Social security is the name of a welfare system that was put in place to make it easier for people to save enough money to be able to support themselves once they retire. The biggest reason why this system was put in place is the fact that people are just not very good at saving money. When you are working you may have noticed taxes being taken out of your check. One of those taxes served as payments towards your own social security benefits for when you retire. The money being collected from your paychecks right now will help individuals who are already retired and individuals who are disabled.
You earn credits every year that you work and pay taxes into the social security system. In order to qualify for Elgin Social Security benefits you have to have worked for a total of 10 years and received 40 credits. The only exception to needing the 40 credits would be if you are filing for disability or if you are the survivor of someone who passed away. You must reach your full retirement age in order to start receiving your benefits. Technically, you are allowed to start receiving your retirement benefits five years before that time. However, you will be taking a pay cut by choosing to receive them earlier. You will actually receive anywhere between 20 and 30 percent less than what you are entitled to depending on how early you start claiming your benefits.
You need to make sure you are 100 percent certain you want to start receiving your Elgin Social Security benefits early if that is what you decide to do. This is because it is not like it is a decision you can go back and undo. You will never be able to get the full benefits you were entitled to if you decide to start receiving them early. In general, you do not usually need to consult with a law firm such as Nash Disability Law in order to receive retirement benefits. Most people do not consult with a lawyer until they get rejected for benefits or if they are applying for disability.
