Retirement is one of the aspects of our lives that we carefully save up for, analyze and calculate for just so that we can have a comfortable life in the future and have all our needs and requirements answered. For the same reason, almost all the American workers find social security as a part of their retirement plan. However, just having it in your plan isn’t enough. Given that almost 96% of workers covered under social security, there is an implication of how trustworthy it is. It is up to each individual to make sure that they understand the benefits they can receive, and what the plan entails completely so that they can make better use of it.

As you work your job each day and regularly make sure to pay your taxes, you can earn what are called “credits” which will add towards your social security benefits. The number of credits which would be required to enable you to receive the retirement benefits depends on the year you were born. 40 credits, which are about 10 years of work, would be necessary if you were born in 1929 or later.

The number of benefits you earn will depend upon the amount of money you have earned in your working career. The more you have earned in your career lifetime, the higher benefits you will receive.

If you were born in the year 1950 or even before that, you are already eligible for your full Social Security benefit. If you were born between 1943 and 1954, the full retirement age would be 66. If you were born in between 1955 and 1960, then the full retirement age increases with an increment of two months gradually to 67 years. Early retirement is also a choice, however, the benefits will be reduced when compared to full retirement benefits.