It’s better for your future retirement payments if you learn all the basics about Social Security benefits as soon as possible. To begin, checks and direct deposits from the government are not meant to be the only money you get when you retire.

So, while you are working, you should look for other ways to make money. You might want to open a 401(k) plan, invest your money, or get a pension, among other things.

Also, you must have worked in jobs that paid Social Security and have at least 40 work credits when you turn 62. You won’t be able to file until you get them. You will need to work for at least ten years to get at least forty work credits. We hope that you are able to work for 35 years without having your retirement payment cut.

COLAs and Social Security retirement benefits

Each year, both inflation and Social Security payments go up. The cost-of-living adjustment is what the Agency uses to make up for the fact that people can’t buy as much. To keep up with inflation, there will be a 2.5% increase in 2025.

A lot of people don’t know that they or their spouse and children may be able to get Social Security benefits. This may be true even if your spouse has never worked. This is true for both SSDI and retirement benefits.

The next important thing to know is that you might have to apply for both retirement and spousal benefits at the same time.

How to learn about your future Social Security payment

The government lets you use a Retirement Calculator to get an idea of how much money you will have in retirement, which is helpful if both you and your spouse worked. An extra tip is to use the annual statement.

Those who use a Statement will see that:

• Social Security payments are lower at 62
• you can earn delayed credits at 70
• at Full Retirement Age, you get 100% of your benefits

As an added bonus, Social Security may give you money if you were married for 10 years but are now divorced. Your ex-spouse will still have to pay the same amount and will not be told about your application.

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