Social Security is a massive government system designed to help people financially when certain triggers are hit. Most people think of social security in terms of retirement benefits, and that is a large part of what the system provides. For retirement, the system will provide you with benefits assuming you’ve paid into it and are covered with the required 40 quarters of credit. It’s quite easy to acquire credit for one quarter of coverage. In 2017, it took earnings of $1300 to get one quarter of coverage. Last year it took $1260 in earnings. It changes year by year but after you’ve earned 40 quarters of coverage, you are entitled to all social security benefits.

The retirement benefit portion of social security can be thought of as a defined benefit pension plan where you’ll receive a monthly payment for life once you’re earned enough credits and qualify for benefits based on age. Not everyone pays into social security; many teachers, public employees, municipal employees, railroad workers, and other specialty occupations do not pay into the system and are not entitled to benefits.

The program provides benefits for the worker and the spouse, and these benefits can be had at various ages. Over time, they tend to raise the full retirement age to get all of your benefits. Here is the chart of what age was necessary to achieve in order to qualify for full retirement benefits under the system.

If you start getting benefits at age*	And you are the Wage Earner, the Retirement Benefit you will receive is reduced to	And you are the Spouse, the Retirement Benefit you will receive is reduced to
62	80.0%	37.5%
62 + 1 Month	80.6%	37.8%
62 + 2 Months	81.1%	38.2%
62 + 3 Months	81.7%	38.5%
62 + 4 Months	82.2%	38.9%
62 + 5 Months	82.8%	39.2%
62 + 6 Months	83.3%	39.6%
62 + 7 Months	83.9%	39.9%
62 + 8 Months	84.4%	40.3%
62 + 9 Months	85.0%	40.6%
62 + 10 Months	85.6%	41.0%
62 + 11 Months	86.1%	41.3%
63	86.7%	41.7%
63 + 1 Month	87.2%	42.0%
63 + 2 Months	87.8%	42.4%
63 + 3 Months	88.3%	42.7%
63 + 4 Months	88.9%	43.1%
63 + 5 Months	89.4%	43.4%
63 + 6 Months	90.0%	43.8%
63 + 7 Months	90.6%	44.1%
63 + 8 Months	91.1%	44.4%
63 + 9 Months	91.7%	44.8%
63 + 10 Months	92.2%	45.1%
63 + 11 Months	92.8%	45.5%
64	93.3%	45.8%
64 + 1 Month	93.9%	46.2%
64 + 2 Months	94.4%	46.5%
64 + 3 Months	95.0%	46.9%
64 + 4 Months	95.6%	47.2%
64 + 5 Months	96.1%	47.6%
64 + 6 Months	96.7%	47.9%
64 + 7 Months	97.2%	48.3%
64 + 8 Months	97.8%	48.6%
64 + 9 Months	98.3%	49.0%
64 + 10 Months	98.9%	49.3%
64 + 11 Months	99.4%	49.7%
65	100.0%	50.0%

* If your birthday is on the 1st of the month, then we figure the benefit as if your birthday were the previous month.

For survivors it’s a slightly different calculation; here is the chart for survivors.

Year of Birth	Full (survivors) Retirement Age	At age 62 (3), a $1000 survivors benefit would be reduced to	Months between age 60 and full retirement age	Monthly % reduction
1939 or earlier	65	$829	60	.475
1940	65 and 2 months	$825	62	.460
1941	65 and 4 months	$822	64	.445
1942	65 and 6 months	$819	66	.432
1943	65 and 8 months	$816	68	.419
1944	65 and 10 months	$813	70	.407
1945-1956	66	$810	72	.396
1957	66 and 2 months	$807	74	.385
1958	66 and 4 months	$805	76	.375
1959	66 and 6 months	$803	78	.365
1960	66 and 8 months	$801	80	.356
1961	66 and 10 months	$798	82	.348
1962 and later	67	$796	84	.339

1. If the survivor was born on January 1^st of any year, use the information for the previous year.
2. If someone was born on the 1st of the month, we figure the benefit (and the full retirement age) as if their birthday was in the previous month.
   Note: The full retirement age may be different for retirement benefits.
3. The $1000 benefit would be reduced to $715 for anyone who started receiving survivors benefits at age 60.
4. Monthly reduction percentages are approximate due to rounding. The maximum benefit is limited to what the worker would receive if they were still alive. Survivors benefits that start at age 60 are always reduced by 28.50%.