Tag: Social Security retirement benefits

What Are Social Security Benefits for Retirees?

What Are Social Security Benefits for Retirees?

Social Security benefits for elderly
Want to know more Social Security benefits for elderly people? Contact SSDA USA!

If you are approaching retirement age, chances are, you have a ton of questions about your retirement. What is social security? How much will I get? How do I qualify for social security?

The bottom line is this:

Social Security benefits for retirees involve a lot of rules, sure. But that doesn’t mean they have to be complicated. So let us from Social Security Disability Advocates USA break it down for you in an easy to understand way.


Social Security retirement benefits are social security benefits for elderly people who have earned a certain number of work credits. You can obtain a maximum of 4 work credits per year. In 2019, you earn one work credit for each $1,360 of earnings. Before you can collect your retirement benefits, you will need 40 work credits. This essentially means that you need a minimum of 10 years of work before retirement benefits can be collected.

You cannot collect retirement benefits until you reach age 62. However, your benefits will suffer substantially. Waiting until your full retirement age (anywhere from 65-67) will result in higher benefits for you.

Your retirement benefits are also based on your lifetime earnings. Therefore, greater earnings mean greater benefits. This also means that years you do not work could negatively impact your Social Security – working steadily is often more favorable than taking gaps in work.

Your 35 highest-earning years are adjusted for inflation and divided by 420 (the number of months in 35 years) to get your Average Indexed Monthly Earnings (AIME). Then, the Social Security Administration (SSA) applies a formula to this amount to get your Primary Insurance Amount (PIA). This is the amount of retirement benefits you will receive each month.

Delayed Retirement

Even though you could start receiving benefits at age 62, it is best to wait until your full retirement age. Even better is waiting until you are beyond your full retirement age. This is because delayed retirement means that your benefits amount steadily increases until you decide to take benefits or until you reach age 70, at which point your benefits amount will stop increasing, no matter how much longer you delay.

For example, for people born in 1943 or later, delaying benefits beyond full retirement age will yield a permanent 8% annual increase in benefits. Each year beyond full retirement age until age 70 will increase retirement benefits by 8%.

No matter what though, always apply for Medicare at age 65! In many cases, Medicare costs more if you delay applying for it, and you don’t have to apply for retirement benefits just because you apply for Medicare.

Family Benefits

There are certain circumstances that allow family members to receive benefits from your retirement, as well. For example, 1) spouses older than age 62, 2) spouses younger than age 62 if they are taking care of your child that is younger than age 16 or suffers from disability, 3) former spouses age 62 or older, 4) children up to age 18, age 19 if still in school, and 5) children suffering from disability all may qualify for Social Security benefits.

Such circumstances are complex and difficult to explore on your own, so if you have any questions, call our knowledgeable attorneys at SSDA USA!

Questions on Social Security Benefits for Elderly People?

Contact Social Security Disability Advocates USA today! We are professionals who work tirelessly to address your every concern. Call us anytime at 602-952-3200. Additionally, you can contact us online and check out our LiveChat feature. Don’t let your questions bother you anymore. Call us today!

This is attorney advertising. SSDA, LLC is a group of attorneys that pursues claims for Social Security Disability benefits on behalf of its clients against the Social Security Administration. SSDA, LLC is in no way a part of the Social Security Administration. Further, the information on this blog is for general information purposes only. Nothing herein should be taken as legal advice. This information is not intended to create, and receipt or viewing does not constitute, a representative-client relationship.