Know Your Social Security Retirement Benefits in Ohio
If you are a resident in Ohio older than 62, you are eligible for social security retirement benefits. Over the years, American workers pay into the Social Security system through taxes. In return, workers receive retirement benefits for the rest of their retired lives.
Social Security is the foundation of retirement income, an essential income source for 69 million Americans. Keep reading this article to learn more about the basics of social security and how to apply to the program.
The History of Social Security
During the Great Depression, public support rose for social welfare programs. As a result, President Roosevelt established the Social Security Act of 1935. Before the 1930s, matters regarding financial support for the elderly was a local and state issue rather than a federal issue. Financed by the federal government, the Social Security Act of 1935 offered monthly benefits to workers age 65 or older. During the 1930s, the life expectancy for men was 58 and 62 for women. It Was rare for an individual to benefit from retirement before death. Benefitting from retirement changed in 1961 when individuals were allowed to begin to claim Social Security payments as early as 62. In 1983, the retirement age changed to 67 for baby boomers born after 1960.
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What is Social Security in Ohio?
According to the American Association of Retired Persons (AARP), Social Security replaces an average of about 40% of pre-retirement income for a retired individual. Social Security is a government program that collects taxes from working Americans and distributes the funds to retirees and disabled workers to help them maintain financial security.
A retiree must have earned 40 credits to qualify for Social Security. In 2022, an individual has to make $1,470 for one credit and may earn up to four credits per year. Forty credits are equal to roughly ten years of work.
Retirement in Ohio
An Ohio resident must wait until retirement age to claim their social security benefits. If you were born between 1943 and 1954, your retirement age is 66. Your retirement age increases by two months every year until it reaches 67 for those born in 1960 or later.
In certain circumstances, family members can claim social security benefits on behalf of the retired family member.
Eligible family members include:
- Spouses
- Ex-spouses, if the marriage lasted for at least ten years
- Children under the age of 18
Supplemental Security Income Benefits (SSI)
Supplemental Security Income (SSI) aids individuals who cannot supply their food, clothing, or shelter with their wages.
To be eligible for Supplemental Security Income, an individual must:
- Be at least age 65 or either disabled
- Limited source of income, such as wages or pensions
- Limited source of resources
- Reside in the United States
When to Claim Social Security in Ohio
An individual in Ohio can receive early retirement benefits at 62 years of age. The benefit level is reduced permanently to 80% of the total benefit amount. The sooner you accept Social Security, the lower your benefits will be.
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Monthly benefits won’t be affected negatively if an individual works past the Ohio retirement age. Each year an individual postpones their retirement between ages 67 to 70, an additional 8% is added to their monthly stipend. Past the age of 70, there is no further increase for delaying retirement.
How to Apply for Social Security Benefits in Ohio
The easiest way to apply for social security benefits is by visiting a local Social Security office. Visit the federal Social Security website to visit the office locator and enter your zip code. The office locator will find your local office, along with its address, directions, and hours of operation.
An individual must present copies of the followings documents to obtain social security benefits:
- Original birth certificate
- Proof of US citizenship or lawful permanent resident admission
- US military service papers
- W-2 forms or self-employment tax return
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