if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[580,400],'remodelormove_com-large-leaderboard-2','ezslot_15',158,'0','0'])};__ez_fad_position('div-gpt-ad-remodelormove_com-large-leaderboard-2-0'); The best way to learn about your specific retirement plan is to contact your employer or the company that is providing you with the retirement plan. Each set consists of 3 beans, that can be engraved with any message or image you like. subject matter experts, We value your trust. The number of credits you need to get retirement benefits depends on when you were born. The first is that a Social Security benefit is an earned benefit. If you claim benefits with fewer than 35 years of earnings, Social Security credits you with no income for each year up to 35. If the higher-earning spouse dies first, then the surviving, lower-earning spouse will receive a larger Social Security check for life. It is difficult to predict what will happen to Social Security over the next 5 years. If they filed at 62, there would be a 30% reduction to benefits. Are Social Security Benefits a Form of Socialism? . Bankrates editorial team writes on behalf of YOU the reader. Continue with Recommended Cookies, By: Author Olin Wade (Remodel or Move Stuff). So much of the strategy on maximizing Social Security retirement benefits depends on guesses as to how long well live. Fact Sheet: U.S. Government Announces Sweeping New Actions to If you start claiming benefits at age 66 and your full monthly benefit is $2,000, then youll get $2,000 per month. While this may not seem like much, your spouse also receives their own (much larger) Social Security check based on their work history. We illustrate the calculation of retirement benefits using two examples, labeled case A and case B. This means that for 2020, the minimum Social Security benefit at 62 is $628. Generally, a person becomes eligible to receive Social Security benefits at age 62.