As you prepare for the Social Security changes that 2024 will bring, you should know about all of the benefits to which you may be entitled. This guide will walk you through the variety of Social Security benefits available so you can ensure you’re receiving all the money you qualify for. 

Benefits You’ve Earned Yourself

If you’ve paid into FICA as an employee, you qualify for Social Security retirement and disability benefits based on those payments. You will receive retirement benefits between ages 62 and 70, depending on when you apply for the benefits to begin. You will receive your full payments once you reach full retirement age, so some people choose to delay applying until reaching said age (67 for those born in 1960 or later, 65 for those born before 1960).

You may want to delay receiving your Social Security benefits for the following reasons:

• Your payable benefit is 76 percent larger at age 70 than 62. It will also produce a larger lifetime income stream if you exceed your life expectancy. 
• If you’re still working, your benefits may be limited if you exceed the annual earnings limit. 
• One spouse may delay receiving benefits to produce a larger survivor benefit for the spouse who lives longest.

It’s important to note that it’s not worth delaying your benefits past 70, even if you’re still working, because there are no credits or earning limits beyond that age.

Spousal Benefits

If you’re married and you both have worked, you’ve each paid into your own Social Security benefits. However, you may be eligible for spousal benefits when your spouse files for their retirement benefits. To be eligible, you need to be at least 62 or have a child who’s either under 16 or who receives Social Security disability benefits at any age. 

Spousal benefits can be as much as half of your spouse’s benefits, though the amount depends on your age at retirement. However, regardless of age, if you have a qualifying child in your care, the spousal benefit isn’t reduced. 

Deceased Spousal Benefits

If your spouse has passed away, you may be entitled to their Social Security benefits as their widow or widower. Surviving spouses can file to receive benefits at age 60 or 50 if they have a disability, and you can choose between your retirement benefits or your deceased spouse’s benefits, whichever is higher. Plus, you can switch to the other benefits if one out earns the other later.

If you’re a surviving spouse caring for children, you can receive the deceased’s benefits at any age. If you receive benefits after age 60 and then remarry, you can continue to receive the deceased’s benefits with no changes. Widows and widowers are entitled to 71 percent of benefits at 60 and up to 100 percent at their full retirement age. 

Other Benefits

Other less common benefits exist as well. Here are two additional benefits you may qualify for:

• Benefits from a parent’s work record: Unmarried dependent children with parents who passed away either receiving disability or retirement payments may be entitled to their parent’s Social Security benefits. 
• Benefits from a former spouse’s work record: If you were married at least 10 years before getting divorced, you may be eligible for some of your ex-spouse’s Social Security benefits at retirement, even if they haven’t yet retired when you file.

Questions About Your Benefits? Contact Cervoni Law

If you are disabled and don’t know how to proceed with an SSDI claim, call Cervoni Disability Law, PLLC. We will always do our best to ensure you receive the benefits you deserve.