Social Security cannot pay you any retirement benefits if you don’t have enough work credits, but if you are married or divorced, you may be able to collect benefits as a spouse or eligible ex-spouse. (See Strategies for Married Couples and Rules for Divorced Spouses)
How much will your Social Security benefits be? The dollar amount of your monthly Social Security benefit is based on your average lifetime earnings and your age at time of claim. The Social Security Administration (SSA) bases your benefits on your top 35 years of earnings. If you work fewer than 35 years, the calculation will include some zeroes and mean smaller future benefits.
Your actual earnings are adjusted or “indexed” to account for changes in average wages since the year the earnings were received. SSA calculates your average indexed monthly earnings during your top 35 earning years and applies a formula to those earnings to arrive at your basic benefit or “primary insurance amount” (PIA). This is how much you would receive at your full retirement age, which varies from 66 to 67, depending on your year of birth.
The age at which you claim your benefits determines the amount of your monthly payment. If you claim benefits before your full retirement age, your benefit will be reduced. If you are willing to delay claiming your benefits, up to age 70, they will be larger for the rest of your life. The table below illustrates the effect of claiming Social Security benefits early. Assumes a $1,000 per monthly primary insurance (PIA) amount at full retirement age.