Social Security is retirement income for individuals aged 62 and older and who have attained at least forty (40) quarters of work credit from employment. Spouses may receive benefits based off the other spouse’s work history. Disability and survivor’s benefits may be available for people younger than age 62.

In 2023, a person must earn $1,640 to receive a quarter of work credit toward eligibility for Social Security benefits (source: Social Security).

Early retirement benefits can begin as early as age 62, but the income benefit amount is reduced. The amount of the reduction is based on when someone was born and how early they start receiving Social Security benefits. Reduced benefits do not increase as a result of an early retiree reaching their full retirement age (see “Full Retirement Age” chart below).

Full retirement benefits are obtained when someone waits until their Full Retirement Age (see chart below) to begin receiving their benefits.

People who receive retirement benefits and continue to work may have their benefits affected as described below (source: Social Security).

• In 2023, Social Security beneficiaries who continue to work and are between ages 62 and their Full Retirement Age as listed in the chart below can earn up to $21,240 in wages without a reduction in benefits. For wages above this amount, Social Security withholds $1 from benefits for every $2 earned in wages.
• During 2023, Social Security beneficiaries who continue to work and reach their Full Retirement Age can earn up to $56,520 in wages without a reduction in benefits. For wages above this amount and prior to the month that their Full Retirement Age is attained, Social Security withholds $1 from benefits for every $3 earned in wages.
• Income earned in wages during and after the month that the Social Security beneficiary reaches their Full Retirement Age is earned without a reduction in benefits.

Increased retirement benefits are credited to people who continue to work past their Full Retirement Age before they begin receiving their Social Security benefits.

Before choosing a retirement date, contact the Social Security Administration about three (3) months prior to the date of retirement in order to understand what options are available to determine the best month to start collecting benefits. People can apply in person, online at Social Security, or by phone at 1.800.772.1213.

Have the following documents available in order to apply for retirement income benefits.

• Social Security number
• County birth certificate
• Most recent W-2 form, name of employer, and amount earned this year
• Name of your bank or other financial institution and your checking account number in order to receive direct deposit of retirement benefits into your bank account
• Beginning and ending dates for any U.S. military service

Other documents will be needed for non-citizens or to receive survivor’s benefits.

In 2023, Social Security Disability earned income threshold for the working, non-blind, disabled people is $1,470 per month and for working blind disabled people is $2,460 per month. The trial work period earned income threshold is $1,050 per month (source: Social Security).

Use this link for more information on Social Security & Income.

Source: Medicare costs at a glance