Retirement Social Security Benefits
The American Institute of Professional Bookkeepers came up with a nice little overview of social security benefits. So here are some answers to common questions about social security benefits for those born in 1943 through 1954, full retirement is at age 66; in 1955, age 66 and 2 months, inching up to age 67 for those born in 1960 or later.
Full retirement age reached before 2022
Those born in 1950 or earlier receive full benefits. No limit on earnings, no reduction in benefits for those at FR age.
Full retirement age reached in 2022
Can earn up to $51,960 in 2022, then lose $1 in benefits for each additional $3 earned. No earnings limit as of the month of FR age.
Full retirement age reached after 2022
Can earn $19,560 in 2022 before losing $1 in benefits for each $2 earned.
Survivor benefits start for disabled spouse.
Survivor benefits start for nondisabled spouse.
Benefits start for spouse.
Important: Getting benefits requires 40 earned credits (generally 10 years of work)—but the beneficiary’s age at retirement may limit maximum benefits.
Credits are unrelated to the benefits amount. SSA bases benefits on average earnings for the best 35 years of work—not just the last 10 years. The “best” 35 years are the 35 years when the worker earned the most.
Checking personal benefits
To see personal earnings, go to the SSA website and search “Social Security benefit statement, or call 800-772-1213 (for TTY, 800-325-0778), or visit the local SSA office.