Retirement

Social Security is Here When You’re Ready for Retirement

January 26, 2023 • By

Reading Time: 2 Minutes

Last Updated: November 2, 2023

Two older men video chatting on a smartphoneWhen you think you’re ready to retire, we’re here to help you make an informed decision about when to apply for benefits. You should decide based on your individual and family circumstances.

Would it be better for you to start getting benefits early with a smaller monthly amount over a longer period? Or perhaps wait for a larger monthly payment over less time? The answer is personal and depends on several factors, such as your current and anticipated cash needs, health, and your family history on longevity. Most importantly, you should study your future financial needs and obligations, and estimate your future Social Security benefit.

The best and easiest way to estimate your future Social Security benefits is with a personal my Social Security account. You can create your free account on our website. Use your account to see how much you might receive each month based on the age at which you want to start receiving benefits.

We encourage you to weigh all the factors carefully before deciding when to begin receiving Social Security benefits. This decision affects the monthly benefit amount you will receive for the rest of your life and may affect benefits for your survivors.

Social Security’s Online Retirement Resources

Whether you’re ready to learn about, apply for, or manage your retirement benefits, our online resources make it easy for you to find the information you need. How easy? You can do it from your computer, tablet, and even smartphone!

On our website, you can:

  • Get our publications.
  • Estimate your benefits with one of our many calculators.
  • Find your Full Retirement Age.
  • Learn about benefits for a spouse and family members.
  • Apply for benefits.
  • Manage your benefits once you start receiving them.

You and your loved ones can discover all these resources on our Retirement page.

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About the Author

Dawn Bystry, Associate Commissioner, Office of Strategic and Digital Communications

Deputy Associate Commissioner, Office of Strategic and Digital Communications

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Comments

  1. Sherry

    I just reached the age of 62 and not sure when I will retire. I would however, like to know what the income limitations are if and when I do retire.

    • A.C.

      Hi, Sherry. Thanks for your comment. If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount. If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, that limit is $21,240. For more information, please visit our Receiving Benefits While Working webpage. We hope this helps. 

  2. Donna S.

    I received an 1099-C for a car loan forgiveness, will this count as income toward my retirement benefit ?

    • A.C.

      Hi, Donna. It sounds like you are referring to how earnings may affect your retirement benefit. When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net profit if you’re self-employed. We include bonuses, commissions, and vacation pay. We don’t count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits. For additional information. please visit our Receiving Benefits While Working Page. We hope this helps. 

  3. Shekhar C.

    In my opinion financial security is also important when we are ready for retirement. I personally did PPF when doing a job and planned retirement well before.

  4. Tony

    There were a lot of spouses planning to retire early on spousal benefits and then their own at full retirement age. The last social security reform ended that for them.

    The Republicans are planning more social security reforms. The Office of Budget Management has been floating ideas around for years to reduce the Social Security budget.

    • Tony

      These seniors have to give up something for the Republicans to bail them out of the Social Security Retirement Trust Fund insolvency.

    • Sunny

      If you’re referring to file and suspend, Obama is the one who killed that.

  5. Tony

    The Republicans should reform Social Security and get rid of axillary benefits for dependants. It’s called old age, survival, and disability insurance (OASDI). There is no axillary benefit in that title.

    The individuals with dependents are paying the same amount of FICA tax as the individuals without dependents. Why are some with dependens getting more benefits?

    It doesn’t even help the FICA tax payers with dependents making the lowest pay at the first bracket. They get nothing.

    The poor stay poor while the rich get richer.

    • Nancy M.

      old age, survival, and disability insurance (OASDI).

      old age, survivOR and disability

      survivors are the auxillaries

      • Tony

        If it’s an auxiliary, then the Republicans want to get rid of it too. Everything is on the table to get cut.

  6. D

    “Mange your benefits”—love your blog Dawn but it’s hard to have confidence when there is this level of attention to detail.

    Sad. Just sad…

  7. Patrick S.

    I received your Blog “Social Security is here when you’re ready for retirement” today 01/26/23. Today, the national news broadcasts are filled with reports of Social Security and Medicare running out of funding within the next 10 years. You, and thousands of other Social Security Staff must believe you are doing a phenomenal job. Are you working in a Play Land? It cannot be the same bankrupt entity as described in the national press??!

    • PD

      Without attempting to defend SSA itself, I suggest some skepticism is in order with respect to what the national press reports.

      • Robert F.

        Bravo! You nailed it. Well Done!

      • Pete F.

        my wife and i are claiming ss at the same time does she get spousal benefits automaticly or do you have to apply for them

        • A.C.

          Hi, Pete. Thanks for your question. For your wife to qualify for spouse’s benefits, you must be receiving retirement or disability benefits. Keep in mind that if she qualifies for her own benefits and for benefits as a spouse, we always pay her own benefits first. If her benefits as a spouse are higher than her own benefits, she will get a combination of benefits equaling the higher spouse benefit. Please visit our Benefits Planner for more information. For specific questions, your wife can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m., for assistance. She can also contact her local Social Security office. We hope this helps.

    • Bill

      Contact your representative in congress – only congress can fix the social security gap that is approaching – and there are no easy painless fixes

  8. Adam H.

    I was force to retire due to my disability and I am under the retirement age of 62 May I qualify for disability benefits from SSA ?and unemployment benefits and senior housing benefits assistance?

    • Antonio b.

      I need my benefit
      Soon

      • A.C.

        Hi, Antonio. Thanks for visiting our blog. For your security, we do not have access to private information in this venue. We ask that members in our Blog community work with our offices with specific questions. You can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m., for assistance. You can also contact your local Social Security office. We hope this helps.

    • A.C.

      Hi, Adam. Thanks for your questions. First,  Disability benefits are paid to people who are unable to work because of a medical condition that is expected to last one year or more or to result, end in death. You may find our listing of impairments useful.  If you think you are disabled, you can file for disability. To apply online for disability benefits, please visit our Disability Benefits webpage. Second, as far as unemployment, unemployment insurance benefits are not counted under the Social Security annual earnings test and therefore do not affect your receipt of Social Security benefits. For more information about receiving Social Security and unemployment at the same time, check out our Frequently Asked Questions. Finally. you may be eligible to receive social services from the state in which you live. These services include free meals, housekeeping help, transportation, or help with other problems. To get information about services in your area and find out if you qualify, you will need to contact your state or local social services or welfare office. We hope this helps.

    • Crystal

      Adam, I would recommend you apply for unemployment while also applying for SS Disability benefits. But you can’t get both at the same time. You should also explore housing for disabled adults as well.

  9. Lorraine Y.

    When applying for Medicare Online it asks you if you have Group Health Insurance? I do but it is ending soon. Do I say Yes or No?

    • A.C.

      Hi, Lorraine. Thanks for visiting our blog. You should answer the question based on your current health coverage status at the time of filing. If you have additional questions, please call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m., for assistance. You can also contact your local Social Security office. We hope this helps.

  10. Lorraine Y.

    Can you please tell me about Medicare Enrollment for A and B if I need it when I retire?

    • A.C.

      Hi, Lorraine. Thanks for your question. If you are already getting Social Security retirement benefits, you will be enrolled in Medicare Parts A and B automatically. However, because you must pay a premium for Part B coverage, you have the option of turning it down. To learn more about Medicare, please visit our Medicare Benefits webpage. We hope this helps. 

    • armand s.

      You automatically get A when you turn 65 and if you want medicare at 65 apply a couple of months in advance.
      If you wait till after 65 you have to show proff that you had credible drug coverage. I dont kwow why people stay on group ins when you can get medicare at 65. Im very happy with my medicare advantage plan.

      • Barbara

        The only people that automatically get part A when then turn 65 are people that are currently collecting SSA retirement or SSA disability. If you are not collecting right before you turn 65, and if you want to start part A and/or part B – you must apply for it.

        If you are covered under an employer’s GHP then it is up to you if you want just part A and/or part b when you turn 65 (if you do – again- you have to apply for it). If you do not want it – you do not have to do anything.

        AFTER the age of 65 and 3 months — If you are covered under a GHP – you may be entitled to SEP (Special enrollment period) which you would be able to enroll in Medicare within 8 months, from the time of either employment ends or GHP ends – which ever happens first. You will need proof to show you did have coverage since the time you turned 65 until you file. That proof would have the penalties.

        AFTER the age of 65 and 3 months — If you were not covered under a GHP – then you must wait till the general enrollment Jan-March and penalties will be applied — 10% each year that you did not take Medicare, from the age of 65.

        • Barbara

          from the time of either employment ends or GHP ends – which ever happens first. You will need proof to show you did have coverage since the time you turned 65 until you file. That proof would have the penalties.** (waived)

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