If you have just started working and you have been paying Social Security taxes, there are 10 important things you should know about retirement benefits. The first one has to do with the Full Retirement Age (FRA). FRA depends on the year you were born, it is 67 if you were born in 1960 or later.
FRA is when you get 100% of your benefits. So, the second thing you should take into account is the fact that filing for Social Security at 62 means getting 30% less, and at 70 you get 24% extra.
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Social Security & work credits
Not all American workers qualify for retirement benefits. In fact, you must have worked for a minimum of ten years in jobs covered by SSA to get monthly payments once you file. In fact, you will need 40 work credits to get retirement benefits at 62, the earliest age you can file in the USA.
The fourth thing you should know is that the largest benefit for 2024 is worth $4,873. Even if you cannot achieve it, you can try to work for 35 years, file at 70, or as late as possible, have jobs covered by SSA (you pay payroll taxes), and earn as much money as possible to get more money in retirement.
Although you may get an annual COLA increase in January when there is inflation, it may not be enough to maintain your buying power. So, the fifth thing to take into consideration is to invest, make contributions to IRA or 401(k) accounts, and save as much as possible.
Social Security for your family
If your spouse has already turned 62, he or she may qualify for Social Security benefits too. Even if he or she has never worked before. Spousal benefits allow workers’s spouses to get benefits on their records. So, that is tip number six, check your spouse’s eligibility and think about when it is best to apply.
Tip number seven is to make use of the Social Security Statement. It will give you information regarding your retirement benefit payment at different ages. What is more, it will show you if your family can get survivor benefits too, or if you could get SSDI.
The eighth thing to consider is how working and getting benefits may affect your Social Security amount. Remember that SSA may reduce your benefit if you work and have not reached Full Retirement Age.
Finally, it is advisable to know 2 more things. Medicare eligibility is something to check before filing for Social Security. Otherwise it could be costly. Last but not least, if you get a low payment and you have a low income you may also get Supplemental Security Income from the Federal government and SNAP benefits from USDA.