Social Security is part of the retirement plan for almost every American worker. It provides replacement income for qualified retirees and their families.

Are Social Security retirement benefits for life?

Social Security retirement benefits start as early as age 62, but the benefits are permanently reduced unless you wait until your full retirement age. Payments are for life. Social Security spousal benefits pay about half of what your spouse gets if that’s more than you would get on your own.

What should I know about social security before I retire?

Before you apply for retirement benefits, there are certain Social Security “basics” you should know about: Your “full retirement age” -. Depending on your date of birth, that may be between age 66 and 67. This could affect the amount of your benefits and when you want the benefits to start.

How does social security work if you are still working?

The process of applying for and calculating benefits can be complex. Maximizing benefits may mean taking past income and age into account when deciding on when to start benefits. Social Security benefits may be subject to taxation, especially if you are still working while also receiving benefits.

How are Social Security benefits reduced when you reach full retirement age?

If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age. To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth.

Do you have to pay taxes on your Social Security benefits?

Maximizing benefits may mean taking past income and age into account when deciding on when to start benefits. Social Security benefits may be subject to taxation, especially if you are still working while also receiving benefits. What Are Social Security Retirement Benefits? American workers pay Social Security taxes on their income.