It’s not uncommon for anyone to be a
bit perplexed when it comes to understanding Social Security retirement
benefits. Generally, Social Security retirement benefits are based
on how much you, or your spouse, have contributed to the Social
Security system during your working years. Here’s a brief
overview of the circumstances that may result in your eligibility
to receive Social Security benefits
Your Own Benefits. If you’ve made your own contribution to
the Social Security system over the years, you can start receiving
partial benefits at age 62 or full benefits when you reach full retirement
age (subject to certain limitations). Your benefit will be based
on your primary insurance amount (PIA), which is determined by the
amount and duration of your contributions to the system. Social Security's
full retirement age is age 65 for participants born prior to 1938;
for participants born from 1938 through 1959, the age for receiving
full benefits rises incrementally until, for those born in 1960 and
later, the full retirement age is 67.
Spouse or Divorced Spouse. You may be eligible for receiving partial
benefits based on your spouse’s contribution to the Social
Security system. A spouse, or divorced spouse, of a participant
worker may receive benefits that are equal to half of the benefits
of the working spouse (provided the working spouse is alive) if
certain requirements are met. Benefits are based on your spouse’s
age 65 Social Security benefit regardless of when benefits are
taken. If you are eligible, you will receive a reduced benefit
if it’s taken after age 61 and before age 65. Generally,
divorced spouses must have been married to the participant spouse
for at least 10 years to be entitled to benefits. In addition,
benefits cease for a divorced spouse upon remarriage.
Widow or Widower. If you are a widow or widower, you are entitled
to a benefit that equals your deceased working spouse’s primary
insurance amount when you reach full retirement age. A reduced
benefit will be received if you start receiving benefits before
full retirement age.
Surviving Divorced Spouse. If you are divorced, and your former
spouse dies, you may also be entitled to the same benefits as a
widow or widower as long as you were married to the deceased working
spouse for at least 10 years. In addition, if you remarry after
you become eligible to receive benefits (including remarriage to
someone who is also entitled to receive benefits as a surviving
spouse), you will not lose the ability to receive benefits.
For many individuals, Social Security benefits play an integral role
in providing for a secure retirement. That is why it is important
to gain, at the least, a general understanding of what benefits you
can expect to receive in your retirement years. For additional info,
contact the Social Security Administration at (800) 772-1213. |
