Benefit Statements

• If you have been employed and have paid Social Security payroll taxes, as required by law, then you should be receiving an annual benefit statement from Social Security. This statement details your expected monthly benefit if you retire at certain ages. You will have a choice of applying for benefits at age 62 (early retirement), at your full retirement age, or at a later age up to and including your 70th birthday. You may also retire after age 70, but your monthly benefits will not be any greater than they would be at that age.
  
  

Early Retirement

• If you choose early retirement at age 62, or any time before your full retirement age, then your monthly benefits will be reduced. The maximum reduction is 30 percent if you were born after 1959, or somewhat less (on a sliding scale) if you are older.
  
  

Full Retirement Age

• Your full retirement age depends on the year of your birth. The age was 62 for people born in 1937 or earlier and it gradually rises for those born afterward. For those born between 1943 and 1954, the full retirement age is 66 years old. For those born in 1960 or later, the full retirement age is 67.
  
  

Benefit Amount

• Your monthly benefit amount depends on an average taken from your 35 highest earning years. If you delay retirement until age 70, you will earn additional "delayed retirement benefits" that will increase the amount of the monthly check from Social Security.
  
  

Spousal Benefits

• You should also be aware that Social Security makes spousal benefits available for those taking retirement. If you elect to receive benefits at your full retirement age, then request to have the payments suspended, your spouse can still receive her spousal benefit (based on your work record), and you will eventually earn a higher monthly payment for yourself for delaying the start of benefits. Of course, your spouse may also be eligible for her own Social Security retirement. If her benefit would be more than half of yours, she is entitled to the full benefit at full retirement age. If her benefit would be less than half according to the 35-year calculation, Social Security brings it up to half of your benefit.
  
  

Lifelong Benefits

• Social Security retirement benefits continue until your death.