Who Is Eligible for Social Security Benefits?
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Who Is Eligible for Social Security Benefits?
If you are like most people, you’ll pay Social Security taxes throughout your career. But when can you begin to benefit from Social Security?
Things To Know
- The age of full retirement varies according to when you were born.
- If you retire later than full retirement age, you will get added benefits.
- When you die, certain family members may be able to receive benefits.
If you were born before 1938
If you were born before 1938, full retirement benefits are available at age 65, with reduced benefits available as early as age 62. The age at which full benefits are paid will rise in the future. In 2003, the full retirement age went up to 67 for those born in and after 1960.
If you retire before your full retirement age
The age at which you can retire and receive full benefits is known as your full retirement age. The full retirement age is 65 for people born before 1938, and 66 for those born in 1943–1954. For those born from 1955–1959, full retirement age increases from 66 and 2 months for 1955 all the way to 66 and 10 months for 1959. Full retirement age is 67 for people born in 1960 or later.
If you choose to retire before your full retirement age, your benefits will be reduced (the reduction is currently 5/9 of 1 percent for every month under your full retirement age). In other words, the closer you are to full retirement age when benefits start, the smaller the reduction in benefits.
If you continue working in retirement
If you are younger than full retirement age, $1 in benefits will be deducted for each $2 in earnings you have above the annual limit ($23,400 in 2025). In the year you reach your full retirement age, your benefits will be reduced $1 for every $3 you earn over a different limit ($62,160 in 2025) until the month you reach full retirement age. Then you get your full Social Security benefit payments, no matter how much you earn.
It is important to note that the above-mentioned benefit reductions are not lost forever. Your benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings. Note, too, that if you retire later than full retirement age, you will get added benefits because of additional earnings and special credits.
Your family members and benefits
When you die, if you were eligible for either retirement or disability benefits, family members may also be able to receive benefits. Your spouse can receive up to 100 percent of your benefit amount, and your children can receive up to 75 percent of your amount.
Those who may be able to receive a benefit upon your death include the following:
- A spouse over the age of 60 (50 if disabled or any age if taking care of children under age 16)
- Unmarried children under 18, children in school under age 19, and disabled children 22 or younger
Getting your benefits
To get your benefits, you will need to supply proof of eligibility, such as a birth certificate and most recent W2 form.
The Social Security Administration has calculators that can help you estimate your future benefits. You can find them on its Website.
