Social Security Benefits

The amount of your Social Security retirement benefit is based on several things:

• How much time you spent in the workforce.
• How much money you made.
• Your age when you start receiving benefits.

To qualify for Social Security retirement benefits, you must have worked and earned at least 40 Social Security credits in a job covered by Social Security. The longer you work, and the more money you make, the higher your Social Security benefit will be. You can start receiving your Social Security retirement benefits at age 62. If you wait until you're older to start receiving your benefits, you'll get more money each month.

Social Security benefits are intended to replace a percentage of your earnings when you retire, become disabled or die. Each year, the Social Security Administration (SSA) will send you a Social Security Statement showing your earnings history and an estimate of the retirement, disability and survivors benefits you and your family may receive based on those earnings.

When you receive your Statement, check your earnings history carefully. Make sure all of your earnings are accurate. Be sure to report any errors to the SSA. That is important because your benefits will be based on your lifetime earnings. Your Statement also is useful in helping you plan your financial future.