Maximizing Your Social Security Benefits

How to qualify for Social Security benefits:
 Need 40 credits to qualify for SS benefits
 1 credit = $1,510 in earnings per quarter (2022)
 Example – To earn 4 credits in 2022, must earn at least $6,040
 Must work a minimum of 10 years to qualify
 SS benefit will be based on your 35 highest earnings years

When can you collect Social Security benefits?
 Age 62 – Reduced amount, approximately 75% of full benefit
 Age 67 (Born 1960 and later) – 100% of benefit
 Age 70 – Increased amount, approximately 132% of full benefit
Spousal Benefit – If married, you are eligible to receive the greater of a spousal benefit
or your own benefit:

Spousal benefit = 50% of your spouse’s full retirement age benefit amount
 You can collect your spousal benefit when your spouse collects his/her own
benefit
 You can start as early as age 62 – the benefit will be reduced for starting early

Divorced Spouse Benefit – If divorced, you are eligible to receive the greater of a
spousal benefit or your own benefit:
 You must be currently single
 Married for 10 years or more and divorced for 2 years or more
 Ex-spouse must be eligible to receive SS
 Spousal benefit = 50% of your spouse’s full retirement age benefit amount
 You can start as early as age 62 – the benefit will be reduced for starting early

For more information, contact the Social Security Administration at ssa.gov.