Work History: Retirees must have earned enough Social Security credits during their working years to qualify for benefits. Typically, 40 credits (about 10 years of work) are required.
Full Retirement Age: To receive full Social Security benefits, retirees must reach their full retirement age, which varies depending on the year of birth (typically 66 or 67).
Earnings Limits: If retirees choose to work while receiving Social Security before reaching full retirement age, their benefits may be reduced if they earn over a certain threshold.
Income Reporting: Retirees must report any additional income to the Social Security Administration (SSA), as excessive income could affect their benefits.
Disability Benefits: Retirees who qualify for Social Security Disability Insurance (SSDI) must meet ongoing medical and work criteria to retain benefits.
Taxation of Benefits: Social Security benefits may be subject to taxes depending on the retiree’s income level, so retirees must understand how their benefits might be taxed.