Most working adults pay Social Security taxes as part of their income but can only receive benefits after retirement. Specifically, beneficiaries may start receiving money from the program once they turn 62 years old. The amount each person receives varies based on several factors, including age and work history.
One crucial factor is ‘retirement credits.’ The longer an American works, the more credits they earn, which significantly impacts their retirement benefits. To qualify for benefits, there is a minimum number of credits required, which depends on the year of birth. For individuals born after 1929, at least 40 work credits are needed to be eligible for retirement benefits.
Age also influences the benefit amount. No one can receive these benefits before age 62, and delaying retirement can increase the benefit amount. It’s important for individuals to understand these factors to plan their retirement effectively and maximize their Social Security benefits.