Social Security in Retirement

Social Security can provide a foundation for retirement income. When you claim affects your monthly benefit, so consider your spending needs, health, savings, and family circumstances.

Retirement benefits generally begin as early as 62, with a reduced monthly payment. For people born in 1960 or later, full retirement age is 67. Claiming at 62 generally reduces their retirement benefit by 30% compared with claiming at 67.

For people born in 1943 or later, delaying beyond full retirement age earns credits equal to 8% of the full retirement benefit per year, calculated monthly, until 70. Waiting beyond 70 earns no additional delayed retirement credits.

An eligible spouse may receive up to 50% of the worker’s full retirement age benefit, with a reduction for early claiming. This is not necessarily half of the worker’s actual monthly check. Eligibility and coordination with your own benefit matter.

Survivor benefits follow different rules. An eligible surviving spouse may receive up to 100% of the deceased spouse’s benefit at survivor full retirement age. Retirement and survivor payments are not simply added together.

Before full retirement age, earnings above SSA’s annual limits can cause benefits to be withheld. Starting with the month you reach full retirement age, earnings no longer reduce your benefits. Check SSA’s current limits if you plan to keep working.

Depending on your income and filing status, up to 85% of your benefits may be included in federal taxable income. This does not mean an 85% tax rate. The calculation generally includes other income, tax-exempt interest, and half your Social Security benefits.

Cost-of-living adjustments can increase benefits, but an increase is not guaranteed every year.

Visit my Social Security to review your earnings record and compare benefit estimates at different claiming ages.

Use those estimates in our Retirement Calculator to explore your plan. Our calculator does not determine SSA eligibility or automatically calculate claiming reductions, spousal benefits, survivor benefits, or taxes.