Seniors who are still working may qualify for Social Security retirement benefits if they meet specific eligibility requirements. While the process seems straightforward, knowing the details can help you maximize your benefits and avoid potential pitfalls.
Age and Eligibility
The minimum age to claim Social Security retirement benefits is 62. However, being eligible also requires having a sufficient work history in jobs that paid into the Social Security system. Jobs that do not contribute payroll taxes to Social Security—such as certain government positions or international employment—may leave you ineligible for benefits, even after decades of work.
Social Security Credits
To qualify for retirement benefits, you need to have earned at least 40 Social Security credits, equivalent to about 10 years of work. The actual number of credits you earn annually depends on your income. If you’re unsure of your credit count, checking your my Social Security account will provide detailed information about your eligibility and potential benefit amounts.
Bear in mind that claiming benefits at 62 will reduce your monthly payments compared to waiting until your full retirement age or later.
Payment Schedule
After applying and receiving approval from the Social Security Administration (SSA), payments are scheduled based on your birth date. For December 2024, payments will be distributed as follows:
| Payment Date | Birth Dates |
|---|---|
| December 11 | Born on the 1st–10th |
| December 18 | Born on the 11th–20th |
| December 24 | Born on the 21st–31st |
For those receiving Supplemental Security Income (SSI) alongside retirement benefits, a payment may also be issued on December 3.
Benefit Amounts
The average Social Security retirement benefit in December 2024 will be approximately $1,927. This amount is determined by your earnings history and work credits. A Cost-of-Living Adjustment (COLA) of 2.5% will increase payments starting in January 2025, ensuring benefits keep pace with inflation.
Important Considerations
- Continuing to Work: If you claim benefits before reaching your full retirement age (FRA) while still earning income, part of your Social Security payment may be withheld depending on your earnings. Once you reach FRA, no earnings limit applies, and withheld amounts are refunded as higher monthly payments later.
- Strategic Planning: If you’re considering early retirement but want to maximize your benefits, it may be worth delaying your claim until FRA or age 70. Delayed claiming results in larger monthly checks.
Addressing how Social Security benefits align with your work history, age, and financial goals is crucial for making the most of your retirement.
FAQs
How many credits do I need for Social Security?
You need at least 40 credits, which equals about 10 years of work.
Can I claim Social Security at 62 while working?
Yes, but your benefits may be reduced based on your earnings.
When will I receive my Social Security payment?
Payments depend on your birth date and are distributed monthly.
What is the average Social Security payment for 2024?
The average payment is $1,927, increasing with a 2.5% COLA in 2025.
Does working abroad affect my Social Security?
Yes, if your job didn’t pay into the Social Security system.
