Learn Near Retirement Benefits

We want y'all to know what Social Security tin can mean for you and your family'south financial futurity. In this section, you tin learn how Social Security works, who's eligible for retirement benefits, and what to consider before applying. Read on to understand how Social Security fits into your retirement programme.

Bound to a topic on this page:

How Retirement Benefits Work / Planning For Retirement / Deciding When To Showtime Retirement Benefits / What Else Affects Your Retirement Benefits



How Retirement Benefits Piece of work

Social Security replaces a per centum 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 you work, yous pay taxes into Social Security. We use the tax coin 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 use when you go benefits. We employ your taxes to pay people who are getting benefits correct now. Whatever unused money goes to the Social Security trust fund that pays monthly benefits to y'all and your family when you lot start receiving retirement benefits.



Planning For Retirement

Planning is the key to creating your best retirement. Y'all'll need to plan and save for years to reach your retirement goals. While many factors bear on retirement planning, we desire you to empathize what Social Security tin can mean to you and your family unit's financial future.

Social Security Should Exist Just One Part of Your Retirement Program

On average, retirement beneficiaries receive forty% of their pre-retirement income from Social Security. As you brand your retirement plan, knowing the approximate corporeality you will receive in Social Security benefits can help you determine how much other retirement income y'all'll need to reach your goals.

Are You Eligible?

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

If yous stop working before yous have plenty credits to qualify for benefits, the credits will remain on your Social Security record. If you render to piece of work later, more credits may be added. We tin't pay whatever retirement benefits until you accept twoscore 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 corporeality of earnings shown on your tape. Regularly checking your Social Security earnings history can aid ensure at that place are no surprises when it's time for you to showtime receiving benefits. Yous can find your earnings history with a personal my Social Security account. Create your business relationship now to check your earnings history online.

Estimate Your Benefits

Knowing what you will get every month in retirement benefits volition assistance you programme for your retirement. If you have a my Social Security business relationship, you tin can get an estimate of your personalized retirement benefits and run across the effects of different retirement age scenarios. If you don't take a personal my Social Security account, create one at www.ssa.gov/myaccount or you can utilise our online Retirement Estimator at world wide web.ssa.gov/benefits/retirement/estimator.



Deciding When To Outset Retirement Benefits

Choosing when to starting time receiving retirement benefits is a personal conclusion. If you cull to retire and begin receiving benefits when yous reach your full retirement age, you'll receive your total benefit amount. We will reduce your benefit amount if you lot decide to first benefits earlier reaching full retirement age.

To make an informed pick, consider the following factors every bit you lot think nigh when to start your Social Security benefits.

What Age Should Y'all Kickoff To Receive Benefits?

The age you begin receiving your retirement do good affects how much your monthly benefits volition exist. There are three important things to know about historic period when thinking about when to outset your benefits.

Full Retirement Age

Full retirement age is the age when yous tin can showtime receiving your full retirement do good amount. The full retirement age is 66 if you 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, full retirement benefits are payable at age 67. You can find your total retirement age past birth yr in the full retirement historic period nautical chart.

Early on Retirement Age

You can become Social Security retirement benefits as early equally historic period 62. Withal, we'll reduce your benefit if y'all showtime receiving benefits before your full retirement age. Visit our website to learn how claiming retirement benefits early volition bear on your benefit amount.

Delayed Retirement Historic period

When you delay benefits beyond your full retirement historic period, the amount of your retirement do good will continue to increase upward until age 70. At that place is no incentive to delay claiming afterwards historic period 70.



What Else Affects Your Retirement Benefits