Social Security

You can start as early as age 62, but your benefit will be permanently reduced. You get full benefits at your Full Retirement Age (FRA)—which is 66 to 67, depending on your birth year. Delaying benefits up to age 70 increases your monthly amount.

It’s based on your highest 35 years of earnings, adjusted for inflation. The Social Security Administration (SSA) uses a formula to calculate your Primary Insurance Amount (PIA), the amount you'd receive at FRA.

For most people, no. Social Security replaces only about 40% of pre-retirement income on average. It’s best used in combination with personal savings, pensions, or retirement accounts.

Yes, depending on your income. If you file jointly and have combined income over $32,000, up to 85% of your benefits may be taxable.

Yes, but if you’re under FRA, earnings limits apply. In 2025, if you earn more than $22,320, your benefits may be reduced. Once you reach FRA, you can earn any amount without reducing benefits.

Survivor benefits may be available to your spouse, children, or dependent parents. A one-time $255 death benefit may also be paid to a spouse or child.

Yes. Spouses can receive up to 50% of their partner’s benefit if it’s higher than their own, starting as early as age 62 (with reductions) or at FRA for full benefits.

The Cost-of-Living Adjustment (COLA) increases benefits each year to keep pace with inflation. Increases are announced each fall and applied in January.

Yes. Within 12 months of starting, you can withdraw your application and repay the benefits received. After FRA, you can also suspend benefits to earn delayed credits up to age 70.