Social Security Retirement Benefits
Monthly cash benefits paid by the SSA to workers who have earned sufficient work credits and choose to begin collecting retirement benefits, available as early as age 62 (reduced) or as late as age 70 (maximum).
Full Retirement Age (FRA): 66-67 depending on birth year (67 for those born 1960 or later).
Claiming at 62 reduces the benefit by up to 30% permanently. Claiming at 70 increases the benefit by 8%/year beyond FRA.
Spousal benefits: a non-working or lower-earning spouse can receive up to 50% of the higher earner's FRA benefit.
Survivor benefits: a surviving spouse can receive up to 100% of the deceased spouse's benefit (subject to age rules).
-> Use the SSA's my Social Security account (ssa.gov/myaccount) to see your projected benefit at each claiming age.
Related terms
- COLA
An annual percentage increase applied to Social Security, SSI, VA disability, and other federal benefit payments to help keep pace with inflation, as measured by the Consumer Price Index (CPI-W).
- IRMAA
An additional premium surcharge added to Medicare Part B and Part D premiums for beneficiaries whose income exceeds certain thresholds, based on modified adjusted gross income (MAGI) from two years prior.
- Survivor Benefits
A range of VA benefits available to surviving spouses, children, and parents of veterans who died in service or as a result of a service-connected condition, including DIC, VA Survivors Pension, and burial benefits.
- Work Credits (Social Security)
Units of credit earned through taxable employment or self-employment, used to determine eligibility for Social Security retirement, disability (SSDI), and survivor benefits.
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Frequently asked questions about Social Security Retirement Benefits
What are Social Security Retirement Benefits?+
Social Security Retirement Benefits are monthly payments from the government to people who have worked and paid Social Security taxes. You can start receiving benefits as early as age 62, but if you wait until you're older, your monthly payment will be higher. The amount you get depends on how much you earned during your working years.
Who can get Social Security Retirement Benefits?+
Generally, you can get Social Security Retirement Benefits if you have worked and earned enough 'work credits.' You need 40 credits to qualify, which usually means working for at least 10 years. You must also be at least 62 years old to start receiving benefits.
How do I apply for Social Security Retirement Benefits?+
You can apply for Social Security Retirement Benefits online, by phone, or in person at a Social Security office. Most people apply a few months before they want their benefits to start, especially if they are close to their full retirement age. You'll need to provide some personal information and work history.
How much money can I get from Social Security Retirement Benefits?+
The amount you get from Social Security Retirement Benefits depends on your lifetime earnings. The Social Security Administration uses a formula to calculate your average earnings over your career. Your age when you start receiving benefits also affects the amount. The longer you wait (up to age 70), the more you will receive each month.