If you have not already done so, go to www.ssa.gov and create a mySocialSecurity online account. Here you can learn more about your benefits based on your facts and circumstances.
Social Security Retirement Benefits:
Who is eligible?
- Worked and paid Social Security Taxes to earn 40 credits
- Reached a minimum age of 62 for early retirement (full retirement based on year of birth)
- Exceptions: qualify for disability, qualify as widow/widower at age 60 (50 if disabled), or children up to age 18 or 19 if not graduated from high school
- Spouses who have never worked may qualify if at least age 62 and spouse is receiving retirement or disability benefits.
How much will I receive?
- Based on a percentage of your average monthly wage using a 35-years base of earnings.
- Maximum benefit payable is $2,687 (full retirement age in 2017), $2,153 (age 62 in 2017), and $3,538 (age 70 in 2017).
- Monthly Benefit is Reduced by a percentage (%) based on early retirement year. If you retire at the age of 62, your full retirement benefits are reduced approximately 30%.
- Your own Eligible amount or if less than the spousal benefit, yours is increased by ½ of eligible spousal benefit to bring own eligible up to the ½ eligible spousal benefit. In other words, if you are due two benefits, you get the greater amount, not both portions
- Maximum family benefit of 150-180% of worker’s full retirement benefit.
- NOTE: Additional rules available for Government workers that have non SSA Pension are available
Will my benefits be reduced if I continue to work while drawing my SSA Benefits? Yes, if below full retirement age by $1 for every $3 earned over annual average.
Medicare Benefits:
Who can get Medicare?
- Age 65 or older, citizen or permanent resident
- Younger if with certain disabilities
When should I enroll?
- If already receiving Social Security benefits or Railroad Retirement, you will automatically receive information a few months before age 65
- Otherwise, 3 months before your 65th birthday even if you don’t plan on retiring at age 65.
What are my premiums?
- Part A: hospital coverage is free if eligible for Social Security
- Part B: outpatient medical coverage: based on how much you and your spouse earned together (prior tax return on file with IRS)
- Part D: Prescription drug coverage: based on how much you and your spouse earned together (prior tax return on file with IRS)
- Note: Medicare is an individual plan (there are no family plans).
(Sources: Social Security Administration 2017 Publications available at www.ssa.gov and www.medicare.gov)