Social Security retirement benefits are set aside for workers to assist them in their retirement years. In order to qualify for social security retirement benefits, your age and years of work will factor in.
To be eligible for retirement benefits, you must have worked for at least 10 years. Essentially, you need 40 social security credits in order to be eligible. Since you can earn up to 4 credits per year, it takes 10 years to reach that credit. The benefits are calculated by a formula that figures your earnings that average over your employed lifetime. There are several online retirement estimators that will help you calculate what you can expect your social security retirement benefits to be.
In order to receive full retirement benefits, you must be at least 65 years old. It is possible to start receiving social security early retirement benefits at age 62, but the amount you'll get will be reduced. It's a good idea to wait until 65 to receive the full amount, if possible. However, the best time to start taking out your retirement benefits is a personal decision.
Many people have a hard time deciding when to take out retirement benefits. If you plan on working between age 62 and the full retirement age, your retirement benefits could be limited. If you are past the full retirement age, there is no reduction in benefits, no matter what you earn.
Some people close to you can also receive some benefits if they meet certain conditions. A spouse can also start collecting at age 62, with full retirement at 65. Some people may enable their children to receive benefits as well upon your application for social security retirement benefits. A child must be under 18 years old and unmarried. Disabled children can receive benefits for longer.
In order to apply for retirement benefits, simply go online to the Social Security Web site. Be prepared to answer questions about your past employment when filling out the online application. You'll need information on retirement, Medicare, any divorces and children. You may need to provide bank information to arrange for deposits as well. For those without computer access, call (800) 772-1213.
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