Social Security Part 2: Who Gets Benefits?

As indicated above, Social Security was initially focused on retirement benefits, but the program expanded through the years to enhance economic security for a variety of Americans. There are currently four categories of Social Security benefits:

1. Retirement benefits – partial benefits available at age 62; full benefits are a function of birth date
2. Disability benefits
3. Survivor’s benefits – for spouses of workers who have died and are age 60 or older; or who have a dependent child
4. Dependents of beneficiaries

Retirement is the major benefit program out of the four categories. Retirement benefits comprise nearly 80% of total Social Security benefits paid out. For data on Social Security program benefits: SS Monthly Statistical Snapshot

You don’t automatically receive retirement benefits.  You receive one “Credit” for each $1,360 (2019) you earn up to a maximum of four credits per year. Most people need to work 10 years (40 credits) to qualify for retirement benefits; fewer credits are generally needed for disability or survivor benefits. Exactly when you start to receive your “full” Social Security retirement benefit is a function of your age and when you were born:

Retirement Age – full benefits (partial benefits available at age 62)

Year of birth	Full retirement age
1943-1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and 8 months
1959	66 and 10 months
1960 or later	67

Note – the retirement age at which you can receive benefits, and the amount you will receive, is set by federal law, and federal laws can change.  (By the way, the ages probably won’t be lowered.)

If you choose to delay receiving benefits beyond your full retirement age, Social Security will increase your benefit a certain percentage, depending on the year of your birth. For more information: SS: Delaying Retirement

Each year, the Social Security Administration updates a booklet called “Understanding the Benefits”.  For a good, basic understanding of Social Security and its programs: Understanding The Benefits

For social security online resources: Social Security Online

Note – while the Social Security Administration website and brochures can provide good information, they do NOT provide full, detailed information on rules for all programs.

CBEI Blog Series: Social Security
Part 1: How it Works and How it is Funded (or not)
Part 2: Who Gets Benefits?
Part 3: How Are Programs Funded?
Part 4: Benefits – How Much Do You Get?
Part 5: Financial Status of Programs
Part 6: The Future