Social Security Income and benefits are typically available to eligible individuals based on their age, work history, and specific circumstances. Here's an overview of when you can expect to receive Social Security Income and benefits:
1. Retirement Benefits:
a) Full Retirement Age (FRA): Your full retirement age is determined by your birth year and typically ranges from 65 to 67 years. You can start receiving full Social Security retirement benefits once you reach your FRA. FRA retirement benefits are generally subject to federal income tax.
b) Early Retirement: You can choose to start receiving reduced retirement benefits as early as age 62, but your monthly benefits will be permanently reduced compared to what you would receive at your full retirement age. These are subject to federal income tax.
c) Delayed Retirement Credits: If you delay claiming benefits past your full retirement age, then you can earn delayed retirement credits, which increase your monthly benefits. Delaying benefits until age 70 maximizes the credits.
2. Disability Benefits (Taxable): You can receive Social Security disability benefits if you have a qualifying disability that prevents you from working and you meet the necessary work history requirements. There is no specific age requirement for disability benefits.
3. Survivor Benefits (Taxable): Survivor benefits are available to eligible family members of deceased workers. The age at which survivors can start receiving benefits depends on their relationship to the deceased worker and their own age and circumstances.
4. Supplemental Security Income (SSI): SSI benefits are available to low-income individuals who are aged (65 and older), blind, or disabled. Eligibility for SSI is not based on work history but on financial need. Also, not subject to federal income tax.
5. Medicare (Not Taxable): Medicare is a federal health insurance program for people aged 65 and older, as well as some younger individuals with disabilities. Most people become eligible for Medicare at age 65.