What you need to know about your social security retirement benefits

For more than 85 years, American retirees have been receiving Social Security benefits — if they worked long enough and paid Social Security taxes. WHAT IT IS: The federal initiative was

signed into law in 1935 so workers would have a monthly income after retirement. More than 55 million adults age 65 and older now receive the payments as part of what the Social Security

Administration calls “the most successful anti-poverty program in our country’s history.” WHAT IT ISN’T: The program, which nearly 97 percent of Americans 60 and older are now eligible for,

isn’t a handout. Its original intent was to give retired workers 65 and older some economic security when pensions weren’t common, 401(k)s didn’t exist and saving money for old age was

difficult if you made an average wage. SOCIAL SECURITY IS NOT JUST FOR RETIREMENT Through the years, Social Security has expanded beyond its original vision. DEPENDENTS, SURVIVORS. Before

the first retirement checks were issued, Congress extended benefits to beneficiaries’ wives 65 and older, their children younger than 18, widows caring for young children, widows 65 and

older, and dependent parents 65 and older. The law was later changed to include husbands and widowers. SOCIAL SECURITY DISABILITY INSURANCE (SSDI). In 1956, Congress allowed disabled workers

50 to 64 to request benefits. The age threshold was lowered later. ARTICLE CONTINUES AFTER ADVERTISEMENT FORMER SPOUSES. By 1965, ex-wives who had been married at least 20 years could apply

for benefits based on their ex-husband’s earnings even if they weren’t raising young children. Today a marriage needs to last 10 years, the former spouse applying needs to be at least 62,

and men and women are on equal footing. SUPPLEMENTAL SECURITY INCOME (SSI). In 1974, this program for older or disabled adults with very limited incomes and resources began. Even though more

people are eligible, three-quarters of those receiving benefits today are retired workers. [embedded content] THE BIG QUESTION: HOW MUCH MONEY WILL I GET Whether you’re 50, 60 or 70, the

first thing you probably want to know is how much you’ll get each month when you retire. First, you need to know your full retirement age, 67 for people born Jan. 2, 1960, and later. It’s

the age at which you’ll receive 100 percent of your benefits. If you were born in 1960, your 65th birthday is in 2025. THE FORMULA IS COMPLICATED. That’s why AARP offers a simple Social

Security calculator to give you an idea of what you’ll receive at the minimum filing age of 62; your full retirement age, which people born in 1958 will reach in 2025; and age 70, the age

when you’ll get maximum benefits. All you need to know is your date of birth, previous year’s salary and the same information for your spouse if you are married. Your top 35 years — or up to

35 years — of earnings become the basis for your benefit calculation. The amount you’ll receive is based on your highest 35 years of earnings, adjusted for inflation. Then the numbers are

recalculated to determine the benefits you’re entitled to receive if you file at your full retirement age. CHECK OUT YOUR NUMBERS ONLINE. The Social Security Administration has your earnings

history. To see its estimate of your retirement benefits, go online using your My Social Security account. If you don’t have an online account, you can sign up for one on the Social

Security website by supplying an email address, cellphone number, your Social Security number and other personal information. You’ll receive a security code, similar to one you get when

logging into online banking, to help you complete the process. YOU’RE DISCOURAGED FROM FILING EARLY, ENCOURAGED TO SAVE Though retirees become eligible to claim Social Security at age 62,

those who file early will have permanently reduced benefits. If you turn 62 in 2025 and decide to apply, your monthly check will be 30 percent lower than if you decide to wait until your

full retirement age of 67 in 2030. You’ll get a bonus of 8% a year until age 70 if you wait past your full retirement age to apply for benefits. When you want to file for Social Security

retirement benefits, you can do it online 24/7 using your My Social Security account. You also can apply by phone at 800-772-1213 or make an appointment to apply in person at your local

Social Security office on the Social Security website. While the SSA says it may flag some who file by phone as a fraud risk, most people will be able to finish the process in a call. For

cases of suspected fraud, the agency will require applicants to confirm their identities in person at a Social Security office. The money you’ve already saved, inherited or will inherit

won’t affect what you receive from Social Security in retirement. Veterans who receive U.S. Department of Veterans Affairs (VA) disability benefits also won’t see any changes in their Social

Security retirement benefits. But if you’re 62, have paid fewer than 10 years of Social Security taxes and can’t make a claim based on the work record of your spouse or former spouse, you

won’t get Social Security retirement benefits. ARTICLE CONTINUES AFTER ADVERTISEMENT DON’T MAKE SOCIAL SECURITY YOUR ONLY RETIREMENT INCOME Social Security was never meant to be all you’ll

need. About 23 percent of retirees now rely solely on Social Security, according to the Gallup polling organization. The rest have one or more additional sources of money, the Federal

Reserve says: * MORE THAN HALF have a pension, 401(k) or 403(b). * ALMOST HALF have interest, dividends or rental income. * A THIRD have a job, at least on the side, or a working spouse. *

AND 8 PERCENT get cash transfers other than Social Security. Financial planners say you’ll need about 80 percent of your preretirement income to maintain your present lifestyle. The Social

Security Administration says your check will replace 30 percent to 40 percent of your preretirement income at full retirement age, but for about half of retirees, the payments amount to half

or more of their total income. JOIN AARP’S FIGHT TO PROTECT SOCIAL SECURITY You’ve worked hard and paid into Social Security with every paycheck. But recently, we’ve heard from thousands of

worried Americans.   Join us in sending a loud and clear message to lawmakers. THE BENEFITS ARE ALSO A HEDGE AGAINST INFLATION Once you start receiving Social Security benefits, you’ll get

an automatic cost-of-living adjustment (COLA) most years as a defense against inflation. You don’t get that with most pension plans. Do stock market ups and downs have you gnawing your

nails? Your benefits won’t decrease. If Medicare Part B premiums deducted from your monthly check are scheduled to go up more than your Social Security cost-of-living increase, the rise in

Part B premiums will be capped at your COLA amount. RELATED ABOUT _Linda Dono is a senior executive editor for AARP. Previously, she served as a reporter and editor for _USA Today_, Gannett

News Service and newspapers in four states, including _The Cincinnati Enquirer. _Jammie Lyell is the Social Security program manager for AARP's office of community, state and national

affairs. He formerly worked at the Social Security Administration as a legal administrative specialist and technical expert._ NEXT: You Have to Earn Retirement Eligibility