Jane Burigsay, Hawaii Public Affairs Officer for the Social Security Administration joins producer/host Coralie Chun Matayoshi to discuss pros and cons of taking Social Security at 62, what is full retirement age, limitation on income if you decide to continue working before reaching full retirement age, eligibility requirements for a spouse, ex-spouse, or child of someone entitled to Retirement or Disability to receive benefits, and what qualifies as a disability, and who qualifies for survivor benefits..
Social Security is a program that provides financial assistance to Americans when they retire, become disabled, or die, and is funded by Social Security taxes paid by workers and their employers. Approximately 68 million Americans receive Social Security benefits totaling about 1.5 trillion in benefits. To be eligible for Social Security retirement benefits, you must have worked and earned at least 40 credits – roughly 10 years of work. Even if you never worked, you may still be eligible as a spouse, ex-spouse, or survivor.
Choosing when to start receiving your Social Security retirement benefits is an important decision that affects your monthly benefit amount for the rest of your life. There is no “best age” for everyone. Ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your personal situation. Your monthly benefit amount can differ greatly based on the age at which you start receiving benefits. If you wait until your full retirement age (67 for people who are born in 1960 or later), you will get your full benefit.
You can start receiving your Social Security retirement benefit as early as age 62. But your benefits will be reduced by as much as 30% below what you would get if you waited to begin receiving benefits until your full retirement age. On the other hand, if you delay claiming your benefit, your monthly amount will be increased for each month of delay up until age 70. These adjustments are permanent.
You can also get estimates of your personal retirement benefits and see the effects of different retirement age scenarios by creating or signing into your personal account on the Social Security website at https://www.ssa.gov/myaccount/.
The “right” time to retire is different for everyone and depends on your individual situation. To help you make your own decision, we offer an online fact sheet “When to Start Receiving Retirement Benefits” that highlights some of the factors to consider. Find this publication at https://www.ssa.gov/pubs/EN-05-10147.pdf.
Q. What is full retirement age?
The current full retirement age is 67 years old for people attaining age 62 in 2024. (The age for Medicare eligibility remains at 65.)
Q. What if I decide to keep working. Can I get Social Security retirement benefits at the same time?
You can get Social Security retirement benefits and work at the same time. However, your benefits may be reduced depending on your age.
- If you are younger than full retirement age for the entire year and make more than the yearly earnings limit, your benefits will be reduced. $1 will be deducted from your benefit payments for every $2 you earn above the annual limit. For 2024 that limit is $22,320.
- In the year you reach full retirement age, $1 in benefits is deducted for every $3 you earn above the annual limit, but only earnings before the month you reach your full retirement age are counted. If you will reach full retirement age in 2024, the limit on your earnings for the months before full retirement age is $59,520.
- Starting with the month you reach full retirement age; your benefits will not be reduced no matter how much you earn.
Use the Retirement Age Calculator to find your full retirement age based on your date of birth: https://www.ssa.gov/benefits/retirement/planner/ageincrease.html
Use the Retirement Earnings Test Calculator to find out how much your benefits will be reduced: https://www.ssa.gov/OACT/COLA/RTeffect.html
Q. What counts as earnings?
When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you're self-employed. We include bonuses, commissions, and vacation pay. We don’t count pensions, annuities, investment income, interest, veteran’s benefits, or other government or military retirement benefits. https://www.ssa.gov/benefits/retirement/planner/annuities.html. Your benefits may increase when you work: As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. However, your record will be checked every year to see whether the additional earnings you had will increase your monthly benefit. If there is an increase, a letter will be sent telling you of your new benefit amount. When you’re ready to apply for retirement benefits, use the online retirement application for the quickest, easiest, and most convenient way to apply: https://www.ssa.gov/retirement. If you receive benefits and are under full retirement age and you think your earnings will be different than what you originally told us, notify the Social Security Administration right away. Please call 1-800-772-1213 (TTY 1-800-325-0778), 8:00 a.m. – 5:00 p.m., Monday through Friday, or contact your local social security office: https://www.ssa.gov/locator/.
Q. Who may qualify for family benefits?
Spouses and ex-spouses
You may be eligible if you’ve been married at least 1 year and are:
- Age 62 and older, or
- Caring for a child age 15 and younger, or
- Caring for a child of any age who has a disability.
Ex-spouses who were married for at least 10 years, as well as some valid non-marital legal relationships, may be eligible.
Children
Children may be eligible if they're unmarried and are:
- Age 17 and younger, or
- Ages 18-19 who are full time students in grades K through 12, or
- Any age if they developed a disability at age 21 or younger.
Under certain circumstances, we can also pay benefits to married children, stepchildren, adopted children, grandchildren, and step grandchildren.
Q. What is the benefit amount a spouse may be eligible to receive?
If you are eligible for both your own retirement benefit and for benefits as a spouse, we will always pay you benefits on your record first. If your benefit as a spouse is higher than your retirement benefit, you will receive a combination of benefits equaling the higher spouse's benefits. A spouse generally receives 1/2 of the retired worker's full benefit unless the spouse begins collecting benefits before full retirement age. If the spouse begins collecting benefits before full retirement age, the amount of the spouse's benefit is reduced by a percentage based on the number of months before they reach full retirement age. For example, based on the full retirement age of 67, if a spouse begins collecting benefits:
• At age 65, the benefit amount would be about 42% of the retired worker's full benefit.
• At age 64, it would be about 38%.
• At age 63, 35%.
• At age 62, 33%.
However, if a spouse is taking care of a child who is either under age 16 or has a disability and receives Social Security benefits on the same record, a spouse will get full benefits, regardless of age. Learn more by reading our Retirement publication at https://www.ssa.gov/pubs/EN-05-10035.pdf. With a personal my Social Security account, you can view the benefits you could receive based on your spouse’s earnings history, or the benefits your spouse could receive based on your earnings history. If you don’t have a personal my Social Security account, you can create one at https://www.ssa.gov/myaccount/.
Q. Who qualifies for Survivor benefits?
You may be eligible if you’re the spouse, ex-spouse, child, or dependent parent of someone who worked and paid Social Security taxes before they died.
Spouses and ex-spouses: may be eligible if you:
• Are age 60 or older, or age 50–59 if you have a disability, and
• Were married for at least 9 months before your spouse's death, and
• Didn’t remarry before age 60 (age 50 if you have a disability).
• Ex-spouses who were married for at least 10 years, as well as some valid non-marital legal relationships, may be eligible.
You might be eligible regardless of age and how long you were married. One common example is if you’re caring for a child of the person who died.
Children: children of someone who died may be eligible if they're unmarried and are:
• Age 17 and younger, or
• Ages 18–19 and in school (K–12) full time, or
• Any age if they developed a disability at age 21 or younger.
Under certain circumstances, benefits can also be paid to married children, stepchildren, adopted children, grandchildren, and step-grandchildren.
Dependent parents: You might be eligible if you’re age 62 or older and were financially supported by your child who died.
Q. How does Social Security decide if I have a disability?
For an adult to be considered as having a disability, Social Security must determine that you are unable to do the work you did before and that, based on your age, education, and work experience, you are unable to adjust to any other work that exists in significant numbers in the national economy. Also, your disability must last or be expected to last for at least 1 year or to result in death. We pay for total disability only. No benefits are payable for partial disability or short-term disability (less than a year). For more information, read our publication, Disability Benefits, at https://www.ssa.gov/pubs/EN-05-10029.pdf.
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Disclaimer: this material is intended for informational purposes only and does not constitute legal advice. The law varies by jurisdiction and is constantly changing. For legal advice, you should consult a lawyer that can apply the appropriate law to the facts in your case.