Contrary to popular belief, not all Americans qualify for Social Security retirement benefits. There are some essential requirements, or you will not be able to get monthly payments, either on your record or on someone else’s. The thing is, they can be a great supplement to your retirement saving accounts, investments, and possessions.
The main requirement is to have paid taxes to the Social Security Administration. These taxes come from the work you do, and they are taken from your payroll. Even if you just need to have worked for a minimum of 10 years, it is advisable to work for a minimum of 35 so that your retirement benefits are not reduced.
Second requirement to get Social Security
Even if you have worked for 10 years or 35, you cannot apply for retirement benefits and start collecting them until you are 62 years old. Once you turn 62, your benefits can start.
Nevertheless, this will not be good for your finances because it means getting a 30% reduction. On the contrary, those workers who retire at the age of 70 can get 8% extra per year they work after Full Retirement Age until they are 70 years old.
At 70, Social Security benefits stop growing. That is why there is no point in continuing working after you become 70 years old, unless you really love your job and need to carry on with it.
Social Security benefits and Full Retirement Age
The moment you need to wait to collect 100% of your benefits is your Full Retirement Age. For example, if you are still working and you were born in 1960 or later, your normal retirement age is 67.
Although the Full Retirement Age used to be 65, it has been gradually increasing over time. To see how much money you can get from Social Security at 62, 67 or 70, use the SSA’s Statement.
It will let you know how much money you can get in retirement depending on the age you file. Let’s compare the maximum amounts for 2025 at different ages:
- 62: up to $2,831
- 66 years and 8/10 months: up to $4,018
- 70: $5,108