Most people can receive an estimate of their benefit based on their actual Social Security earnings record by going to www. socialsecurity.gov/estimator.
You can get a benefit verification letter online instantly by using your personal my Social Security account. If you don’t have an account, you can create one today. It’s easy, convenient and secure.
Four basic categories of Social Security benefits are paid based upon the record of your earnings: retirement, disability, dependents, and survivors benefits. These benefits all fall under the Old Age, Survivors And Disability Insurance Program (OASDI), which is the official name of Social Security.
The average Social Security monthly benefit by age
The maximum benefit — the most an individual retiree can get — is $3,148 a month for someone who files for Social Security in 2021 at full retirement age, or FRA (the age at which you qualify for 100 percent of the benefit calculated from your earnings history).
Widow or widower, full retirement age or older — 100 percent of the deceased worker’s benefit amount. Widow or widower, age 60 — full retirement age — 71½ to 99 percent of the deceased worker’s basic amount.
You can also request one by calling the SSA (800-772-1213) and asking for a form SSA -7004, or by downloading this form. Your statement provides a record of your earnings history, the number of credits you’ve accumulated to date, and an estimate of the retirement benefits available if you wait until full retirement age.
If you die before full retirement age, having never taken benefits, she will receive what you would have. If you die after full retirement age, having never taken benefits, she’ll give your full retirement benefit augmented by the Delayed Retirement Credit.
OASDI (Old Age Survivors and Disability Insurance ) The Social Security programs that provide monthly cash benefits to workers and their dependents when they retire, die, or become disabled. P.
Social Security is not in danger of running out of money under its current funding system. However, President Trump has proposed eliminating payroll taxes, which are currently its primary source of funding.
Workers who have not accrued the requisite 40 credits (roughly 10 years of employment) are not eligible for Social Security. Those who did not pay Social Security taxes, including certain government employees and self-employed individuals, are not eligible for Social Security.
At 65 to 67, depending on the year of your birth, you are at full retirement age and can get full Social Security retirement benefits tax -free.
According to payout statistics from the Social Security Administration in June 2020, the average Social Security benefit at age 62 is $1,130.16 a month, or $13,561.92 a year.