Social Security Retirement Benefits: The Basics

Who qualifies

You need 40 credits—about 10 years of work. In 2026 you earn one credit for each $1,890 of earnings, up to four a year.

Your full retirement age

• Born 1943–1954: 66
• Born 1955–1959: 66 plus 2 months for each year after 1954
• Born 1960 or later: 67

Claiming early or late

At 62, benefits are about 30% lower than at 67 for people born 1960 or later. Each year you wait past full retirement age adds 8%, until 70. The choice is permanent, so it is worth comparing with the Social Security calculator.

Spouses and survivors

A spouse can receive up to half of the other spouse’s full-retirement-age benefit. When one spouse dies, the survivor keeps the larger of the two checks—one reason the higher earner often waits.

Working while collecting

Before full retirement age, $1 is withheld for every $2 you earn above $24,480 (2026). In the year you reach full retirement age, $1 for every $3 above $65,160. Withheld benefits are not lost; your check is recalculated later.

Taxes on benefits

Up to 50% of benefits can be taxable when “combined income” (adjusted gross income + nontaxable interest + half of your benefits) is above $25,000 for single filers or $32,000 for married couples filing jointly, and up to 85% above $34,000 or $44,000. Some states also tax Social Security.

Get your real numbers

Create a free account at ssa.gov/myaccount to see your earnings record and estimated benefits at every age.