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social security
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When you’re years away from retirement, Social Security seems straightforward: You’ll leave your job, file for benefits and receive a monthly check for the rest of your life — boom! But in reality, getting the most out of Social Security is anything but simple. As you near retirement, the decisions you make could have a significant impact on the amount of money you receive, and some of these choices are irrevocable. You’ll need to move carefully to maximize this income stream.
Here are 12 essential details you need to know:
You can claim your Social Security benefits a few years before or after your full retirement age, and your monthly benefit amount will vary as a result. But first you have to know what it is.
Also known as “normal retirement age,” your Social Security ‘Full Retirement age’ (FRA) is the age at which you’re entitled to 100% of the Social Security benefits you’ve earned. FRA is 66 for beneficiaries born between 1943 and 1954; it gradually increases to 67 for beneficiaries born in 1960 or later. (Are you in that transition zone? Use our Social Security Full Retirement Age calculator to pin it down.) If you take benefits before FRA, your benefits will be reduced. If you file at age 62, for example, benefits will be as much as 30% lower. More on that in a moment.
How do you become eligible for Social Security benefits
To be eligible for Social Security benefits in retirement, you must earn at least 40 “credits” throughout your career. You can earn up to (but no more than) four credits each year, so it takes 10 years of work to qualify for Social Security.
In 2024, you must earn $1,730 to get one Social Security work credit and $6,920 to get the maximum four credits for the year. And yes, that means that it is possible to have money withheld for Social Security and never get it back. The minimum is the minimum.
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