Social Security rules and laws can be very complex, but there are specific regulations that also apply to Minnesota residents. Legal professionals who are well versed in federal social security laws and can guide their clients on the best filing options for their unique disability or retirement. For example, a legal expert can help you decide on closed period or long-term social security benefits. Keep reading more for more details gathered by the legal professionals at the Farrish Johnson Law Office to see how social security laws apply to your claim.
What Is Social Security?
Social security is a comprehensive federal benefits program designed to provide benefits to older adults, their spouses, survivors (surviving spouse and children), and the disabled. Beneficiaries can be provided with partial income replacement to supplement their current income. In some cases, Social Security is provided to the beneficiary’s children. To qualify for Social Security, beneficiaries must earn at least 40 work credits during their working years. You’re also eligible for benefits if you have been married 10+ years, divorced, and never remarried. A portion of your benefits are taxable income under certain conditions, including in Minnesota. Talk to an attorney or a tax professional to discuss the taxation implications that may apply to your Social Security claim.
Hint: Some Social Security Disability benefits are tax-free income for Minnesota residents in certain circumstances.
Read more about the taxation of social security benefits by visiting the LINK.
Minnesota is one of 13 states that can tax your social security benefits. In fact, 85% is taxed from the highest earners and 50% of middle-income earners have their social security benefits taxed. Unfortunately, many seniors do not collect their full social security because of related tax laws and age. If you’re a senior interested in social security benefits, contact the legal experts at the Farrish Johnson Law Office for help today.
Different Types of Social Security Benefits?
- Retired Worker – Earned enough work credits to be insured under the program and at least 62 years of age (maximum benefits are payable at 72 years of age)
- Survivor Benefits– Child of a deceased worker, aged widow, young widow, parent of a deceased worker, disabled widower
- Disabled Worker Benefits – A beneficiary that has worked long enough to be insured and who had been working recently in covered employment prior to their disability onset
Hint: The average monthly Social Security benefits amount per beneficiary is $1,500 .00 (Benefit amount will depend on age and type of Social Security benefits being collected).
When Should I Apply For Social Security Benefits
According to a recent Forbes article, “full retirement age is an opportunity to claim the maximum benefits amount.” Unfortunately, many people believe filing as early as 62 or as a single individual can miss out on the maximum amount of social security benefits allowed under state and federal laws. This is not necessarily the case as the full retirement age varies on when you were born.
Why You Should File Your Social Security Claim With An Attorney
Filing your social security claim with an attorney increases your chances of being approved. A mistake on your application can delay your claim or cause your benefits to be denied. In case you must go before an administrative law judge for adjudication, you would want to have an attorney who is knowledgeable in fighting for the maximum amount of benefits on your behalf.
At the Farrish Johnson Law Office, we are prepared to file a social security claim on your behalf. You’re invited to contact us to discuss your benefits claim today.
- House Legislation for Minnesota
- CBS News Minnesota
- Social Security Administration