Since 1935, Social Security has helped older Americans live and retire with dignity, supported people with disabilities, and provided vital income to families after the loss of a loved one. It’s a promise earned through a lifetime of hard work—and it has stood the test of time, weathering economic downturns, political shifts, and demographic change.
On August 14, we mark the 90th anniversary of Social Security. For nine decades, Social Security has been a stable and reliable foundation of retirement security for millions of Americans—and we believe it must remain that way for generations to come.
In Minnesota, more than 1.1 million residents rely on Social Security. I For many, it’s the bedrock of retirement—helping to cover essentials like housing, food, and healthcare. 43% of Minnesotans age 65 and older depend on Social Security for at least half of their income. And as we celebrate this milestone, one thing is clear: we must continue to protect and strengthen Social Security.
“My life would be just drastically changed if benefit payments are reduced,” said Phyllis Emmel, a retired counselor from Moorhead, MN. “My husband has a pension from his teaching job, but Social Security represents about half our monthly income.”
A new AARP survey released in conjunction with the 90th anniversary confirms that Americans across the political spectrum recognize the importance of Social Security—and are concerned about its future. An overwhelming majority—95% of Republicans, 98% of Democrats, and 93% of Independents—consider Social Security vital to financial security. Two-thirds believe it’s even more important now than it was five years ago.
Social Security is your money—earned through a lifetime of hard work. Yet, many people still have questions about how it works and how to make the most of it. Here are 10 key things to know about Social Security:
- When can I start collecting? You can start receiving retirement benefits at age 62, but your annual payments will be larger the longer you wait. If you are eligible for survivor benefits or Social Security Disability Insurance (SSDI), you can start collecting earlier.
- How much will I get each year from Social Security? That depends on several factors, most crucially your lifetime earnings from work on which you paid Social Security taxes. Social Security takes your 35 highest-earning years, calculates an inflation-adjusted average, and plugs that into a formula that determines your “basic” benefit. The amount is also affected by how old you are when you claim benefits. You may not know the exact amount for sure until you file, but you can use the AARP Social Security Calculator to get an estimate.
- Do Social Security payments keep up with inflation? Social Security is the only inflation-protected income most people will have in retirement. Your Social Security payment typically is adjusted annually for inflation to ensure that the purchasing power of benefits is not eroded by rising prices. This cost-of-living adjustment, or COLA, tracks inflation using a government measure of consumer prices for a variety of household goods and services.
- What’s the maximum monthly Social Security payment? For a worker claiming Social Security in 2023 at full retirement age, the highest monthly amount is $3,627. That’s a little less than double the average retirement benefit, which was $1,833 in March 2023. To get the maximum payment, your earnings must have exceeded Social Security’s maximum taxable income— the annually adjusted cap on how much of your income is subject to Social Security taxes—for at least 35 years of your working life.
- How can I boost the amount of my benefit? The longer you wait to start collecting after you become eligible (up until age 70), the larger your annual payment will be.
- How long do I need to work to become eligible for Social Security? For retirement benefits, you need to work for at least 10 years, or 40 quarters. Social Security uses a system of credits, which you collect by working and paying Social Security taxes. You can earn up to four credits a year, and you need 40 credits to qualify for retirement benefits. The credit threshold may be lower for disability benefits.
- Do I need to stop working to collect retirement payments? No, you can receive benefits while working. But if you are below full retirement age and earn more than a certain amount, your monthly payments will be temporarily reduced. Once you reach full retirement age, the reduction is eliminated, and your payments will be increased to make up for any previous reduction in benefits caused by earning more than the limit.
- Is Social Security just for retired workers? No. As of March 2023, 74% of people getting Social Security were retirees. The remainder were spouses, ex-spouses, and children of retirees (4%); disabled workers and their families (13%); and survivors of deceased beneficiaries (9%).
- How do I sign up for Social Security? You can apply for retirement, spousal, or disability benefits online at ssa.gov, by phone at 800-772-1213 or in person at your local Social Security office.
- When will Social Security face a funding shortfall? Social Security will face a funding shortfall in 2034, according to the 2023 Social Security Trustees’ Report. If politicians don’t act in the next 10 years to save Social Security, your Social Security could be cut by 20%, an average of $4,000 a year. Washington needs to find a solution to protect and save Social Security, so you get the money you’ve earned.
For 90 years, Social Security has been there for multiple generations—and AARP fights every day so that it stays strong for you and generations to come. We earned our Social Security through every paycheck and deserve every penny and great customer service. Add your name and pledge to be part of the fight at aarp.org/MN.
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