Get to know the basics
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Navigating Social Security can feel overwhelming—but understanding the basics can make the process much more manageable. Whether you’re approaching retirement or just starting to plan, here’s what you need to know.
What Is Social Security?
Social Security is a federal program that provides monthly income to eligible retirees, disabled individuals and survivors of deceased workers. If you’ve worked and paid Social Security taxes for at least 10 years, you’ll likely qualify for Social Security benefits.
When to Apply
You can apply for Social Security as early as age 62 (technically, 61 and 9 months). But the longer you wait, the more you’ll receive monthly.
Here’s how timing affects your benefits:
- Start at 62: smaller monthly benefit
- Start at full retirement age (66–67): full benefit
- Delay up to age 70: larger monthly benefit (up to 8 percent more each year you delay past your full retirement age)
How Much Will You Get?
Your benefit amount depends on how much you earned during your working years and when you start claiming benefits. You can check your estimated benefit by creating an account on SSA.gov.
Your Unique Situation Matters
Social Security isn’t one size fits all. Your benefit can vary based on marital status and work history. For example, a nonworking spouse may qualify for up to half of their partner’s benefit, without reducing the partner’s payment. Divorced? You might still qualify based on your ex-spouse’s record if you were married for at least 10 years and meet other criteria. Rules differ, so it’s smart to consult a financial advisor. You can also check your eligibility here: SSA.gov/Benefits.
Still Working? Know the Impact.
Planning to keep working while collecting Social Security? If you start benefits before full retirement age, your earnings could temporarily reduce your monthly check. But don’t worry—once you reach full retirement age, your benefit will be recalculated, and withheld amounts will be credited back.
How to Apply
Applying is easier than you might think:
- Online: at SSA.gov
- By phone: 1-800-772-1213 (TTY: 1-800-325-0778)
If the Social Security Administration needs more information, they’ll contact you directly.
Tip: Talking to a financial advisor can help you make the best decision for your future.
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