Planning For Retirement
Planning For Retirement
There are four basic categories of Social Security benefits which are paid based upon the record of your earnings: retirement, disability, dependents, and survivors benefits. These benefits all fall under the Old Age, Survivors And Disability Insurance Program (OASDI), which is the official name of Social Security.
Social Security is part of the retirement plan for almost every American worker. It provides replacement income for qualified retirees and their families. This section of our website helps you better understand the program, the application process, and the online tools and resources available to you.
Are You Eligible?
When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. The number of credits you need to get retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (usually, this is 10 years of work).
If you stop working before you have enough credits to qualify for benefits, the credits will remain on your Social Security record. If you return to work later, more credits may be added. Retirement benefits will not be paid until you have 40 credits.
When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. The number of credits you need to get retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (usually, this is 10 years of work).
If you stop working before you have enough credits to qualify for benefits, the credits will remain on your Social Security record. If you return to work later, more credits may be added. Retirement benefits will not be paid until you have 40 credits.
Estimate Your Benefits
Knowing what you will get every month in retirement benefits will help you plan for your retirement.