What are the rules for Social Security benefits?
You can receive Social Security benefits based on your earnings record if you are age 62 or older, or disabled or blind and have enough work credits. Family members who qualify for benefits on your work record do not need work credits.
How long can you collect Social Security retirement benefits?
Full benefits are available at full retirement age. Benefits are for life. A surviving spouse who has a disability can collect benefits as early as age 50. The benefit begins upon the death of the retiree and continues until the surviving spouse is age 65.
Do you have to pay taxes on Social Security?
Some of you have to pay federal income taxes on your Social Security benefits. between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. more than $34,000, up to 85 percent of your benefits may be taxable.
Does Social Security get reduced if you have a pension?
How much will my Social Security benefits be reduced? We’ll reduce your Social Security benefits by two-thirds of your government pension. In other words, if you get a monthly civil service pension of $600, two-thirds of that, or $400, must be deducted from your Social Security benefits.
What are the earnings rules for Social Security?
To qualify for SSI , you must earn less than $735 per month. While these numbers do fluctuate, the income limit typically falls around this range. Anyone who earns more than this amount from jobs or under-the-table work qualifies as engaging in “substantial gainful activity” (SGA).
What is the income limit on Social Security benefits?
In general, the income limit for SSI is the Federal Benefit Rate (FBR), which is $735 per month for an individual and $1,103 per month for a couple in 2017.
What are the rules for collecting Social Security?
In general, Social Security requires workers to have 10 full years of work history in order to qualify for retirement benefits. Strictly speaking, the requirement involves earning 40 work credits, with workers eligible to receive up to four credits per year.
When is the best time to take Social Security benefits?
You can start collecting Social Security benefits any time between ages 62 and 70. The best age for Social Security benefits depends on personal and financial factors, like your current cash needs, retirement plans, health and family history.