Social Security social security retirement benefits

Making the most of Social Security means aligning it with your overall retirement strategy. Use our resources to estimate your benefits, explore claiming options, and ensure this program works for you—visit the SSA website or consult with a planner to personalize your approach. Learn more about social security retirement benefits

• Eligibility: You qualify for Social Security benefits based on your work history—typically requiring 40 credits (about 10 years of work). Check your earnings record with the Social Security Administration (SSA) to confirm your status.
• Full Retirement Age (FRA): Your FRA—when you’re eligible for full benefits—depends on your birth year (e.g., 66 for those born 1943-1954, 67 for 1960 or later). Claiming earlier reduces your monthly payout, while delaying boosts it.
• Benefit Amount: Your monthly benefit is calculated from your highest 35 years of earnings. If you worked fewer than 35 years, zeros are factored in, lowering your benefit—so a longer career can pay off.
• Timing Your Claim: You can start benefits as early as age 62, but this permanently reduces your monthly amount (up to 30% less than FRA). Waiting until age 70 increases it (about 8% more per year past FRA)—a critical choice based on your health and finances.
• Spousal Benefits: Married or divorced individuals may claim benefits based on a spouse’s record—up to 50% of their FRA amount—if it’s higher than their own. Timing and coordination with your spouse matter here.
• Taxes on Benefits: Up to 85% of your Social Security may be taxable if your combined income (benefits + other earnings) exceeds certain thresholds (e.g., $25,000 for singles, $32,000 for married filing jointly). Plan accordingly to avoid surprises.
• Cost-of-Living Adjustments (COLA): Benefits adjust annually for inflation, but these increases may not fully cover rising costs—consider this when budgeting.
• Longevity Risk: Social Security lasts as long as you do, offering a safety net. But it’s rarely enough alone—most retirees need savings or other income to supplement it.