Understanding Social Security Benefits & Retirement Age

Social Security is a federal benefits program designed to provide a source of income for retirees, 对于那些符合条件的配偶已经去世的人. 大多数工作从你的薪水中扣除社会保障税, and your Social Security benefit is based on the number of years you’ve been working and the amount you’ve earned.

社会保障福利并不是你退休收入的唯一来源. You may need other savings, investments, pensions, 或者退休账户，以确保你退休时有足够的钱. (由于残疾而不能工作的人也有社会保障福利, 但这篇文章主要是关于社会保障作为退休人员的收入来源.)

Who is eligible for Social Security benefits?

You. You’re eligible for Social Security benefits if you’re 62 or older and have worked and paid Social Security taxes for 10 years or more. Some jobs — such as state and local government positions — don’t pay Social Security taxes and therefore don’t contribute to eligibility.
 
Your current or former spouse. Social Security benefits may be available to a spouse — even if they haven’t worked or paid Social Security taxes for 10 or more years — based on your marital status. The Social Security Administration (SSA) will factor in your work history and Social Security taxes to determine eligibility and the benefit.
 
According to the SSA, people who are in non-marital legal relationships like civil unions or domestic partnerships may be entitled to the same benefits as a married person.¹
 
Your children. They may be eligible for a monthly benefit if they are unmarried and under the age of 18 (or if they are 18 or 19 years old and attend elementary or high school full time) and you are retired or disabled; they may also be eligible if they have a disability.
 
The SSA offers a helpful tool to determine eligibility for benefits.
 

Types of Social Security benefits

你可以在网上申请社会保障 ssa.gov/apply. 社会保障福利主要有四种:

• Retirement benefits are a monthly check that replaces part of your income when you reduce your hours or stop working altogether. 因为它可能不会取代你所有的收入，所以有一个退休计划是很重要的.
• 社会保障及伤残保险(SSDI) pays benefits to you and certain family members if you worked long enough — and recently enough — and paid Social Security taxes on your earnings.
• Supplemental Security Income (SSI) 如果符合条件的成人和儿童收入很少或没有收入，他们会得到多少钱, and little or no resources, and a disability, blindness, or are age 65 or older.
• Survivors benefits 寡妇、鳏夫及合资格工人的受养人获发津贴吗.

 
Spousal vs. survivors benefits

Spousal benefits are available to spouses who are 62 or older who didn’t work or earn enough credits to qualify for Social Security on their own. The highest payment a spouse can receive is half the benefit their spouse is entitled to at their full retirement age.

Meanwhile, when a spouse dies, 未亡配偶最早可在60岁时申请领取遗属津贴. 如果遗属在达到完全退休年龄之前提出申请，福利金将减少, and they can switch to their own Social Security benefits when they become eligible (through age 70) if their benefit is higher than the survivors benefit.
 
People who were married for 10 years or longer — and are divorced and have not remarried — may also qualify for the spousal benefit and the survivors benefit.

When to apply

You should apply for Social Security benefits approximately three months before your retirement date.

How are Social Security benefits calculated?

Your Social Security benefit is calculated using average indexed monthly earnings (AIME) for up to 35 years of your earnings. 然后使用这个平均值来确定主要保险金额(PIA)。, which is the basis for your benefits.

To calculate the PIA, SSA确定将在计算中使用的AIME的三个部分. (These ranges help ensure that benefits are distributed fairly among the nation’s workers.)

For a person who first becomes eligible for Social Security benefits in 2024, the PIA formula is:

• 90% of the first $1,174 of AIME
• 32% of AIME over $1,174 and through $7,078
• 15% of AIME over $7,078.

For example, here’s how Social Security benefits would be calculated using the PIA and a hypothetical AIME of $5,2024年达到完全退休年龄的退休工人的工资为1000万美元;

• 90% of the first $1,174 of AIME = $1,056.60
• AIME的32%超过1,174美元，超过7,078美元= 1,941美元.12
• 15% of AIME over $7,708 = $0

Therefore, the worker’s PIA is $2,997.70. 金额四舍五入到最接近的十美分.)

How do I find out my Social Security benefit amount?

你可以查看你的社会保障账户，看看你的福利金额. 您的网上社会保障报表提供安全保障, 方便获取退休预估, disability, and survivors benefits. 你可以很容易地建立你的个人社会保障帐户 ssa.gov/myaccount.

为了跟上通货膨胀，福利是通过生活费用调整来调整的.

What is the full retirement age for Social Security?

你的法定退休年龄是66岁到67岁之间的一个时间点, 这是由SSA用来确定你的福利金额的, as well as your family’s benefits. 不管你的法定退休年龄是多少, 您等待申请的时间越长，您的付款将越高, up until age 70.

Social Security retirement age chart

If you were born on January 1, refer to the previous year to determine your full retirement age.¹

Taking Social Security early

你可以在完全退休年龄之前开始领取社会保障福利, 早在62岁——但如果你开始得早的话, 你的福利会比等到完全退休年龄时少. Your benefit will be reduced by 5/9 of 1% for every month between your retirement date and your full retirement age, up to 36 months, then by 5/12 of 1% thereafter. This reduction is permanent — you won’t be eligible for a benefit increase once you reach full retirement age.

即使你每月的福利会少一些, you might receive the same or more total lifetime benefits as you would if you waited until full retirement age. 这是因为即使你每个月收到的钱少了, 你可能会在更长的一段时间内获得福利.

The same logic applies if you delay your retirement benefits past your full retirement age. Your benefit will permanently increase by a certain percentage, up to the maximum age of 70. For anyone born in 1943 or later, the monthly percentage is 2/3 of 1%, or an annual percentage of 8%.

下图显示了每月2美元的收益,000 taken at a full retirement age of 67 would be worth if taken earlier or later than full retirement age. For example, as this chart shows, this $2,000 benefit would be worth $1,400 if taken at age 62, and $2,480 if taken at age 70.

这个假设的说明是基于社会保障局的规定. Actual results will vary.

 

上面的例子使用了2022年的平均福利金额. 法定退休年龄(FRA)为67岁者, 它显示了等待的成本和等待的好处. (这是示例数据，仅用于说明目的. Each person’s monthly benefit will vary based on birth year, work history, and other factors.)

Are Social Security benefits taxable?

大约40%领取社会保障的人必须缴纳联邦所得税² on their benefits. 如果你有其他可观的收入——包括工资——这通常会发生, earnings from self-employment, interest, dividends, and other taxable income that must be reported on your tax return — in addition to your benefits.

According to the SSA, you need to pay taxes on up to 85% of your Social Security benefits if you:

• 提交个人联邦纳税申报表，你的总收入是
  • between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits, or
  • 超过34,000美元，高达85%的福利可能要纳税.
• 提交一份联合报税表，其中的总收入是
  • between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits, or
  • 超过44,000美元，高达85%的福利可能要纳税.
• 如果你结婚了并且单独报税，你可能会为你的福利缴税.

你可以一边工作一边领取社会保障福利, but there is an annual earnings limit to how much you can earn and still receive benefits if you’re under full retirement age. (In 2023, that limit was $21,240.一旦你到了法定退休年龄, 你能挣多少钱，还能得到多少福利，这是没有限制的.

为自己的退休生涯做好准备, it’s important to work with a financial advisor to better understand your retirement income and to develop a retirement plan. Patelco会员可以免费使用CFS³ Financial Advisor consultation. 学习如何达到你的退休目标 今天就安排你的财务顾问咨询.