Louisiana State Social Security Retirement Benefits
- Of the 770,000 Social Security beneficiaries living in Louisiana in 2009, over 401,000 were retired workers. They received $436 million each month in retirement benefits that year as well. Overall, there were 33 million retired beneficiaries in the United States in 2009. The Social Security Administration paid them over $39 billion each month in retirement benefits.
- For you to receive Social Security retirement benefits, you must have accumulated 40 work credits and paid Social Security taxes when you worked. You earn work credits for every $1,120 you make during the year. You get an annual maximum of four work credits if you make $4,480. You also must be at least 62 years old. Your family members have to satisfy several requirements as well. Your spouse has to be 62 years as well and your children can receive payments up until 18 or 19 if they're in secondary schools. If you have an ex-spouse, he must be 62 and been married to you for 10 years. Your ex-spouse cannot be eligible for retirement benefits on someone else's record.
- Your retirement payments from the Social Security Administration are based on your 35 years of your lifetime work earnings. The Social Security Administration calculates your benefit amounts each year and sends you a Social Security Statement detailing how much you're entitled to. Payments to your family members and ex-spouse are equal to one-half of your full retirement rate. However, your current family's total benefit amount cannot exceed 80 percent of your retirement rate or their payments are reduced proportionately. Your ex-spouse's payment does not count toward your family's maximum total.
- You receive your full benefit rate when you reach your full retirement age, which depends on your year of birth. It is 66 if you were born between 1943 to 1959 and 67 after 1960. However, you can receive retirement benefits before or after your retirement age, but your payment amounts will vary. Your benefits are reduced if you receive them early and are higher if you get them at a later age. If your spouse or ex-spouse qualifies for retirement benefits on their own records, the Social Security Administration pays them first. If their amounts are lower than what they would receive on your record, they would receive a combination of payments from both records to equal the higher amount.