What you receive and when payments arrive

Social Security retirement benefit payments are monthly checks sent to you by the Social Security Administration once you reach retirement age and have worked long enough to earn benefits. The amount you receive depends on your earnings history and the age at which you start collecting — claiming at 62 gives you a smaller monthly payment than waiting until 67 or 70, but you receive payments for more years overall.

Payments arrive on a set schedule based on your birth date. If you were born on the 1st through the 10th of any month, your payment arrives on the second Wednesday. If born on the 11th through the 20th, it arrives on the third Wednesday. If born on the 21st through the 31st, it arrives on the fourth Wednesday. You can receive payments by direct deposit to a bank account, through a prepaid debit card, or by check mailed to your address.

The Social Security Administration recalculates your benefit amount each year in October or November based on cost-of-living adjustments. This means your monthly payment may increase slightly most years, though it can stay the same or occasionally decrease if the cost of living falls.

Key Takeaways

  • You can claim retirement benefits as early as age 62, but your monthly payment will be permanently reduced compared to waiting until your full retirement age (66 to 67 for most people born after 1954).
  • Waiting until age 70 to claim increases your monthly payment by about 8 percent for each year you delay past your full retirement age, up to age 70.
  • Your payment amount is based on your 35 highest-earning years of work, so gaps in employment or lower-earning years reduce the total.
  • You must have worked at least 10 years (40 quarters) in jobs covered by Social Security to receive retirement benefits on your own work record.
  • If you continue working after you claim benefits before your full retirement age, your payments may be reduced by $1 for every $2 you earn above an annual limit set by Social Security.

How the amount is calculated

The Social Security Administration bases your benefit on your average earnings over your 35 highest-earning years. If you worked fewer than 35 years, they count zero-earning years in the average, which lowers your total. The agency uses a formula that replaces a higher percentage of lower earnings and a lower percentage of higher earnings — this means the system replaces a larger share of income for people who earned less during their careers.

You can view your earnings record and an estimate of your future benefit by creating an account on the Social Security website (ssa.gov). The estimate assumes you continue working at your current earnings level until you claim. If you plan to retire earlier or later, or if your earnings are changing, the estimate will not match your actual benefit.

Your full retirement age — the age at which you receive 100 percent of your calculated benefit — depends on your birth year. For people born in 1943 through 1954, full retirement age is 66. For those born in 1955 through 1960, it rises gradually to 67. For people born in 1960 or later, full retirement age is 67. These ages are set by law and do not change.

Claiming before, at, or after full retirement age

You can claim as early as age 62, but your monthly payment is reduced permanently. The reduction is roughly 30 percent if you claim at 62 and your full retirement age is 67. This reduction stays in place for the rest of your life — it does not increase when you reach full retirement age. Claiming early makes sense only if you need the money now or if you do not expect to live into your mid-80s, since the total amount you receive over your lifetime may be lower.

If you claim at your full retirement age, you receive your full calculated benefit with no reduction. This is the break-even point between claiming early and claiming late.

If you delay claiming past your full retirement age, your benefit increases by about 8 percent per year until age 70. Someone with a full retirement age of 67 who waits until 70 receives about 24 percent more per month than they would at 67. After age 70, benefits do not increase further, so there is no financial advantage to delaying beyond 70.

Earnings limits if you work while receiving benefits

If you claim before your full retirement age and continue working, the Social Security Administration reduces your benefits based on your earnings. For 2024, if you earn more than $23,400 per year, your benefits are reduced by $1 for every $2 you earn above that limit. This limit changes each year.

The earnings limit applies only in years before you reach your full retirement age. Once you reach full retirement age, you can earn any amount without a reduction to your benefits. The month you reach full retirement age, the limit is higher and applies only to earnings before that month.

Only wages from work count toward the earnings limit — not investment income, pensions, or rental income. If you are self-employed, net earnings from self-employment count. If you expect to work while claiming early benefits, contact Social Security before you claim to understand how your specific earnings will affect your payments.

Taxes on your benefits

Depending on your total income, a portion of your Social Security benefits may be subject to federal income tax. The Social Security Administration uses a formula based on your "combined income," which includes your adjusted gross income, nontaxable interest, and half of your Social Security benefits. If your combined income exceeds certain thresholds, up to 50 percent or 85 percent of your benefits become taxable.

For 2024, if you file as single and your combined income is between $25,000 and $34,000, you may owe tax on up to 50 percent of your benefits. If your combined income exceeds $34,000, up to 85 percent of your benefits may be taxable. For married couples filing jointly, the thresholds are $32,000 and $44,000. These thresholds do not adjust for inflation, so more people become subject to taxation each year.

You can request that the Social Security Administration withhold federal income tax from your monthly payment to avoid a large tax bill at the end of the year. You can also make estimated tax payments to the IRS directly. A tax professional can help you understand your specific situation.

Spousal and survivor benefits

If you are married, your spouse may be able to receive a benefit based on your work record even if they did not work long enough to earn their own benefit. A spouse can claim up to 50 percent of your full retirement age benefit if they wait until their own full retirement age to claim. If they claim earlier, the percentage is lower. Your spouse must be at least 62 years old to claim on your record, or any age if they are caring for a child under 16 who is receiving benefits on your record.

If you pass away, your spouse, children, and parents may be able to receive survivor benefits based on your work record. Survivor benefits are paid to your widow or widower at full retirement age (or as early as 60), to your unmarried children under 19 (or 19 if still in high school), and to your parents if you were supporting them. The total amount paid to all family members is limited to about 150 to 180 percent of what you would have received at full retirement age.

Changes to your benefits after you start receiving them

Once you begin receiving benefits, you must report certain life changes to Social Security. If you marry, divorce, or your marital status changes, you should report it. If you return to work or your earnings change significantly, report that as well. If you move outside the United States, you may still receive benefits, but you must notify Social Security of your new address.

If you made a mistake when you claimed — for example, you claimed too early and now regret it — you have limited options. If you are still within 12 months of claiming, you can withdraw your application and repay all benefits received; this restarts your benefit clock. After 12 months, you cannot withdraw, but you can suspend your benefits at full retirement age and let them grow until age 70, though this is rarely done anymore due to rule changes.

The Social Security Administration conducts periodic reviews to confirm you are still living and still meet the requirements for your benefit. They may ask for proof of citizenship, a recent photo, or other documents. Respond promptly to these requests or your payments may be stopped.

Frequently Asked Questions

Can I change my mind after I start receiving benefits?

If you claim and then change your mind within 12 months, you can withdraw your application, repay all benefits you received, and restart your benefit clock. After 12 months, you cannot withdraw. You can suspend benefits at full retirement age to let them grow, but the rules for suspension changed in 2023 and now offer limited advantage for most people.

What happens to my benefits if I move to another country?

You can receive benefits while living outside the United States, but rules vary by country. Some countries have agreements with the Social Security Administration that allow payments to continue. Others do not. Notify Social Security of your move before you leave, and contact them to confirm your benefits will continue in your new location.

How do I report my earnings if I work while receiving benefits?

You must report your earnings to Social Security each year if you claim before full retirement age and earn more than the annual limit. You can report online through your Social Security account, by phone, or by mail. Report your earnings by April 15 of the following year, or Social Security may reduce your payments and ask you to repay the overpayment.

Can I receive benefits on more than one person's work record?

You can receive a benefit based on your own work record and a spousal or survivor benefit, but Social Security applies a "Government Pension Offset" or "Windfall Elimination Provision" if you also receive a government pension. These rules reduce your Social Security benefit. Contact Social Security directly to understand how these rules apply to your situation.

What if I never worked enough to earn my own benefit?

If you did not work 10 years in jobs covered by Social Security, you cannot receive a retirement benefit on your own record. You may still be able to receive a spousal or survivor benefit if you are married to someone who earned benefits, or if you are a widow or widower of someone who did. Contact Social Security to explore your options.