This guide is the sum of years in financial planning and investment management as well as more than a few hours spent trying to answer my own retirement questions.
The Social Security Insurance (SSI) program pays a monthly benefit to those over a certain age, the disabled or widows of eligible participants.
To be eligible, you have to pay taxes on earnings for at least 40 quarters (three months) over your lifetime.
A delayed retirement credit is a percentage increase in Social Security benefits for every year you wait to retire after your full retirement age and up to 70 years old.
1. To be considered “fully insured” and be eligible for retirement and survivor benefits, you need to pay Social Security taxes for at least 40 quarters.
2. There is no earnings limit to SSI benefits if you retire at full retirement age or later. If you start taking benefits before this, your monthly check will be reduced by $1 for every $2 you make.