Frequently Asked Questions
A: The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.
A: The current full retirement age is 67 years old for people attaining age 62 in 2023.
A: Social Security does not count pension payments, annuities, or the interest or dividends from your savings and investments as earnings. They do not lower your Social Security retirement benefits.
A: Social Security does not count unemployment benefits as earnings. They do not affect retirement benefits.
However, income from Social Security may reduce your unemployment compensation. Contact your state unemployment office for information on how your state applies the reduction.
A: Choosing when to start receiving your Social Security retirement benefits is an important decision that affects your monthly benefit amount for the rest of your life. If you wait until your full retirement age (67 for people who are born in 1960 or later), you will get your full benefit.
You can start receiving your Social Security retirement benefit as early as age 62. But the government will reduce your benefits by as much as 30% below what you would get if you waited to begin receiving benefits until your full retirement age.
On the other hand, if you delay claiming your benefit, your monthly amount will be increased for each month of delay. These adjustments are permanent.
A: The government uses your total yearly earnings to calculate your Social Security credits. The amount needed for a credit in 2023 is $1,640. You can earn up to a maximum of 4 credits per year. The amount needed to earn 1 credit automatically increases each year when average wages increase.
You must earn a certain number of credits to qualify for Social Security benefits. The number of credits you need depends on your age when you apply and the type of benefit you are applying for. No one needs more than 40 credits for any Social Security benefit.
A: The estimated average monthly Social Security retirement benefit for January 2023 is $1,827. The estimated average amount changes monthly.
A: When you get a retirement or disability pension from work not covered by Social Security your Social Security benefits may be calculated using a different formula. This lowers your Social Security benefit. This is done whether your pension comes from work you did for a U.S. government agency or in a foreign country.
A: You can get both Social Security retirement benefits and military retirement. Generally, your Social Security benefits are not reduced because of your military benefits.
