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Social Security

Social Security is a government-based benefit. This monthly payment is based upon your 35-year work history. See answers to the most common Social Security questions below.

FAQs

When should I take Social Security?
The right time can be different for everyone. How much you make, how long you may live, and the impact on your spouse are considerations when taking Social Security. Talk to a financial planner about your specific circumstances.

How do I know if I am eligible for Social Security?
Your eligibility for Social Security is based on the credits you earn during your working years. You need 40 credits—essentially, 10 years of employment—to receive Social Security benefits at retirement. If you do not have enough credits on your own working record, your eligibility and benefit is dependent upon your spouse’s credits.

When am I eligible for Social Security?
You are eligible for Social Security benefits as early as age 62 or as late as age 70. If you take your benefit before your full retirement age, your monthly benefits are permanently reduced. If you postpone taking your benefit beyond your full retirement age, you will receive a higher monthly benefit. When you reach age 70, there is no further incentive to delay starting benefits.

Will my spouse receive Social Security if he or she has never worked?
The short answer is most likely yes. To qualify, the spouse who worked outside the home must already be receiving a benefit and the non-working spouse must be at least age 62.

How is my Social Security affected if my spouse dies?
Spouses who are widowed will get the highest benefit they are eligible for (either their own or the deceased spouse’s benefit). Surviving spouses who remarry before age 60 will forfeit the deceased spouse’s benefit.

How is my Social Security affected if I get a divorce?
Divorced spouses are eligible for spousal benefits based on their ex-spouse’s record if they were married for 10 years or more and have not remarried.

How much Social Security will I get?
Your Social Security benefits are based on your lifetime earnings. The formula is a little complicated, but it averages the income from your 35 highest-earning years.

Can I take Social Security if I am still working?
Yes, you can receive Social Security benefits while you work. If you have reached your full retirement age, you can work and earn as much as you’d like and still receive full benefits. If you are younger than 67 and working, there is an allowed annual amount you can make before your monthly benefits are reduced.

Do I owe taxes on Social Security?
You might depending on your income tax rates. Up to 85% of your Social Security benefits can be subject to tax.

Will Social Security still be there when I retire?
It is safe to say the Social Security system faces some financial challenges. But given the program’s popularity and importance to millions of Americans who have already paid into it for decades, it’s extremely unlikely that Congress would simply let it fail.

Will my Social Security increase once I start receiving it?
Since 1975, Social Security’s general benefit increases have been based on increases in the cost of living, as measured by the Consumer Price Index. They call these increases "cost-of-living adjustments," or COLAs.

How do I apply for benefits?
Contact the Social Security office online or by phone at 800-772-1213. You’ll need to provide certain information to start your benefits:
  • Social Security card or Social Security number
  • Birth certificate
  • Proof of U.S. citizenship
  • Spousal records (if applicable)

Will I receive tax documents for Social Security each year?
Each January, you will receive a Social Security Benefit Statement (Form SSA-1099 or SSA-1042S) showing the total benefit you received the previous year. You can use this benefit statement when you complete your tax return to find out if your benefits are taxable.

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