Social Security benefits are available to retirees who have contributed to the system and are ready to slow down or stop working altogether. Applicants can start requesting funds from the Social Security Administration as early as age 62 . However, if they want to receive full Social Security retirement benefits, they need to wait until they are 66 or 67 years of age. The exact age they must wait depends on when they were born.
If you wait until you are 70 years old, then you may qualify for and receive even more money each month.
Once you apply for Social Security benefits, you can begin collecting monetary support. However, it is important that you understand the types of benefits you could qualify for. Depending on your age and how much you earned in the past, the amount of Social Security (SS) you are entitled to can vary.
Your Social Security Benefit Calculator
There are several factors that can affect the amount of Social Security benefits you can receive. These include:
- Your age. You must be within retirement age in order to collect benefits.
- Career earnings. To qualify for a largest amount of Social Security benefits, you need to have been a consistently high earner throughout your career.
- How much you currently earn. It is possible to continue working while receiving Social Security. However, if you earn too much income while receiving Social Security, you may have funds deducted from your benefits.
- How long you worked. Social Security benefits eligibility requirements that you must have worked the minimum amount of time to qualify for benefits.
How much Social Security benefits could I receive?
The maximum Social Security benefit you could receive can vary from one year to the next. However, keep in mind that any of the aforementioned criteria can affect how much you are eligible to collect. Typically, the Social Security administration will recommend cost of living adjustments which should increase your benefits over time.
How to Check Your Social Security Benefits Information
You can log online using the my Social Security benefit platform to stay up-to-date on your financial information. If you have not created an account to use this online platform and are not enrolled in Social Security, you can use annual Social Security statement to review your benefits.