Social Security Benefits
Planning for retirement requires preparing for a long life expectancy. Many retirees will live much longer than the "average" lifespan, with about one in four 65-year-olds today living past age 90. Social Security benefits provide critical protection against outliving your savings and other income sources but are not designed to cover all retirement expenses. No one knows how long they will live, so to be safe, experts agree that when planning for retirement, you should prepare for a long life expectancy. Many of us will live much longer than the "average" retiree.
Eligibility Requirements and When to Place your Claim
If you have worked for at least 10 years, you can claim Social Security benefits between age 62 (earliest, but with reduced benefits) and age 70 (latest, with maximum benefits). Choosing when to claim is a personal decision. Benefits are lower if you claim early and higher if you delay. Remember that your initial benefit amount sets the baseline for future payments, though annual cost-of-living adjustments may increase over time.
Setting Up Your Online Account
Regardless of when you apply for Social Security benefits, sign up for Medicare three months before turning 65 to avoid delays in coverage or higher premiums for medical insurance and prescription drugs.
Use the Retirement Estimator to calculate future Social Security payments based on your actual earnings record.
Additional Information
- Learn about current annual and monthly earning limits and how earnings affect retirement benefits.
- Discover the difference between Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
- If you have questions, call the Social Security Office at 800-772-1213 (TTY: 800-325-0778).