Social Security Retirement Benefits 

Social security offers a lifetime retirement benefit and that too in the form of a monthly check. Now, this check is adjusted every year for inflation to people who qualify the following three requirements-
1. You need to have forty credits for covered work so as to opt for social security retirement benefits. Generally, your savings record of a minimum of ten years is taken wherein you had enough earning which were subject to self-employment tax or social security tax.
2. You need to be more than sixty two years of age
3. You need to apply for the social security retirement benefit. You cannot avail the benefit if you don’t apply for it.
The primary social security benefit named as the primary insurance amount is calculated after taking into consideration the complete work history. Most of the other benefits are calculated after taking into consideration your PIA. Your overall earnings from early years are adjusted so that all years can be compared roughly. In general, 35 years of your job life is considered and the average indexed monthly earnings are calculated based on this. Based on your work history, working another year will help increase your benefits by a significant amount or a small amount.
Your normal retirement age or full retirement age come a couple of years later than sixty two years. If you want to receive your Social Security Retirement Benefits later than the retirement age then you will get an added benefit say hundred percent of the normal benefit or so. Now, if you want your benefit early then you will have to complete with the earnings test procedures. This will further lower the size of your benefit incase you earn too much prior to reaching the full retirement age.
No sooner than you qualify for these benefits, you can start off with them any month. The total amount that will be reduced so as to start off with early benefit is calculated in small monthly increments. Most benefits offered by social security are determined with respect to your primary insurance amount. So, why waste time? If you meet the eligibility criteria, go ahead and apply for these Benefits now. Your Retirement Planning can be perfect only if you avail all these benefits