Income and Social Security
Social Security retirement
Social Security retirement benefits are monthly payments based on the work you did and the Social Security taxes you paid. You can start as early as 62, but your monthly amount is reduced if you start before your full retirement age, and it grows if you wait, up to age 70.
How to apply
Applying is free. Nobody should charge you to apply.
Apply on the official siteWho may qualify
| Full retirement age | 66 to 67, depending on your birth year (67 if born Jan. 2, 1960 or later) |
|---|---|
| Earliest age to start | 62 Source: USAGov (U.S. General Services Administration) (source 3) |
| Work credits needed | Up to 40, depending on your birth year |
| Earnings for one work credit (2026) | $1,890 |
| Earnings for one work credit (2027) | $1,970 Source: Social Security Administration, in the Federal Register (source 1) |
| Earnings limit before the year you reach full retirement age (2026) | $24,480 a year; $1 held back for every $2 over |
| Earnings limit before the year you reach full retirement age (2027) | $25,560 a year Source: Social Security Administration, in the Federal Register (source 1) |
| Earnings limit in the year you reach full retirement age (2026) | $65,160 a year; $1 held back for every $3 over |
| Earnings limit in the year you reach full retirement age (2027) | $67,920 a year Source: Social Security Administration, in the Federal Register (source 1) |
What you may get
| Cost-of-living increase for 2027 | 3.6%, starting with benefits paid in January 2027 Source: Social Security Administration, in the Federal Register (source 1) |
|---|---|
| Waiting past full retirement age (born Jan. 2, 1943 or later) | 8% more for each year you wait |
| Starting before full retirement age | Your benefit is reduced for each month before full retirement age |
Dates, renewals and waiting lists
| Delayed retirement credits stop | At age 70 |
|---|
Good to know
- Once you reach full retirement age, there's no earnings limit.
What people get wrong
MythFull retirement age is 65.
Not anymore. It's later than 65 for anyone born after Jan. 1, 1938, and it's 67 if you were born Jan. 2, 1960 or later.
MythI have to stop working to get Social Security.
Not true. You can work and get benefits. Before full retirement age, some benefits may be held back if you earn over the limit. From full retirement age on, the earnings limit no longer applies.
MythBenefits held back because I worked are lost for good.
Not true. Social Security counts those months in your favor later by automatically adjusting the reduction for starting early.
Sources
- Social Security Administration, in the Federal Register, Cost-of-Living Increase and Other Determinations for 2027 (91 FR 67380) (official government site). Checked Oct 28, 2026.
- USAGov (U.S. General Services Administration), Social Security Administration (SSA) (official government site). Checked Oct 28, 2026.
- USAGov (U.S. General Services Administration), Use Social Security retirement calculators to estimate your benefits (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS RS 00615.003: Full Retirement Age (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS RS 00615.010: Chart on Reduced Benefits (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS RS 00615.690: Delayed Retirement Credits (DRC) (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS RS 00615.692: Computing the Amount of the Delayed Retirement Credits (DRC) (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS RS 00615.482: Requirements for Adjustment of Reduction Factor (ARF) - Crediting Months (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS RS 00301.105: Fully Insured Status (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS RS 00301.250: Chart of Increment Amounts (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS RS 02501.025: Determining Annual and Monthly Exempt Amounts (official government site). Checked Oct 28, 2026.
- Social Security Administration, POMS GN 03101.010: Time Limit for Filing Administrative Appeals (official government site). Checked Oct 28, 2026.
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