Learn About Retirement Benefits

We want you to know what Social Security tin hateful for you and your family unit'south financial future. In this section, you can learn how Social Security works, who'due south eligible for retirement benefits, and what to consider before applying. Read on to understand how Social Security fits into your retirement plan.

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



How Retirement Benefits 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 cull to showtime benefits.

When you work, you pay taxes into Social Security. Nosotros use the revenue enhancement 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 you pay in taxes isn't held in a personal account for you to utilise when yous get benefits. We employ your taxes to pay people who are getting benefits right at present. Any unused money goes to the Social Security trust fund that pays monthly benefits to you and your family when yous start receiving retirement benefits.



Planning For Retirement

Planning is the central to creating your best retirement. You'll demand to plan and save for years to attain your retirement goals. While many factors affect retirement planning, we want yous to understand what Social Security can mean to you and your family unit's financial time to come.

Social Security Should Be Just One Part of Your Retirement Plan

On average, retirement beneficiaries receive a portion of their pre-retirement income from Social Security. Every bit you make your retirement program, knowing the judge amount you will receive in Social Security benefits tin can assistance you determine how much other retirement income yous'll need to reach your goals.

Are You Eligible?

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

If you stop working before yous take plenty credits to qualify for benefits, the credits volition remain on your Social Security tape. If you return to work later on, more credits may exist added. We can't pay whatever retirement benefits until you take forty credits. Visit our retirement benefits webpage for more information on how Social Security Credits piece of work.

Verify Your Earnings History

The corporeality of the Social Security benefits you or your family receives depends on the amount of earnings shown on your tape. Regularly checking your Social Security earnings history can help ensure in that location are no surprises when information technology's fourth dimension for yous to start receiving benefits. You can detect your earnings history with a personal my Social Security business relationship. Create your account now to cheque your earnings history online.

Judge Your Benefits

Knowing what you volition go every month in retirement benefits helps you program for your retirement. If you lot have a personal my Social Security account, you can become an estimate of your personalized retirement benefits and run into the effects of different retirement historic period scenarios. If you lot don't take a personal my Social Security account, create one at www.ssa.gov/myaccount.



Deciding When To Showtime Retirement Benefits

Choosing when to first receiving retirement benefits is a personal decision. If you cull to retire and brainstorm receiving benefits when y'all attain your full retirement historic period, you'll receive your total do good amount. We will reduce your benefit amount if yous decide to start benefits before reaching full retirement historic period.

To make an informed selection, consider the post-obit factors every bit you think most when to start your Social Security benefits.

What Age Should You lot Start To Receive Benefits?

The age y'all begin receiving your retirement benefit affects how much your monthly benefits will be. There are three of import things to know about age when thinking about when to get-go your benefits.

Full Retirement Age

Full retirement age is the age when you can outset receiving your full retirement benefit amount. The full retirement age is 66 if yous were born 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 subsequently, full retirement benefits are payable at age 67. You tin notice your full retirement age by nativity year in the full retirement historic period nautical chart.

Early Retirement Age

You tin become Social Security retirement benefits as early equally age 62. All the same, nosotros'll reduce your benefit if you start receiving benefits earlier your full retirement age. Visit our website to learn how claiming retirement benefits early on will affect your benefit amount.

Delayed Retirement Age

When you filibuster benefits beyond your full retirement historic period, the corporeality of your retirement benefit volition continue to increase up until age lxx. There is no incentive to filibuster claiming subsequently age lxx.



What Else Affects Your Retirement Benefits