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 * A Guide to Social Security for Seniors


A GUIDE TO SOCIAL SECURITY FOR SENIORS

Reviewed by: Frank Beedle | LinkedIn
Date Published: March 19, 2022

Whether you’re nearing retirement age, have a significant disability or are
struggling to meet your basic needs, you may be entitled to Social Security.
This federal program includes several different components that can provide
valuable financial assistance regardless of your age. Here’s what you need to
know about eligibility and how to claim your benefits.


WHAT IS SOCIAL SECURITY?

The Social Security Administration was created by President Franklin D.
Roosevelt in 1935 as part of the Social Security Act. This New Deal-era
legislation provided retirement benefits as the nation was recovering from one
of its worst economic recessions. Additional components were added over the
years, including survivors’ payments in 1939, Social Security Disability
Insurance in 1956 and Medicare in 1965. Supplemental Security Income, the newest
program, was added in 1972. Today, more than 20% of all Americans receive Social
Security benefits, including 47 million retirees.


TYPES OF SOCIAL SECURITY BENEFITS

Most people earn Social Security benefits through their work. The program is
funded by payroll taxes that are paid by employees and employers. Each party
pays 6.2% on income up to approximately $147,000 or a combined total of 12.4% if
self-employed. In 2020, Americans contributed over $1 trillion to the Old-Age
and Survivors Insurance and Disability Insurance fund. There are also some
benefits for individuals, including children, who are disabled or haven’t paid
into this system.


SOCIAL SECURITY RETIREMENT

Retirement benefits are the cornerstone of the Social Security system. Benefits
are based on up to 35 years of work history. If you’ve worked longer, the
lowest-earning years will be replaced. You must have at least 10 years or 40
credits of work history, and for most individuals, retirement benefits equal
about 40% of their preretirement income. 

You can claim early benefits starting at age 62, but you won’t receive the full
amount until you reach age 66. Full Retirement Age is anywhere from age 66 to
age 67 and increases in 2 month increments based on your birth year. If you plan
to take your benefit early (before your Full Retirement Age), then you are
subject to an earnings cap. If you earn above the earnings cap from your
employment and are actively receiving your benefit, then Social Security will
withhold $1 of your benefit for every $2 you earn over the cap. The earnings cap
in 2022 is $19,560 per year except for the calendar year that you reach your
full retirement age. Then the earnings cap increases to $51,960 for the calendar
year. Once you reach your full retirement age, you can earn as much as you like
with no earnings cap.


If you choose to delay taking the benefit when you’re eligible at age 66, it
grows 8% from your full retirement age to age 70, at which point there’s no
further increase.


SOCIAL SECURITY DISABILITY INSURANCE

Social Security Disability Insurance (SSDI) is available to individuals who meet
medical requirements and have sufficient work history. To be considered
disabled, you must have a medical condition that affects your ability to perform
daily activities for at least 12 months or may result in your death. The SSA
also provides a list of qualifying medical conditions., such as Lou Gehrig’s
disease, or ALS. Additionally, the beneficiary must have at least 40 work
credits, including 20 earned in the last 10 years. Workers can earn a maximum of
four credits per year based on qualifying income.


SUPPLEMENTAL SECURITY INCOME

Supplemental Security Income (SSI) provides a monthly cash benefit to
individuals who have limited income and assets. It’s available to individuals
who don’t qualify for Social Security Disability Insurance based on their work
history, including seniors, children and those who are blind or disabled. These
payments are designed to help beneficiaries with the cost of food and shelter.
SSI recipients may also be entitled to Medicaid.


SURVIVORS’ BENEFITS

Survivors’ benefits are available to spouses, school-aged children up to age 18
or 19 and some parents who have dependent children. Qualifying individuals
receive at least 71.5% of the decedent’s monthly benefits or up to the full
amount if the qualifying widow or widower has reached full retirement age. The
earliest a surviving spouse can claim a benefit is age 60. They will be subject
to an earnings cap on earned income. So if a surviving spouse plans to continue
working, their benefit could be affected by their earned income. The Social
Security Administration also provides a lump-sum death benefit of $255 to a
surviving spouse or child.


SPOUSAL BENEFITS 

Spousal Benefits are for beneficiaries whose benefits are less than 50% of their
spouse’s benefit at full retirement age (either from working or earning less in
their career or perhaps staying at home to raise children). For example, if
Jane’s benefit is $2,000/month at her full retirement age and her husband John’s
benefit is only $600/month at his full retirement age, then John is entitled to
receive $1,000/month in Social Security spousal benefit in place of his own work
record. The higher earning spouse must be actively taking their benefit to
“unlock” the spousal benefit for the lower earning spouse.


SUPPLEMENTAL SECURITY INCOME VS. SOCIAL SECURITY

Program Facts

Supplemental Security Income

Security Social Security

Eligibility

Based on need, not work history

Based on work history

Age/Health

Aged 65 or older
Blind (any age)
Disabled (any age)

Reduced retirement benefits at age 62
Full benefits at age 66 to 67
Delayed retirement at age 70

Monthly Benefit

Up to $841 for individuals
Up to $1,261 for couples
Up to $421 for an essential person
*Optional state supplement in some areas

Based on work history

Other Benefits

Medicaid

Medicare (65+)


HOW DOES THE SOCIAL SECURITY ADMINISTRATION CALCULATE RETIREMENT BENEFITS?

Social Security retirement and disability benefits are based on up to 35 years
of average monthly income assuming that your earnings are subject to Federal
Insurance Contributions Act taxes or Self-Employed Contributions Act taxes.

Normally, employees contribute 6.2% of their gross wages to Social Security and
an additional 1.45% for Medicare. For self-employed individuals, the combined
total of 15.3% represents the amount paid by employees and employers.

Earnings over $147,000 (for 2022) aren’t subject to these taxes, so if you’re in
a high income bracket, your retirement benefits won’t increase after a certain
point. For 2022, the maximum Social Security benefit for an individual at full
retirement age is $3,345.


ANNUAL COST OF LIVING INCREASES

To protect beneficiaries from inflation, the Social Security Administration
adjusts retirement, disability and SSI benefits annually based on the cost of
living. Potential increases are based on the Consumer Price Index for Urban Wage
Earners and Clerical Workers from the third quarter of the previous year. In
2022, the cost-of-living adjustment was 5.9% starting with checks issued in
January. This equates to an expected monthly increase of $200 for the average
beneficiary. In the past few decades, annual increases have ranged from 0.0% to
3.5%.


WHAT’S THE AVERAGE INCOME FOR SENIORS ON SOCIAL SECURITY?

According to the Social Security Administration, approximately 90% of seniors
aged 65 and older are eligible for Social Security. On average, these benefits
account for 30% of seniors’ annual income. However, about 12% of men and 15% of
women have little to no other retirement income.

As of January 2022, the average monthly benefit is $1,658, up from $1,555 in
2021. Due to wage disparities and other factors, women earn slightly less than
men. In 2019, the average annual benefit was $17,374 for men and $13,505 for
women. However, women tend to live longer, so they may receive more lifetime
benefits.


HOW MUCH DOES SOCIAL SECURITY PAY?

Social Security benefits are determined by several factors, including your work
history and retirement age. Here are some averages based on national data. For a
more personalized look, try a Social Security calculator, or create a My Social
Security account to review your work history and estimated benefits.

Average Monthly Benefit



Retired Worker

$1,658

Widow/Widower

$1,553

Disabled Worker:

$1,358



The age you retire plays a big role in determining the size of benefit you can
expect. Below you can see the maximum monthly benefit based on the age you
retire:

Maximum Monthly Benefit



Age 62

$2,364

Full Retirement

$3,345

Age 70

$4,194


WHAT IS THE FULL RETIREMENT AGE FOR SOCIAL SECURITY?

The table below shows the age you collect depending on the year you were born. 

Full Retirement Age by Date of Birth



Before 1938

Age 65

Between 1943 and 1954

Age 66

After 1960

Age 67

It’s worth noting that FRA increases in 2 month increments for birth dates from
1955 to 1960. Also, due to increasing life expectancies, the Social Security
Administration recently increased the full retirement age for workers born after
1959 to age 67. Anyone who has 40 work history credits can begin receiving
retirement benefits at age 62, although your monthly payments will be
permanently reduced. 

If you wait until your FRA, which varies by your date of birth, your monthly
benefit could be 25-30% larger. For those who aren’t ready to retire, your
benefit can increase by an additional 8% per year if you delay your retirement
until age 70, at which point there are no further increases. This table shows
when you can begin receiving full benefits.



WHAT AGE SHOULD YOU CLAIM SOCIAL SECURITY?

Deciding when to declare your retirement is a big decision, and it’s based on a
number of factors that vary from person to person. Things to consider include
your health, monthly expenses, existing income and other retirement accounts.
Here are a few guidelines.

Age

Pros and Cons

Takeaway

Age 62

Starting at age 62, you can tap into a predictable source of monthly income, but
your benefits will be reduced by 20-30%.

This option is ideal for seniors who have limited savings or significant health
concerns.

FRA

You'll receive the full amount of your benefits and have a few extra years to
build your savings, but your benefits could grow if you wait.

This option is great for seniors who want to continue working.

Age 70

You'll receive the maximum benefit, but you could miss out on up to eight years
of early retirement benefits.

This route favors seniors who are healthy or have other income and assets.


MAXIMIZING YOUR SOCIAL SECURITY BENEFITS

Retirement is a big part of financial planning, and a growing number of
professionals are available to advise seniors who are ready to step into the
next phase of their lives. Requesting personalized guidance from an accountant,
financial advisor or accredited Social Security consultant is preferable
whenever possible. However, here are some strategies that have worked well for
others.


Retirement is a big part of financial planning, and a growing number of
professionals are available to advise seniors who are ready to step into the
next phase of their lives. Requesting personalized guidance from an accountant,
financial advisor or accredited Social Security consultant is preferable
whenever possible. However, here are some strategies that have worked well for
others.

Retirement Strategy

What You Get

Takeaway

Age Split for Couples

If you and your spouse are eligible for Social Security, you can do a 62/66,
62/70, or 66/70 age split. The lower-earning partner claims benefits early, and
the primary wage earner waits to receive the maximum amount.

This option can increase your total payments, but both spouses should be in good
health for maximum returns.

Restricted Benefits

If your spouse earned more than you did, you may be able to claim a spouse's
insurance benefit or widow's insurance benefit by filing a restricted
application. This way, your own benefits can continue to grow. 

Note: Due to the Bipartisan Act of 2015, this benefit will only be available for
a select few for another two years. 

You can be divorced but not remarried, and you must be born before 1954 to file
a restricted benefits application. 

Note: For anyone born after 1954, Social Security will give you the higher of
the two options—either the spousal benefit or your personal benefit based on
your work record.

Early Benefit for Survivors

A surviving spouse is eligible to claim widow/widower's benefits at age 60, but
benefits will be reduced by 71.5%, slightly higher than one-third.

You are subject to the earnings cap, so if you still plan to work, you might
need to delay taking the survivor benefit. Once you claim benefits, there's no
way to go back, so weigh all your options before applying.


HOW TO SIGN UP FOR SOCIAL SECURITY

The easiest way to estimate your payments and sign up for benefits or check the
status of your application is by creating a My Social Security account at
SSA.gov. Applications can also be submitted over the phone by calling (800)
772-1213. The helpline is open Monday through Friday from 8 a.m. until 7 p.m.
Alternatively, you can locate your local SSA office to apply in person. Offices
could be temporarily closed due to Covid, so you may want to call or check the
website before visiting in person. 

If you’re having trouble claiming benefits or if your application has been
denied, consider contacting an attorney for personalized advice and assistance.
Free legal advice is available for those with limited means, so don’t hesitate
to reach out.


COLLECTING SOCIAL SECURITY OVERSEAS

In most cases, you can continue collecting Social Security benefits earned in
the United States even if you’re living overseas. Extra steps may be required
before the government can send payments to beneficiaries in certain countries,
such as Azerbaijan. A number of special rules may apply if you’re a non-U.S.
citizen or are receiving survivors’ benefits. For additional guidance, see the
SSA’s guide Your Payments While You Are Outside the United States.


ADDITIONAL SOCIAL SECURITY RESOURCES

Resource

Contact Info

Assistance

Social Security Administration

(800) 772-1213

If you have questions about benefits, call the Social Security Administration
directly. Your local office can also refer you to interpreters, free legal help
and other community-based resources.

AARP

(888) 687-2277

AARP provides a variety of free tools to answer your questions and help you
calculate estimated benefits. You can also submit a Social Security question to
AARP's experts.

Legal Services Corporation

(202) 295-1500

LSC is a government-sponsored nonprofit that funds more than 130 legal aid
programs nationwide. This agency can help you find free legal assistance in your
area. Most seniors aged 60 and older qualify for help with Social Security and
other government benefits.

3AFAMAC Foundation

(888) 750-2622

This nonprofit employs a group of accredited National Social Security Advisors
who are trained to assist current and prospective retirees. The organization's
goal is to support and educate the nation's seniors.

SOAR Works

(518) 439-7415, Ext. 2

SOAR Works helps individuals qualify for SSI or SSDI benefits thanks to support
from the Substance Abuse and Mental Health Services Administration. Services are
available to veterans, disabled adults and other individuals in need.

Garret Planning Network

(913) 268-1500

Featured by Bloomberg, Kiplinger, Forbes, the Wall Street Journal and many
others, the Garret Planning Network connects seniors to qualified fee-only
Social Security advisers who don't charge commissions or require a long-term
commitment.

Warrior Care Recovery Coordination Program

osd.warriorcare@mail.mil

Warrior Care supports service members who are injured, ill or disabled. It
provides a benefits and compensation handbook along with information about SSA
and VA disability evaluations.

 * Table of Contents
 * What Is Social Security?
 * Types of Social Security Benefits
 * Supplemental Security Income vs. Social Security
 * How Does the Social Security Administration Calculate Retirement Benefits?
 * How Much Does Social Security Pay?
 * What Is the Full Retirement Age for Social Security?
 * What Age Should You Claim Social Security?
 * Maximizing Your Social Security Benefits
 * How to Sign Up for Social Security
 * Collecting Social Security Overseas
 * Additional Social Security Resources

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