Social Security benefits are part of the retirement plan of almost every American worker. If you’re among the many people covered under Social Security, you should know what your future benefit may be. Monthly benefit payments will likely be an important part of your retirement income.
We base your benefit payment on how much you earned during your working career. Higher lifetime earnings result in higher benefits. If there were some years you didn’t work or had low earnings, your benefit amount may be lower than if you had worked steadily. If you never worked and did not pay Social Security taxes, you may be eligible for spouse’s retirement benefits. You must be at least 62 years old, and your spouse must already be receiving retirement or disability benefits.
The retirement page at www.ssa.gov/retirement is a great place to start mapping out your retirement plan. For example, have you considered:
• Which factors may affect your retirement benefits?
• What is the right time for you to start receiving your retirement benefits?
• What you need to do after you apply for retirement benefits?
• What documents you need to provide us for your retirement application?
You can use your personal my Social Security account at www.ssa.gov/myaccount to get an instant estimate of your future retirement benefits. You can also see the effects of starting your retirement benefits at different ages.
You may also wonder about:
• Benefits for a spouse or children.
• How work affects your benefits.
• Medicare.
• Whether you will have to pay taxes on your benefits.
You can learn more at www.ssa.gov/retirement. Please share this information with family and friends to help them prepare for their retirement.
The author is with the Social Security Administration in Albany.
