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The Curious Bag
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Social Security retirement pays people a monthly check based on the amount they have paid into the system as long as they meet minimum requirements.
Work Credits
You must have at least 40 work credits to qualify for Social Security. You can earn up to four work credits per year. As of 2010, you earn one credit for every $1,120 of income.
Age
You cannot apply for Social Security retirement benefits until you are at least 62 years old. If you were born after 1967, your full retirement age is 67.
Considerations
If you apply at age 62, your monthly benefit will be reduced. You can also delay your retirement benefits until age 70, in which case your monthly benefit will be greater.
Function
The amount of your Social Security retirement check depends on how much you have earned over your lifetime because more earnings means you have paid more in Social Security taxes.
Features
If your Social Security retirement amount would be higher based on your spouse's earnings, you can receive up to 50 percent of the amount your spouse is entitled to.
Source:
Social Security Administration: Retirement Benefits
The Heritage Foundation: Social Security Basics
Social Security Administration: 2010 Social Security Changes
More Information:
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