education, and to have less […]

See other news sources publishing this article. BETA | Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required