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Social Security

Social Security is a federal program that includes retirement benefits, health insurance assistance, disability and survivor income, and more.

One of the largest Social Security programs is retirement benefits, which are a crucial piece of retirement income for many recipients. Eligibility for retirement assistance through Social Security involves accumulating 40 Social Security credits, each of which represents a certain amount of earnings. Up to four credits can be earned each year, so at least 10 years of employment are required. Monthly payments are based on recipients' highest 35 years of earnings, and also on the age they filed to receive benefits. The minimum age to start claiming benefits is currently 62, but people who file before reaching full retirement age (currently between 66 and 67, depending on year of birth) won’t receive the full benefit. On the other hand, for every month after full retirement age that a potential recipient postpones filing (up to age 70), their eventual benefit will increase by two thirds of a percent. These age milestones may adjust as life expectancies in the US change. Social Security also includes survivor benefits. When the immediate beneficiary dies, eligible family members may receive the benefits in their place.

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