Overview
Social Security retirement benefits are monthly checks that replace part of your income when you reduce your hours or stop working altogether. You can claim your monthly retirement benefit at any time between ages 62 and 70. We calculate your benefit amount based on your lifetime earnings. The longer you claim, the higher your benefit amount will be, up until age 70. The exact timing is up to you and should be based on your individual needs. (Source: https://www.ssa.gov/prepare/plan-retirement)
Eligibility for Social Security in Retirement
Most jobs withhold Social Security taxes from your paycheck, so you can receive monthly benefits in your 60s. Some jobs, like state and town government positions, don't pay Social Security taxes, so that won't affect your eligibility.
You qualify if you meet the following criteria:
▸You're 62 or older
▸You've worked and paid Social Security taxes for 10 or more yearsWe keep track of the years you've paid Social Security taxes.Check your Social Security account to see if you qualify.
Because of a current or former spouse’s work
If you have worked and paid Social Security taxes for 10 years or more, you will receive a monthly benefit based on that work. Then, we will see if you qualify for additional money based on a current or former spouse’s work.
If you have not worked and paid Social Security taxes for 10 years or more, we will still see if you qualify for a monthly benefit based on a current or former spouse’s work.
The requirements will be different depending on whether you are married, divorced, or widowed. Once you file and tell us about your current and past marital status, we will make sure you get the highest monthly benefit you qualify for. If you are divorced, you do not need to talk to your ex-spouse and we will not tell them about your application.
Your children’s eligibility
Your children may qualify for monthly benefits because of your work if they meet the following criteria: (Source: https://www.ssa.gov/prepare/plan-retirement)
▸Under 18 years old
▸18 or 19 years old and enrolled full-time in elementary or secondary school
▸Any age and disabled
Retirement Plan
You can apply for monthly retirement benefits at any time between ages 62 and 70. We calculate your benefit amount based on your lifetime earnings. The longer you apply, the higher the benefit amount, up to age 70. The exact timing is up to you and should be based on your individual needs.
Other factors that may affect your amount
Paying for medical expenses
When you turn 65, you can get Medicare, and the enrollment process for Part A (hospital insurance) and Part B (medical insurance) is done by us. If you decide to sign up for Part B, the cost will be deducted from your monthly benefit amount. Be sure to plan ahead to reduce costs.
Withholding taxes on benefit payments
If your combined income (50% of your benefit amount plus any other earned income) exceeds $25,000 per year (for individual filers) or $32,000 per year (for joint filers), you may have to pay federal income taxes on your benefits. You can pay the taxes directly to the IRS or have taxes withheld from your payment. (Source: https://www.ssa.gov/prepare/plan-retirement)
Continuing to work
Before you reach full retirement age (between ages 66 and 67), your benefit will be temporarily reduced if you earn more than the income limits this year. You can continue to work after you reach full retirement age and earn the salary you want without having your benefit reduced.
"Full retirement age" is a point in time between 66 and 67 that we use to determine your benefit amount and your family's benefit. Whatever your full retirement age is, the longer you wait to file, the higher your benefit amount will be, up to age 70. (Source: https://www.ssa.gov/prepare/plan-retirement)
When to apply
When your first benefit payment will be paid
You can time your first benefit payment to avoid income gaps. Your first check will be mailed the month after the month you selected on your application. You can apply any time up to four months before the month you selected. (Source: https://www.ssa.gov/prepare/plan-retirement)
For example, you want to receive your first check in April. Follow this schedule:
▸Apply in November, December, January, February, or March
▸Choose March when applying
▸Get your first check in April
Getting the highest amount because of a current or former spouse's work
If you qualify because of your spouse's work, the highest amount you receive is when you reach "full retirement age" (between 66 and 67). If you apply after that, your amount doesn't increase. If your spouse has passed away, you may qualify for survivor benefits starting at age 60, or 50 if you are disabled. (Source: https://www.ssa.gov/prepare/plan-retirement)
Jobs with specific rules
Pensions from government jobs or working abroad are not subject to Social Security taxes
If you receive a pension from government work or working abroad, your monthly Social Security benefit amount may be reduced.
Specific types of income
While Social Security income is calculated the same way for most jobs, some types of income have additional rules, including farm work, government and military work, railroad work, self-employment, and more.
