Learn Nearly Retirement Benefits

We desire you to know what Social Security can mean for you lot and your family unit's financial hereafter. In this section, you lot can acquire how Social Security works, who'south eligible for retirement benefits, and what to consider before applying. Read on to understand how Social Security fits into your retirement plan.

Spring to a topic on this page:

How Retirement Benefits Piece of work / Planning For Retirement / Deciding When To Start Retirement Benefits / What Else Affects Your Retirement Benefits



How Retirement Benefits Piece of work

Social Security replaces a percentage of your pre-retirement income based on their lifetime earnings. The portion of your pre-retirement wages that Social Security replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits.

When yous piece of work, you pay taxes into Social Security. Nosotros use the tax money to pay benefits to:

  • People who have already retired.
  • People who are disabled.
  • Survivors of workers who have died.
  • Dependents of beneficiaries.

The money y'all pay in taxes isn't held in a personal account for you to use when y'all go benefits. We use your taxes to pay people who are getting benefits right now. Any unused money goes to the Social Security trust fund that pays monthly benefits to you and your family when you start receiving retirement benefits.



Planning For Retirement

Planning is the key to creating your best retirement. Y'all'll need to program and save for years to achieve your retirement goals. While many factors affect retirement planning, we want you to understand what Social Security can mean to you and your family's financial time to come.

Social Security Should Be Just One Part of Your Retirement Program

On average, retirement beneficiaries receive a portion of their pre-retirement income from Social Security. Every bit you brand your retirement plan, knowing the approximate amount y'all will receive in Social Security benefits can assistance y'all determine how much other retirement income you'll need to reach your goals.

Are Yous Eligible?

When you work and pay Social Security taxes, yous earn "credits" toward Social Security benefits. The number of credits you lot need to go retirement benefits depends on when you were born. If you were built-in in 1929 or later on, y'all need 40 credits (usually, this is 10 years of piece of work).

If you end working before you have enough credits to qualify for benefits, the credits will remain on your Social Security record. If yous render to work after, more credits may be added. We can't pay whatever retirement benefits until y'all have 40 credits. Visit our retirement benefits webpage for more information on how Social Security Credits work.

Verify Your Earnings History

The amount of the Social Security benefits you lot or your family receives depends on the amount of earnings shown on your record. Regularly checking your Social Security earnings history tin help ensure at that place are no surprises when information technology's time for you lot to kickoff receiving benefits. You tin can find your earnings history with a personal my Social Security account. Create your account now to bank check your earnings history online.

Estimate Your Benefits

Knowing what you will get every month in retirement benefits helps you plan for your retirement. If you accept a personal my Social Security business relationship, you tin can go an estimate of your personalized retirement benefits and come across the effects of dissimilar retirement historic period scenarios. If y'all don't have a personal my Social Security account, create one at www.ssa.gov/myaccount.



Deciding When To Start Retirement Benefits

Choosing when to start receiving retirement benefits is a personal conclusion. If you cull to retire and begin receiving benefits when you lot attain your total retirement historic period, you'll receive your full benefit amount. Nosotros will reduce your benefit corporeality if you determine to showtime benefits before reaching full retirement age.

To brand an informed choice, consider the following factors as you think about when to showtime your Social Security benefits.

What Age Should Y'all Start To Receive Benefits?

The age you begin receiving your retirement do good affects how much your monthly benefits will be. There are 3 important things to know about historic period when thinking well-nigh when to start your benefits.

Full Retirement Age

Full retirement age is the age when you tin can start receiving your full retirement benefit amount. The full retirement age is 66 if y'all were built-in from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960, until it reaches 67. For anyone born 1960 or later on, total retirement benefits are payable at age 67. You can observe your full retirement age past birth twelvemonth in the full retirement age chart.

Early Retirement Age

Yous can get Social Security retirement benefits as early on as historic period 62. However, we'll reduce your benefit if you commencement receiving benefits before your full retirement age. Visit our website to learn how claiming retirement benefits early volition affect your benefit amount.

Delayed Retirement Age

When you delay benefits across your total retirement historic period, the corporeality of your retirement benefit will go on to increase up until age 70. There is no incentive to delay claiming after age 70.



What Else Affects Your Retirement Benefits