Under the California Social Security system, amounts of money available to those who reach age 62 equivalents to a small percentage of worklife earnings. For a single person first claiming retirement benefits in 1997, the average monthly benefit was about $750; $1,250 for a couple. A single person with a high earnings record claiming retirement benefits in 1997 at age 65 would receive about $1,250 per month; $1,800 for a couple. These benefits increase yearly with the cost of living and the amount is higher the longer a person waits to claim the benefit, up to age 70.

    Full-retirement age the age when unreduced Social Security benefits can be claimed is increasing. The minimum age for retirement benefits is not changing.  It still will be 62. Until 2000, full-retirement age was 65:  If retirees waited until 65 to apply for benefits, they received unreduced Social Security benefits.  If they claimed benefits at 62, Social Security reduced the monthly benefit amount by 20%.
 
    The purpose of California Social Security retirement benefits is to replace a portion of the earnings that a worker forgoes upon retirement. Reduced benefits may be taken as early as age 62. The age at which individuals may receive full, unreduced benefits is currently set at 65, but this will rise to 67 over the next three decades.

    Although individuals will continue to be eligible for early retirement benefits at age 62, those who elect to receive benefits at that age in the future will have their benefits actuarially reduced by more than early retirees now do. Social Security benefits for early retirees are reduced on what is termed "an actuarial equivalent" basis, so that total lifetime benefits paid to people over a longer period are made roughly equal to what would have been paid to them had they waited until normal retirement age to receive benefits.

    For instance, when the increase in the retirement age is fully phased in, people will receive 70 percent of full retirement benefits at age 62, instead of 80 percent, as is the case today. At age 65, people will receive 86.7 percent, rather than 100 percent. The net effect of increasing the normal retirement age for those who retire before that age is that their benefits will represent a smaller percentage of their prior earnings compared to those who retired in earlier years. However, because life expectancy is increasing, they will get these benefits over what is, on average, a longer lifetime than is typical today.

    California Social Security plays an important part in the retirement plan of almost every Californian worker. If you are among the 96% of workers covered by California Social Security, contact a California Social Security Retirement Benefits Lawyer to know more about on how the retirement benefits system work.  California Social Security Retirement Benefits Lawyer helps you to be mindful of what you should receive from the social security when you retire.  

    California Social security is a fund that all Californian are entitled too once they retire. A portion is taken out of the working force’s paycheck to cover this cost. With California social security come a certain amount of benefits that retirees are entitled to. A California Social Security Retirement Benefits Lawyer is an attorney who understands these benefits, understands who is entitled to the benefits, and will be able to help people file an appeal if they think they have been wrongly denied these benefits.