Social Security: Retirement Benefits

To qualify for social security retirement benefits, you must be "fully insured." This means you must have 40 credits (about 10 years of work) to be entitled to a monthly benefit. (Persons born before 1929 need fewer credits.) The amount of your monthly payment is based on your career average earnings covered by Social Security and the age at which you retire. This table assumes a typical earnings progression.
*Amounts reduced at 65 because the Full Retirement Age (FRA) is higher for these persons. The FRA for retirement benefits is 65 for persons born before 1938, but rises gradually to 67 for persons born after 1959.
TABLE: Aproximate Monthly Benefits at 65

Examples of Early Retirement Amounts (For Persons Who Become 62 Before the Year 2000)
		Benefit if Started at
Age-65 Benefit		64		63		62
(100%)		(931/3%)		(862/3%)		(80%)
$ 600 900 1,300		$ 560 840 1,213		$ 520 780 1,216		$ 480 720 1,040

Family Benefits

In addition to your Social Security payment, benefits may be paid to the following family members when you retire:

• unmarried children under age 18, or 18 if in high school, or who are disabled before age 22;
• spouse at least age 62, or any age if caring for your child who is under age 16 or who is disabled before age 22; and
• unmarried divorced spouse, at least age 62, if married to you for at least 10 years.

The basic benefit for each family member is 50% of your FRA benefit, except for spouses under the FRA with no eligible children, who receive less. The total amount payable to your family on your Social Security work record is subject to a maximum.
The amount of earned income that you can have each year and still receive your full benefits is limited. For 1999, the amount is $9,600 if you are under age 65. If you are age 65-69, it is $15,500. Your benefits are not affected by earnings at age 70 or over.
This information on your Social Security retirement benefits should help you to determine if your income will be adequate when you stop working. If not you may want to supplement it with income from professionally designed insurance or investments.

Additional Benefits: Life Insurance | Disability | Long Term Care
Social Security Information: Retirement | Disability | Survivor | Medicare