Overview

• Social Security benefits are calculated based on the average of a recipient's 35 highest-earning years of income, but a spouse can receive benefits based on their partner's earning record if they're at least 62 years old or caring for a child under 16 or with a disability.
• Claiming Social Security benefits early or late can impact the amount received. Benefits are reduced if claimed before full retirement age and increased if claimed after.
• If a spouse passes away, Social Security converts spousal benefits to survivors benefits, making the surviving spouse eligible to receive up to 100% of the deceased spouse's benefit.
• Retirees can increase their Social Security benefit by spending additional years in the workforce, waiting longer to start claiming benefits, or suspending their benefits after reaching full retirement age to earn delayed retirement credits.
• The average Social Security benefit for those collecting at age 62 is $1,275 per month, or $15,300 per year.