When Can You Tap into Your Social Security Benefits?
Eligibility for Social Security benefits depends on three main factors: age, work credits, and disability status.
Age: You can start receiving Social Security retirement benefits as early as age 62. However, your benefits will be reduced if you retire before your full retirement age, which is currently 66 for people born between 1943 and 1954. The full retirement age gradually increases to 67 for people born after 1954.
Work Credits: To qualify for Social Security benefits, you need to have earned at least 40 work credits. Each work credit is earned for one quarter of work. One quarter is equal to three months of work, or earning at least $1,510 in wages in a calendar year. You can earn up to four work credits per calendar year.
Disability Status: If you are disabled and unable to work for at least 12 months, you may be eligible for Social Security disability benefits. You must also have worked in Social Security-covered employment for at least five of the last ten years.
For more specific information about your eligibility for Social Security benefits, you can contact the Social Security Administration at 1-800-772-1213 or visit their website at https://www.ssa.gov/.
This article is for general informational purposes only and is not legal advice. Contact us today to discuss your specific situation.