Skip to Content
Older couple dancing at party symbolizing that they are enjoying retirement.
Retirement Planning

Know your Social Security retirement facts

Separate fact from fiction when it comes to retirement and Social Security benefits. Knowing the facts can work to your advantage to maximize your retirement benefits.

It seems the rules and regulations surrounding Social Security are becoming more complex. And if you're getting ready to retire, you may be trying to separate the myths from the facts. We're here to set the record straight on three common Social Security myths that you need to know about before you retire.

Retirement myth #1 — If you have never worked, you won't be eligible for Social Security benefits.

  • Fact: The Social Security Spousal Benefit Allows a Husband or Wife to Receive Payments Based on the Work Records of their Spouse.
    If you're a non-working spouse, you may be able to receive up to 50% of the benefits from your working spouse, as calculated at their full retirement age (FRA).1 To be eligible, you must be at least 62 years old and have a spouse who is receiving or eligible for retirement or disability benefits.

Retirement myth #2 — Your Social Security benefits will be equal to how much you earned while working.

  • Fact: When it is Time to Collect Your Social Security Benefits, the SSA Looks at How Much You Earned While Working, with a Focus on the Highest 35 Income Earning Years.2
    Based on your earnings history, and after their calculations and adjustments, the SSA will determine your retirement benefits. So while your benefits will be determined in part on how much you earned, they'll also depend on how long you worked, inflation and at what age you begin taking your benefits.

Retirement myth #3 — I need to stop working in order to receive my Social Security benefits.

  • Fact: You Can Still Receive Benefits While Working
    However, if you are younger than full retirement age and earn more than the specified amount, your monthly benefits may be temporarily reduced. Once you reach full retirement age, the limits go away and you can earn as much as you want without a penalty. For more information on receiving Social Security benefits while working,3 visit the SSA Website.

1. http://www.socialsecurity.gov/planners/retire/yourspouse.html

2. https://www.ssa.gov/policy/docs/briefing-papers/bp2020-01.html 

3. https://www.ssa.gov/planners/retire/whileworking.html

 

WEB.1802.11.15

Arrows linking indicating relationship

Related Articles

Man sitting on a train and working on his laptop.

Creating a budget: 5 ways to better manage your spending

Learn more
Senior man out biking along a beautiful mountainside background.

Should life insurance be a part of your retirement strategy?

Learn more
Man in a gray sweater thoughtfully looking at his laptop, as if studying information.

Retirement savings by age

Learn more
All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective or its subsidiaries.

Neither Protective nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective or its subsidiaries.