Social Security Basics
Social Security benefits are a major source of retirement income for most people.
Published Monday, April 27, 2015 to Advice
When you work and pay Social Security taxes (FICA on some pay stubs), you earn Social Security credits. These credits along with the number of years you work and age at the time you start receiving benefits impact your benefit amount.
You can begin receiving Social Security benefits before your full retirement age, as early as age 62. However, if you begin receiving benefits early, your Social Security benefit will be less than if you wait until your full retirement age to begin receiving benefits. Delaying your retirement will increase your benefit a percentage for each month you delay retirement (up to age 70).
| If you were born in: | Your full retirement age is: |
|---|---|
| 1943-1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
Your qualified family members are also entitled to benefits as much as 50% of your Social Security earnings, even if they have never worked a job covered by Social Security. If you're receiving retirement benefits, the members of your family eligible for benefits include:
- Your spouse age 62 or older, if married at least 1 year
- Your former spouse age 62 or older, if you were married at least 10 years
- Your spouse or former spouse at any age, if caring for your child who is under age 16 or disabled
- Your children under age 18, if unmarried
- Your children under age 19, if full-time students (through grade 12) or disabled
- Your children older than 18, if severely disabled
For more information on retirement benefits and strategies, contact one of the professionals at Veridian Investment & Trust Services.
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