Google trend - Social Security benefits

Social Security benefits - 10 things to know with detail

• Eligibility: In order to qualify for Social Security benefits, you must have worked and paid into the Social Security system for a certain number of years, typically at least 10 years of work (40 quarters).
• Full Retirement Age: The full retirement age for receiving Social Security benefits is currently 66 or 67, depending on your birth year. You can begin receiving benefits as early as age 62, but your monthly benefit amount will be reduced if you choose to start receiving benefits before your full retirement age.
• Calculation of Benefits: Your Social Security benefits are calculated based on your highest 35 years of earnings, adjusted for inflation. The more you earned during your working years, the higher your benefit amount will be.
• Spousal Benefits: If you are married, you may be eligible for spousal benefits based on your spouse's work record. Spousal benefits can be worth up to 50% of your spouse's benefit amount.
• Survivor Benefits: If a loved one who was receiving Social Security benefits passes away, you may be eligible for survivor benefits based on their work record. Survivor benefits can provide financial support to widows, widowers, and dependent children.
• Disability Benefits: If you become disabled and are unable to work, you may be eligible for Social Security disability benefits. To qualify, you must have a medical condition that is expected to last at least one year or result in death.
• Taxes on Benefits: Depending on your total income, a portion of your Social Security benefits may be subject to federal income tax. Up to 85% of your benefits can be taxed if your income exceeds certain thresholds.
• Cost of Living Adjustments (COLAs): Social Security benefits are adjusted each year to account for inflation and rising costs of living. These annual COLAs help ensure that your benefits keep pace with the economy.
• Delayed Retirement Credits: If you choose to delay receiving Social Security benefits past your full retirement age, you can earn delayed retirement credits that will increase your monthly benefit amount. You can earn these credits up until age 70.
• Online Access: You can create a my Social Security account online to access your Social Security statement, estimate future benefits, update your personal information, and more. This secure online portal makes it easy to manage your Social Security benefits.