Learn Most Retirement Benefits

Nosotros want you to know what Social Security tin can hateful for you lot and your family'due south financial hereafter. In this section, you can learn how Social Security works, who'southward 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 folio:

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 choose to outset benefits.

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

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

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



Planning For Retirement

Planning is the key to creating your best retirement. You'll need to plan and save for years to accomplish your retirement goals. While many factors affect retirement planning, we want you to empathize what Social Security can mean to you and your family's financial futurity.

Social Security Should Be Just 1 Office of Your Retirement Plan

On average, retirement beneficiaries receive 40% of their pre-retirement income from Social Security. As you make your retirement plan, knowing the gauge amount you lot volition receive in Social Security benefits can assist you determine how much other retirement income yous'll demand to reach your goals.

Are You Eligible?

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

If you stop working before you take enough credits to qualify for benefits, the credits volition remain on your Social Security record. If you return to work later, more than credits may exist added. Nosotros can't pay any retirement benefits until you have 40 credits. Visit our retirement benefits webpage for more than information on how Social Security Credits work.

Verify Your Earnings History

The corporeality of the Social Security benefits y'all or your family receives depends on the amount of earnings shown on your tape. Regularly checking your Social Security earnings history can help ensure there are no surprises when it's fourth dimension for yous to kickoff receiving benefits. You can notice your earnings history with a personal my Social Security account. Create your account now to check your earnings history online.

Estimate Your Benefits

Knowing what you lot will become every month in retirement benefits will help you lot program for your retirement. If you have a my Social Security account, you can become an judge of your personalized retirement benefits and see the effects of different retirement historic period scenarios. If yous don't have a personal my Social Security account, create one at world wide web.ssa.gov/myaccount or you can use our online Retirement Estimator at www.ssa.gov/benefits/retirement/figurer.



Deciding When To Starting time Retirement Benefits

Choosing when to start receiving retirement benefits is a personal decision. If you lot choose to retire and begin receiving benefits when y'all reach your total retirement age, you'll receive your full do good amount. We volition reduce your do good amount if you lot decide to outset benefits before reaching full retirement age.

To make an informed choice, consider the following factors equally you lot retrieve about when to beginning your Social Security benefits.

What Age Should Y'all Start To Receive Benefits?

The historic period you begin receiving your retirement benefit affects how much your monthly benefits will exist. At that place are three important things to know about historic period when thinking nearly when to start your benefits.

Full Retirement Age

Full retirement age is the historic period when you can get-go receiving your total retirement benefit amount. The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you lot were built-in from 1955 to 1960, until information technology reaches 67. For anyone born 1960 or later, total retirement benefits are payable at age 67. Y'all can find your total retirement age by nativity year in the total retirement age chart.

Early Retirement Age

Y'all tin can get Social Security retirement benefits equally early every bit age 62. Withal, we'll reduce your benefit if you start receiving benefits before your total retirement age. Visit our website to learn how claiming retirement benefits early will affect your benefit amount.

Delayed Retirement Historic period

When yous delay benefits beyond your full retirement age, the amount of your retirement benefit volition continue to increment up until age 70. There is no incentive to delay challenge after age 70.



What Else Affects Your Retirement Benefits