Social Security retirement for seniors is a benefit that most of the state’s workers earn during their years in the workforce. Seniors Social Security retirement eligibility depends on the amount of Social Security taxes a worker pays into the system, which translates into credits available toward retirement benefits. The age that a worker chooses to apply for seniors social security retirement also greatly influences the amount of benefits received from the SSA each month after retiring. In , the Social Security Administration (SSA) manages retirement and other benefits through a statewide network of offices. There are several convenient enrollment options seniors may utilize to apply for Social Security retirement benefits. Continue reading the sections below to find out more about which workers are eligible for seniors Social Security retirement benefits, learn about the application process for benefits and some of the advantages of receiving retirement benefits from the Social Security Administration.
Learn About Requirements for Retirement Benefits
Those eligible for seniors Social Security retirement benefits must have earned a minimum number credits with the SSA, which are typically calculated according to the number of years a person engages in full-time work. While Social Security retirement for seniors is based on credits earned, participants do not have to earn their credits consecutively. For instance, a person who begins working full-time after college then spends several years out of the workforce will not earn Social Security retirement benefit credits during the time away from the job. However, all the credits earned while working after college will remain on record with the SSA. When the worker returns to full-time employment and pays Social Security taxes again, new credits will be added to the total earned. To be eligible for seniors Social Security retirement, most residents must work full-time for at least ten years.
Although you need a minimum number of credits to be eligible for seniors Social Security retirement , your benefit payment will increase the longer you work. This is because the longer you pay Social Security taxes into the system, the larger number of total credits you will earn. If you wonder, “How much do senior citizens get from Social Security?” note that the amount can vary greatly between workers. However, higher lifetime earnings will always equal higher benefit payments received during retirement. You may track how much you can expect to get from Social Security by creating an online my Social Security account. Having this online account allows workers to check their potential SSA retirement benefit amount at any time. If you are an older worker without online access but eligible for Social Security retirement for seniors, you may request to receive mailed Social Security retirement statements instead. This provides an annual method for seeing how many SSA retirement credits you have accumulated. If health problems affect your ability to work, you can learn about disability benefits to see if you qualify for assistance. Additionally, you may be eligible to apply for seniors Social Security retirement benefits early based on your disabilities.
Learn How Age Affects Social Security Retirement Benefits
Deciding when and how to apply for seniors Social Security retirement benefits should include considering the age at which you hope to retire. How much senior citizens get from Social Security over time is largely determined by whether the senior citizen retired early, at full retirement age or continued working past that milestone. Those eligible for seniors Social Security retirement can retire early and agree to accept a reduced payment in exchange. Conversely, seniors can receive a higher benefit payment each month by choosing to work beyond full retirement age. The SSA realizes that deciding when to submit your seniors Social Security retirement application is a highly personal decision determined by many factors. If you need help determining your ideal time to retire before completing the benefits application process, the SSA website offers several online tools to help you calculate the best retirement age for you and your family’s needs.
Learn About Advantages to Receiving Social Security Retirement Benefits
Social Security retirement for seniors makes a significant contribution to most American workers’ retirement budgets, helping senior citizens to maintain a comfortable standard of living after retiring from the workforce. Under certain circumstances, seniors Social Security retirement eligibility also extends to family members by providing benefits to spouses and any dependent children in the household. Once retirees learn how to apply for seniors Social Security retirement benefits and sign up for assistance, their loved ones can also obtain survivor’s benefits in the event of the retiree’s death.
Learn How to Apply for Social Security Retirement Benefits
The seniors Social Security retirement application process can be completed quickly and easily online by providing necessary information and following the online prompts. You may also apply for seniors Social Security retirement benefits by phone or in person at your nearest SSA field office. Certain documents and information must be collected before starting a seniors Social Security retirement application process by phone, online or in person. Necessary information includes each household member’s name, date of birth and Social Security Number. If you are self-employed or have a record of military service, you will also need to provide details about these things. Part of the seniors Social Security retirement application process includes submitting your bank account information so that the SSA can distribute your benefits by direct deposit. Once the SSA receives all pertinent information, your application will be processed. You will receive a written notification of their decision by mail, usually within two months of applying.
For more information on applying for Social Security benefits, click here for our comprehensive guide.