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Social Security Tips
1 . When Am I Eligible to Receive Benefits ? Based on when you were born , retirement benefits may begin as early as age 62 ( partial benefits ) and as late as age 67 ( full retirement age ).
If you were born prior to 1938 , your full eligibility date is age 65 . If you were born after 1960 , your full eligibility date is age 67 . People born in between 1938 and 1942 are eligible on a graduating scale that increases by two months per year . Persons born between 1943 and 1954 are eligible for full benefits at age 66 . Those born between 1955 and 1960 are eligible based on a graduating scale that increases by two months per year , culminating in an eligibility age of 67 for those born in 1960 or later .
2 . How Is Eligibility Determined ? Eligibility for Social Security is based on credits earned during your working years . Most people need to earn 40 credits in order to qualify . As of 2016 , one credit is given for every $ 1,260 in earned income up to a maximum of four credits per year .
3 . How Much Money Will I Receive ? The amount of your Social Security benefit is calculated by averaging the earnings from your 35 highest income-generating years . The average monthly Social Security payment for retired workers as of January 2016 is $ 1,341 . There was no Cost of Living ( COLA ) increase for 2016 .
Read more : www . investopedia . com
You can read more at https :// www . ssa . gov or you can call the Social Security Administration at 1-800-772-1213 ( TTY 1-800-325-0778 ), Monday through Friday from 7 a . m . to 7 p . m .
History In Pictures
Foster Street in Dothan after the1975 National Peanut festival Parade .
Photo provided by : Frank Gaines Photography 218 Plaza II , Dothan , Al 334-794-2538