What You Receive as a Senior Citizen

Social Security retirement benefits are monthly payments from the federal government, sent to you once you reach a certain age and have worked long enough to earn them. The amount you receive depends on three things: how much you earned during your working years, how many years you worked, and what age you claim your benefits.

You can claim benefits as early as age 62, but the monthly payment will be smaller than if you wait. If you wait until age 67 (called your full retirement age for most people born after 1954), you receive the full amount you earned. If you wait until age 70, your monthly payment increases by about 8 percent for each year you delay, up to that point.

The average monthly payment in 2024 for a retired worker is around $1,900, but this varies widely based on your work history. A person who earned more during their career receives a higher benefit. Someone who took time out of the workforce receives a lower one.

Key Takeaways

  • You must be at least 62 years old and have worked for at least 10 years (40 work credits) to claim Social Security retirement benefits.
  • Your monthly payment amount is based on your highest 35 years of earnings, so the age you claim affects how much you receive each month for the rest of your life.
  • You can claim benefits online through Social Security's website, by phone at 1-800-772-1213, or in person at your local Social Security office.
  • Once you start receiving benefits, you must report any changes in income, living situation, or marital status to Social Security within 30 days.

Work Credits and Years of Work Required

Social Security tracks your work history through work credits. You earn one credit for every $1,730 of wages you make in a year (this amount changes each year). You can earn a maximum of four credits per year, regardless of how much you earn.

To claim retirement benefits, you need 40 work credits total, which usually means 10 years of work. These years do not have to be consecutive — if you worked five years, took time off, then worked five more years, you still have 10 years of work history. Social Security counts all of it.

You can check your work history and credits by creating an account on ssa.gov and viewing your Social Security Statement. This statement shows the credits you have earned so far and estimates what your monthly benefit will be at different ages.

When You Can Claim and How Much You Get

The age you claim determines your monthly payment for life. If you claim at 62, you receive about 70 percent of your full retirement age benefit. If you wait until your full retirement age (between 66 and 67 depending on birth year), you receive 100 percent. If you wait until 70, you receive about 124 percent.

This choice matters because it locks in your payment amount. Someone who claims at 62 receives a smaller check every month, but starts collecting sooner. Someone who waits until 70 receives a larger check, but does not start collecting until later. The break-even point is usually around age 80 — if you live past 80, waiting to claim typically results in more total money over your lifetime.

Your full retirement age depends on your birth year. If you were born in 1943 or later, your full retirement age is between 66 and 67. The Social Security Administration website has a table showing the exact age for your birth year.

How to Claim Your Benefits

You can claim benefits through three methods: online at ssa.gov, by phone at 1-800-772-1213 (Monday through Friday, 7 a.m. to 7 p.m. your local time), or in person at your local Social Security office. You can find your nearest office on the Social Security website by entering your zip code.

To claim, you will need to provide your birth certificate, proof of citizenship or legal residency (passport or naturalization papers), and your W-2 forms or tax returns from the past two years. If you are married, you may also need your marriage certificate. Have these documents ready before you contact Social Security.

The process usually takes 10 to 15 minutes over the phone or online. Social Security will tell you the amount you may have access to for and when your first payment will arrive. Payments are sent by direct deposit to your bank account, or by debit card if you do not have a bank account.

Reporting Changes and Keeping Your Benefits

Once you start receiving benefits, you must report certain changes to Social Security within 30 days. These include: a change in your address or phone number, a change in your marital status (marriage, divorce, or death of a spouse), a change in your living situation (moving in with someone else or moving to a different country), or a significant change in your income.

If you continue to work after claiming benefits before your full retirement age, Social Security will reduce your monthly payment. In 2024, they deduct $1 from your benefit for every $2 you earn above $23,400 per year. Once you reach your full retirement age, there is no limit on how much you can earn without affecting your benefits.

You can report changes by calling 1-800-772-1213, visiting your local Social Security office, or logging into your account on ssa.gov. Keep Social Security informed so your payments continue without interruption.

Medicare and Other Benefits You May Receive

When you turn 65, you become may be able to access for Medicare, the federal health insurance program for seniors. You do not have to claim Social Security retirement benefits to get Medicare — you can sign up for Medicare separately. However, if you claim Social Security at 65 or later, you are automatically enrolled in Medicare Parts A and B unless you decline.

If you are married, your spouse may be able to claim benefits based on your work record, even if they did not work long enough to earn their own benefits. A spouse can claim up to 50 percent of your full retirement age benefit. Your ex-spouse can also claim on your record if you were married for at least 10 years, you are both at least 62, and you have been divorced for at least two years.

If your spouse or ex-spouse passes away, you may be able to claim survivor benefits. A widow or widower can claim at age 60 (or 50 if disabled). Children under 19 (or 19 if still in high school) may also receive benefits based on a deceased parent's work record.

Cost of Living Adjustments and Taxes on Benefits

Each year in October, Social Security announces a Cost of Living Adjustment (COLA), which increases all benefit payments by a percentage to account for inflation. In 2024, the COLA was 3.2 percent. This means everyone receiving benefits got a 3.2 percent raise in their monthly payment starting in January 2024.

Depending on your total income, a portion of your Social Security benefits may be subject to federal income tax. If you are single and your combined income (including half your Social Security benefit) is more than $25,000, you may owe taxes on up to 50 percent of your benefits. If your combined income is more than $34,000, you may owe taxes on up to 85 percent of your benefits. Married couples filing jointly have higher thresholds: $32,000 and $44,000.

Social Security sends you a Form SSA-1099 each year showing how much you received. Use this form when filing your federal income tax return. Some states also tax Social Security benefits, so check your state's tax rules.

Frequently Asked Questions

Can I change my mind after I claim benefits?

Yes, but only within limits. If you claimed within the last 12 months, you can withdraw your claim and repay all the benefits you received. This resets your claim, and you can claim again later at a higher amount. After 12 months, you cannot withdraw your claim, but you can request a one-time increase by waiting longer.

What happens to my benefits if I move out of the country?

You can receive Social Security benefits while living in most countries. However, some countries have restrictions. You must notify Social Security before you move and provide proof of residency in your new country. Payments may be delayed or stopped if you do not report your location.

How do I know if I have enough work credits?

Create an account on ssa.gov and view your Social Security Statement. It shows your work credits and earnings history. You can also call 1-800-772-1213 and ask a representative to review your record. If you are close to 40 credits, they can tell you how many more years of work you need.

Can I claim benefits if I am still working full-time?

Yes, you can claim at any age after 62. However, if you claim before your full retirement age and earn more than $23,400 per year, Social Security will reduce your monthly payment. Once you reach your full retirement age, you can earn any amount without affecting your benefits.

What if Social Security made a mistake on my record?

Contact Social Security immediately at 1-800-772-1213 or visit your local office. Bring documents that prove the error, such as W-2 forms, tax returns, or pay stubs. Social Security can correct errors and recalculate your benefits if needed. You have a limited time to dispute errors, so act quickly.