Eligibility for Social Security in retirement (2024)

FAQs

What is the 10 year rule for Social Security? ›

If you've worked and paid taxes into the Social Security system for at least 10 years and have earned a minimum of 40 work credits, you can collect your own benefits as early as age 62.

Age 62 or older, or a person with a disability or blindness. "Insured" by having enough work credits. For applications filed December 1, 1996, or later, you must either be a U.S. citizen or lawfully present noncitizen in order to receive monthly Social Security benefits.

You can call us at 1-800-772-1213 between 8:00 a.m. – 7:00 p.m. local time, Monday through Friday. Wait times to speak to a representative are typically shorter in the morning, later in the week, and later in the month.

Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

Last Updated: July 15, 2024

Social Security benefits are a crucial part of the retirement income for millions of Americans. If you don't have enough Social Security credits to get benefits on your own work record or your own benefit is small, you may be able to receive benefits as a spouse.

If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age.

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

You're eligible if: You're 62 or older. You've worked and paid Social Security taxes for 10 years or more.

Most Asked Questions

How do I schedule, reschedule, or cancel an appointment? What happens if I work and get Social Security retirement benefits? How do I apply for a replacement Social Security number card online? How do I change or correct my name on my Social Security number card?

Is it better to apply for Social Security online or in person? ›

The easiest and most convenient way to apply for retirement benefits is by using our online application. You will need to create or log in to your personal my Social Security account.

Documents we may ask for include: Your Social Security card or a record of your number. Your original birth certificate, a copy certified by the issuing agency, or other proof of your age. We must see the original document(s), or copies certified by the agency that issued them.

The $1,000 per month rule is designed to help you estimate the amount of savings required to generate a steady monthly income during retirement. According to this rule, for every $240,000 you save, you can withdraw $1,000 per month if you stick to a 5% annual withdrawal rate.

The number of credits you need to receive retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (10 years of work). If you stop working before you have enough credits to be eligible for benefits, the credits will remain on your Social Security record.

1. You're Planning Your End-of-Life Care. Your Social Security benefits stop paying at your death, so if you die before collecting benefits, you'll have missed out on benefits entirely.

If the deceased reached retirement age, the surviving spouse can receive whatever the deceased was entitled to in the month of their death. Similarly, if the deceased already received monthly payments, the surviving spouse is entitled to what they received in the month of their death.

But don't count on receiving a double payment if your spouse passes before you. If you're entitled to both a retirement benefit and the survivors benefit, you'll receive only one — the larger — of the two amounts.

Social Security bases your retirement benefits on your lifetime earnings. We adjust or “index” your actual earnings to account for changes in average wages since the year the earnings were received. Then we calculate your average indexed monthly earnings from your highest 35 years of earnings.