August 16, 2024 – This week Social Security celebrated its 89th birthday. To celebrate, WISER is highlighting key tips and information you need to know about this important program and what impacts your Social Security retirement benefit.
WHAT IMPACTS BENEFIT AMOUNT
Did you know your benefit amount is impacted by the age at which you claim benefits? To receive your full retirement benefit amount, you must wait until your Full Retirement Age (FRA) to claim it. For those born in 1960 or later, your FRA is age 67. You can claim as early as age 62 but your benefit will be reduced permanently by 30%. For each year you wait after your FRA, your benefit will increase up to 8% a year until age 70.
Social Security benefits are also calculated based on your highest 35 earning years? For years that income is not earned, a zero is used in the benefit calculations. If you do not have 35 earning years those zeros will lower your overall benefit. It can be worthwhile to extend working years, even with a part-time position to replace some of those zeros.
Check out WISER’s 5 Factors that Impact Your Social Security Benefit
SPOUSAL and SURVIVOR BENEFITS
Did you know you may be eligible for Social Security benefits as a spouse or ex-spouse? You can claim Social Security benefits based on your own earnings record or collect a spousal benefit worth up to 50% of your spouse’s Social Security benefit. You are eligible to receive whichever amount is higher. If you are divorced, you must have been married at least 10 years and not be remarried before age 60.
Social Security survivor benefits can be worth up to the full amount the deceased spouse was receiving at the time they passed away. This includes any increase they may have received for waiting to claim their benefit until after their full retirement age. You may also be eligible for survivor benefits as an ex-spouse if your marriage lasted at least 10 years and you are not remarried before age 60.
Check out WISER’s fact sheet on Social Security Spousal Benefits
SOCIAL SECURITY & MEDICARE
Did you know, if you are not already receiving Social Security benefits when you turn 65, you must apply for Medicare or be penalized for signing up late. The open period to apply for Medicare is 3 months prior to your 65th birthday, the month of your 65th birthday, and 3 months after your 65th birthday.
Check out WISER’s Medicare Basics
SOCIAL SECURITY SCAMS
Did you know fraudsters have been known to call, email or text people impersonating an Social Security Agent? They often create a sense of fear or urgency to get someone to hand over money or personal information. If this happens, remain calm, hang up or delete messages, and talk about it with people you trust. The Social Security Administration will never threaten arrest or legal action, never suspend your Social Security number, never claim to need personal information or payment to activate anything, never pressure for immediate action, or ever ask you to pay with any kind of gift card, debit card, wire transfers, cryptocurrency, or by mailing cash. If you still aren’t sure, call the Social Security Administration directly at 1-800-772-1213. Visit www.ssa.gov/scams to learn more about common scams and how to report them.
SIGN UP FOR YOUR ONLINE SOCIAL SECURITY ACCOUNT
Did you know the only way most people can access their Social Security statement is online? Sign up for your online Social Security account to get an estimate of your benefit, check your earnings record, and more. Visit www.ssa.gov/myaccount
Social Security is a program that helps keep millions of workers and families out of poverty each year and is the foundation of retirement security for many Americans. Be sure to learn all you can about your benefit and how to make the most of it.
Check out WISER’s fact sheet, Social Security: What Every Woman Needs to Know
