After you leave the workplace and no longer collect a steady paycheck, you'll need money to cover essentials like food, housing, and health care. That's where Social Security comes in. This system was enacted in 1935 to keep workers from falling into poverty upon retirement. It was designed to provide basic retirement benefits for workers reaching age 65.

How much does Social Security pay?

Social Security monthly benefits can be as high as $5,181, but benefit payments are regularly adjusted based on the Consumer Price Index (CPI) increases. These payments are guaranteed and supported by the Social Security Trust Fund and provide half or more retirement income for many retirees.

It’s important to know that Social Security isn't meant to replace all of your pre-retirement income—it only covers about 40%. Older adults often rely on personal retirement savings, employer pensions, and part-time work to fill what's known as the "retirement income gap."

Who qualifies for Social Security?

Workers who pay (or have paid) Federal Insurance Contributions Act (FICA) taxes are covered by Social Security. After paying into the system for at least 40 quarters (10 years on average), you are fully insured and will be eligible to receive retirement income benefits.

These benefits are based on your highest earnings over a 35-year period. If you have not paid into the Social Security system for 40 quarters, you are not eligible for full Social Security retirement benefits.

When should you file for Social Security?

You can draw Social Security benefits any time after age 62. But filing prior to the full retirement age and continuing to work will reduce your benefit amount based on the amount earned. In 2026, earning less than $24,480 annually will not affect your benefit amount.

Until you reach full retirement age, earning more than $24,480 will affect the amount you receive—for every $2 earned, your benefit will be reduced by $1. In the year you reach full retirement age, the earning threshold increases to $65,160. Earning more will reduce the benefit by $1 for every $3 earned over the limit. Once you reach full retirement age (67 for most people retiring today), there is no deduction to your benefit based on earnings.

Estimate your benefit amount using SSA's online tool. You will have to log in to your my Social Security account (or create one).

How do you apply for Social Security?

First, it's a good idea to check your eligibility for Social Security benefits using SSA's online tool. It takes about 10 minutes.

It's best to apply about three months before you want benefits to start (you can apply up to four months before your enrollment month). When you apply, you'll choose the month your Social Security retirement benefits start. Your first payment will arrive the following month.

You can apply for Social Security in three main ways:

1.  Apply online

• Go to the SSA's secure online application.
• Complete the application form and submit it electronically.

2.  Apply by phone

• Call the SSA at 1-800-772-1213 (TTY: 1-800-325-0778). Monday through Friday from 8:00 a.m. to 7:00 p.m. local time.
• A representative will schedule a call with you and take your application information over the phone.

3.  Apply in person

• Contact your local Social Security office to make an appointment. You can find your local office by using the SSA's locator tool or by calling their toll-free number: 1-800-772-1213. To avoid a long wait, schedule an appointment first.
• Bring required documents such as your birth certificate. Social Security care, W-2s or self-employment tax returns, and proof of U.S. citizenship or lawful residency (if you were not born in the U.S.).

After you apply for Social Security retirement benefits, SSA will review your application and may contact you if they need more information. Processing times vary, but it can take up to six weeks for benefits to start.

Once approved, you’ll get a notice that explains your monthly benefit amount, your benefit start date, and when to expect your first payment. Your first payment usually arrives about one month after your chosen start date. After that, you’ll be paid monthly. 

You can track the status of your application online through your my Social Security account.