Social Security

If you were born after 1959, you will have to wait until you are 67 years old before you can collect your full benefits. This current rule may not stay the same for the next 30 years. You should start planning for your retirement without relying on Social Security as soon as possible.

In light of the current budget situation, SS has suspended issuing Social Security Statements.
To request a detailed statement of your employment history, Go to the Social Security Administration website at http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/72 and click on the Request for Social Security Earnings Information and mail it to the address on page two of the form.
The Social Security Administration says to “Please allow four months from the date you submit the form for a response.”

If you are divorced, and were married for 10 years or more you could be eligible for a widow's or widower's benefit on the record of your deceased ex-spouse.

You can collect disability benefits from Social Security if you become severely disabled before full retirement age after six months providing you have: 1.) enough Social Security credits and 2.)a physical or mental impairment that's expected to prevent you from doing substantial work for a year or more, or a condition that's expected to result in death.

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.
Social Security uses a formula to determine how much your benefit must be reduced:
If you are under full retirement age (62-66) for the entire year, SS deducts $1 from your benefit payments for every $2 you earn above the annual limit.
People who turn 66 in 2013 can earn up to $40,080, and then $1 of benefits will be withheld for every $3 earned above the limit.
For 2012, that limit is $14,640 ($15,120 in 2013). In the year you reach full retirement age, SS deducts $1 in benefits for every $3 you earn above a different limit, but SS only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2012, the limit on your earnings for the months before full retirement age is $38,880 ($40,080 in 2013).
Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

You can begin to collect Social Security when you reach age 62, providing you qualify. The amount you collect will be at a reduced rate compared to what you would have collected if you waited to the full retirement age of 65 through 67 depending on your date of birth.

You will need to file form SS-5. Contact your local Social Security office or go on the Internet http://www.ssa.gov/ssnumber/ and download the form.
If you are expecting a child to be born this year, keep in mind that you will not be able to take a deduction for your new baby without the social security number.
Most hospitals are aware of this and provide the forms along with birth records.

If your combined wages from both jobs exceed $110,100 for the current year and more than $4624.20 was withheld, you are entitled to receive credit for the excess social security paid.
That amount is taken as additional federal withholding on IRS Form 1040, page 2 when you file your tax return and can be refunded.