Social Security is a series of federal aid programs that help Americans in need. They include aid for retirement, health insurance, disability, and more.
What is Social Security?
- Social Security is a series of federal aid programs available to eligible Americans.
- Retirement benefits are one of the largest functions of Social Security. It serves as a crucial piece to many Americans’ retirement funds.
- Eligibility requirements vary by program. Retirement benefits require a minimum of 10 years of labor in the workforce. Beneficiaries must also be over 62 years of age before they can start collecting benefits.
One of the largest Social Security programs is retirement benefits. For many Americans, retirement benefits are a crucial piece of their retirement income.
Eligibility for retirement assistance through Social Security involves accumulating 40 Social Security credits. Since four credits can be earned in most every year, Americans will need to work for at least 10 years to be eligible. The dollar amount received every month through retirement benefits can also be impacted by the age workers choose to retire. The minimum age for workers to start claiming benefits is currently 62. However, if workers delay claiming Social Security benefits by a few years (up to age 70), they will receive higher payments. These age milestones may adjust as life expectancies in the U.S. change.
Social Security benefits include survivor benefits. If the immediate beneficiary passes away, eligible family members may receive the benefits in their place.