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What Age Can You Receive Social Security Benefits

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What Beneficiaries Can Expect In 2022

How much your Social Security benefits will be if you make $30,000, $35,000 or $40,000

Starting Jan. 1, 2022, approximately 64 million Americans will receive a 5.9% COLA to their Social Security benefits. This represents the largest cost-of-living adjustment in 39 years, due to a spike in inflation resulting from ongoing economic difficulties caused by the COVID-19 pandemic. Previously, COLA averaged just 1.65% per year over the prior 10 years while inflation remained low.

According to estimates released by the SSA, this increase will amount to $92 for the average retired worker, raising their total benefits to $1,657 per month in 2022. Couples, meanwhile, will experience an averagebenefits increase of $154 to $2,753 per month. Disability benefit payments will increase $76 to $1,358 per month. Disabled workers with a spouse and one or more children will experience an average$133 increase to $2,383 per month. Lastly, widows and widowers will find their averagebenefits increasing by $86 to $1,553 per month. Notably, widowed mothers with a minimum of two children will receive an average$178 increase to $3,187.

Social Security Can Be A Family Benefit

When you start receiving Social Security, other family members may also be eligible for payments. A spouse qualifies for benefits if they are age 62 or older or at any age if they are caring for your child.

Benefits may also be paid to your unmarried children if they are younger than 18, between 18 and 19 and enrolled in a secondary school as a full-time student, or age 18 or older and severely disabled.

Each family member may be eligible for a monthly benefit that is up to half of your retirement benefit amount. There is a family limit, which varies, but is generally between 150% to 180% of your retirement benefit.10

Should you die, your family may be eligible for benefits, based on your work record.10

Family members who qualify for benefits include:

  • A widow or widower
  • age 60 or older
  • age 50 and older if disabled or
  • any age if they are caring for your child who is younger than 16 or disabled and entitled to Social Security benefits on your record.
  • Unmarried children can receive benefits if they are:
  • under 18 years of age
  • between 18 and 19 and are full-time students in a secondary school or
  • age 18 or older and severely disabled .
  • Your survivors receive a percentage of your basic Social Security benefit usually in the range of 75% to 100% for each member. However, the limit paid to each family is about 150% to 180% of your benefit rate.10

    Disability Benefits For A Disabled Surviving Divorced Spouse

    If you are disabled and divorced from a former spouse who has died, you may qualify for benefits as a surviving divorced spouse based on the deceased ex-spouses account.

    Requirements for this program are much like the above criteria for a widow or widower, with the following major difference: the duration of marriage requirement is a minimum of 10 years.

  • Age Requirement: You must be at least 50 but not yet 60 years of age to receive Social Security benefits based on disability.Note: At age 60, widow/widowers become entitled to their deceased spouses SSDI benefits without being disabled.
  • : You must be unmarried Remarriage before age 50 would negate eligibility.
  • You must have been married to the deceased spouse at the time of death, and for at least 10 years before the final divorce date.
  • Note: If you are divorced and remarry after a separation of one year or more, then the 10 years must be restarted. Example: You are married for 4 years, divorced for 2 years, and remarry the same person for another 6 years and get divorced again: While you may have been married to the same person for 10 years, you would not be an eligible surviving divorced spouse.

    Note: The 10-year rule can be waived if you are still caring for a child from the marriage who is under the age of 16 or is disabled.

  • Prove You Are Disabled: Under the 50 59 years of age rule, you must meet all SSA disability-related requirements to be entitled to SSDI.
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    No More File And Suspend

    Note that the claiming strategy called file and suspend, which allowed married couples who have reached their FRA to receive spousal benefits and delayed retirement credits at the same time, ended as of May 1, 2016. However, spouses born before Jan. 2, 1954, who have attained their FRA may still be able to file a restricted application. It allows them to claim spousal benefits while delaying their own benefits up to age 70.

    Social Security benefits can be taxable if your combined income is high enough.

    Social Security Spousal Benefits

    9 Facts About Social Security  Beirne Wealth Consulting ...

    The spouse of a retired worker can receive up to half of their spouses benefits. This does not reduce the benefits that the spouse receives. This benefit is generally for spouses who do not have a sufficient work history to be otherwise eligible for benefits or whose work history entitles them to a lower benefit than they would receive from the spousal benefit.

    To get Social Security spousal benefits, you must be one of the following:

    • At least 62 years old
    • Any age if you are taking care of your spouses child who is also receiving benefits
    • A divorced spouse who is at least age 62, whose marriage lasted at least 10 years, and who remains unmarried

    Depending on the date of birth, full spousal benefits kick in at the same age as a workers full retirement benefits. You can start taking benefits as early as age 62, but if you do so, then the benefit will be permanently reduced.

    The spousal benefit continues until one spouse dies. The survivor then may be eligible for survivor benefits.

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    Social Security Disability Insurance: What It Is And How It Pays

    When most people talk about Social Security, theyre referring to the programs retirement benefits, which provide monthly checks as early as age 62 for some beneficiaries. But the Social Security program also has a host of other benefits.

    In fact, the so-called Social Security taxes withheld from your paycheck every payday are technically known as Old Age, Survivors and Disability Insurance taxes, or OASDI. As the full name explains, in addition to old age or retirement benefits, youre also paying taxes to support payouts for survivors and disability insurance.

    Heres how to qualify for disability benefits and what you might expect in terms of a payout if youre eligible.

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    Benefit Amounts Vary Depending On Your Social Security Retirement Age

      Your Social Security retirement age and the amount you receive varies depending on several factors. For example, the earliest age you can collect your Social Security retirement benefits is 62, but there is an exception for widows and widowers, who can begin benefits as early as 60. If you start collecting benefits early and continue to work, your benefits may be reduced.

      Here’s how this works with the basics on Social Security claiming ages from 60 to 70.

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      Doing A Breakeven Analysis And Other Ways To Decide How Soon To Start

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            If youre about to retire, you may be wondering whether you should start claiming your hard-earned Social Security benefits now. Here are a few key factors to consider in making that decision.

            Can Early Retirement Affect My Social Security Benefits

            Here’s how different salaries can drastically raise or lower your Social Security benefits

            Workers can start receiving full retirement age benefits at 66 years old if they were born between 1943 and 1954. For those born in 1955 and beyond, the full retirement age is 67. When a worker decides to receive their benefits earlier than the full retirement age, the total amount received is reduced. According to the United States Social Security Administration, a worker born in 1957 will receive a 27.5% reduction in total retirement income from Social Security when choosing to receive early retirement age benefits. Choosing to take early retirement will also affect the amount that a spouse will receive. In the same example, a workers spouse would also receive a 32.5% reduction in benefits. The actual percentage of early retirement age reduction will depend on several factors including the workers birth year and the date of the early retirement.

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            Chapter : How Much Will You Receive In Survivor Benefits

            After the passing of the worker, Social Security pays a one-time death benefit of $255 which can be collected by the widow or child.

            Then there is the monthly Social Security survivor benefit. That benefit is based on the Social Security benefit the worker was receiving .

            The benefit can be up to 100% of what your spouse would have received at full retirement. If the benefit you would receive as a survivor is higher than the benefit you receive on your own, Social Security will pay you the higher of the two amounts, not the two combined. However, survivor benefits, unlike spousal benefits, dont have to be claimed at the same time as your own retirement benefits. You can, in many cases, receive one benefit for a time and then file for the other one later. This is a common strategy for widows to take to maximize their benefits.

            Did you Know?

            The earliest a widow or widower can apply for survivor benefits is age 60 .

            Social Security When A Spouse Dies: Survivor Benefits Guide

            If your spouse dies and you have reached full retirement age, youre eligible for 100% of their benefits.

            • If your spouse dies and you have reached full retirement age, youre eligible for 100% of their benefits.
            • If your spouse retired before full retirement age, they received a reduced retirement benefit and you will receive reduced survivors benefits.
            • Children up to age 18 and dependent parents may also be eligible for survivors benefits.

            Losing a spouse is one of the most stressful events you can go through. In addition to the emotional turmoil and grief, youll also have to figure out finances. When a spouse dies, the surviving spouse is eligible to receive survivor benefits from the Social Security Administration . In this article, well go over the rules and exceptions for receiving these benefits and enable you to build a plan for your survivors benefits.

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            Plan First Withdraw Later

            Healthcare coverage can be a major retirement expense, and Medicare is not all-inclusive. Before you choose to take Social Security, make sure you’ve reviewed your budget, being careful to factor in healthcare costs, inflation and unexpected events.

            Don’t underestimate those expenses. A fixed income may not allow for much fluctuation. Also people are living longer, so retirement may be longer than you plan for. According to the SSA, more than 1 in 3 of today’s 65-year-olds will live to age 90. More than 1 in 7 will live to age 95.7

            The decision of when to take Social Security is important and personal. It will likely factor in to how you meet current and future healthcare needs.

            Plan before you make your next move, and be better prepared for what lies ahead. For added peace of mind, consult a financial advisor before making any major decisions about your Social Security and retirement date.

            This material is provided for informational use only and should not be construed as medical advice or used in place of consulting a licensed medical professional. You should consult your doctor to determine what is right for you.

            Humana is a Medicare Advantage HMO, PPO and PFFS organization and a stand-alone prescription drug plan with a Medicare contract. Humana is also a Coordinated Care plan with a Medicare contract and a contract with the state Medicaid program. Enrollment in any Humana plan depends on contract renewal.


            Will Taking Social Security At Any Time Affect My Medicare

            When do people claim Social Security?

            Though they are separate programs, there are some beneficial connections between them.

            If you’re receiving Social Security benefits, Social Security works with Medicare and you’ll get an initial enrollment package from Medicare 3 months before the month of your 65th birthday.

            Also, your Medicare premiums will most likely be collected by Social Security if you are already receiving those benefits. Social Security will send a notice before the deductions begin. If you arent receiving Social Security retirement benefits, you’ll get a monthly bill from Medicare.6

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            Taxes On Your Benefits

            Your Social Security benefits may be partially taxable if your combined income exceeds certain thresholds. Regardless of how much you make, the first 15% of your benefits are not taxed.

            The SSA defines combined income using this formula:

            • Your adjusted gross income + nontaxable interest + half of your Social Security benefits = your combined income

            If you file your federal tax return as an individual and your combined income is $25,000 to $34,000, then you may have to pay income tax on up to 50% of your benefits. If your combined income is more than $34,000, you may have to pay tax on up to 85% of your benefits.

            If youre married, filing a joint return, and your combined income is $32,000 to $44,000, then you may have to pay income tax on up to 50% of your benefits. If your combined income is more than $44,000, you may have to pay tax on up to 85% of your benefits.

            How Long Will Social Security Disability Benefits Last

            Submitted by Kyle on Wed, 11/24/2010 – 11:01Kyle’s BlogLog in

            Many people are under the mistaken assumption that Social Security Disability benefits last forever. This isn’t necessarily the case. While many people will receive Social Security Disability benefits until they reach the retirement age of 65, not everyone will. For those who do receive Social Security Disability benefits until age 65, Social Security benefits will not just stop altogether. They will simply change from Social Security Disability benefits to Social Security Retirement benefits. There are, however, some instances in which a Social Security Disability beneficiary will have their disability benefits stopped prior to reaching the age of 65.

            Why Social Security Disability Benefits End

            There are a number of reasons why Social Security Disability benefits would be revoked after being instated. The most common reasons for a stop in Social Security Disability benefits are improvement of one’s disabling condition, incarceration, or a return to work. How long you receive Social Security Disability benefits will be determined by whether or not these factors come into play and, if so, when. For example, someone could begin receiving Social Security Disability benefits in 2010 and those benefits could go under review in 2013. If the Social Security Administration decides that the person is no longer disabled, the benefits could stop.

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            How Do You Apply For Social Security Benefits

            If you are eligible for Social Security benefits, you can apply online, by phone or by appointment at a local Social Security office.

            How to Apply for Social Security Benefits

            Applying online is the easiest way to apply for Social Security benefits. The Social Security website allows you to apply for retirement, spouses, Medicare and disability benefits at the same site. You can also apply for Supplemental Security Income benefits.
            If you dont have Internet access, you can sign up by phone. You can call the Social Security Administration at 1-800-772-1213 .
            The Social Security Administration has restrictions on office visits during the COVID-19 pandemic. It does allow in-person visits for certain services. You should check with the SSAs Coronavirus page to see if you can make an in-person appointment at your local office.

            Tax Considerations For Social Security Benefits

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            How do these tax considerations affect when you should apply for Social Security benefits? At todays , they may not have much of an impact on most people. Still, tax rates and income thresholds can change, so its worth remembering that you will lose less of your Social Security to taxes if you are in a lower marginal tax bracket when you begin to collect.

            You should also note that if you decide to return to work, even part-time, and arent yet at your FRA, your Social Security benefits may be temporarily reduced. The reduction is $1 for every $2 of earned income over $18,960 in 2021 . During the year when you reach your FRA, your benefits will be reduced by $1 for every $3 in income over $50,520 in 2021 until the month when you become fully eligible. That money isnt lost, however. The SSA will credit it to your record when you reach your FRA, resulting in a higher benefit.

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            How To Get The Maximum Social Security Benefit

            Your Social Security retirement benefits are based on a combination of when you are taking benefits and your earning history. Waiting until age 70 will give you the largest monthly Social Security benefit. For 2021, the maximum Social Security benefit at age 70 is just $3,895 per month or $46,740 per year. This amount can increase with the Social Security cost-of-living adjustment , set to 5.9% for 2022.

            Social Security And Disability Eligibility

            Also known as Supplemental Security Income , you can receive Social Security retirement benefits as long as youre at least 62 years old and have at least 40 work credits. Work credits are earned when you pay Social Security taxes on income you earned from a job or from self-employment. Youll be eligible to earn these benefits at the early retirement age or the full retirement age. The full retirement age varies depending on when you were born. For instance, the full retirement age is 66 if you were born from 1943 to 1954, according to the Social Security Administration . Full retirement age is 67 for anyone born after 1960, but you can opt for early retirement benefits at age 62.

            For disability, the age requirements are quite different. You only need to be at least 18 years of age to qualify, and SSA guidelines require you to prove that:

            • You cant do the work that youve done before
            • You cant adjust to other work because of your medical condition
            • Your disability has lasted or will last for at least one year or result in death

            For example, if you are working in 2020 and making more than $1,260 a month, you wont be considered disabled.

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