How much social security will i get if i only worked 10 years

Your retirement benefit is based on your lifetime earnings in work in which you paid Social Security taxes. Higher income translates to a bigger benefit (up to a point — more on that below). The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits. 

For reference, the average Social Security retirement benefit in May 2022 was $1,668 a month. The maximum benefit — the most an individual retiree can get — is $3,345 a month for someone who files for Social Security in 2022 at full retirement age (FRA), the age at which you qualify for 100 percent of the benefit calculated from your earnings history. FRA is 66 and 4 months for people born in 1956 and is gradually rising to 67 for those born in 1960 or later.

You’ll only know your own amount for sure when you apply, but there are ways to get a sense of it in advance. The quickest and easiest is to use AARP’s Social Security Benefits Calculator or check your online My Social Security account. The latter draws on your earnings record on file with the Social Security Administration; for the AARP calculator, you’ll need to provide your average annual income.

Both tools project what you could collect each month if you start Social Security at age 62, the earliest you can file for retirement benefits; at full retirement age; and at age 70. Between 62 and FRA, Social Security reduces your benefit for filing early; between FRA and 70, it increases your payment as a reward for waiting. 

For example, the AARP calculator estimates that a person born on Jan. 1, 1960, who has averaged a $50,000 annual income would get a monthly benefit of $1,338 if they file for Social Security at 62, $1,911 at full retirement age (in this case, 67), or $2,370 at 70. The AARP tool can also give you figures for every age in between, gauge the effect on your benefits of continuing to work and help you budget for your retirement years. 

You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213. But remember, no matter where you get the numbers, they are estimates, not promises. Your actual benefit will vary, perhaps significantly, based on fluctuations in your earnings, cost-of-living adjustments, whether you continue to work after claiming benefits and changes in the Social Security law. 

Keep in mind

Social Security sets a cap on how much of your income it takes into account in figuring your benefit. In 2022 the cap is $147,000 (it’s adjusted annually to reflect historical wage trends). Any income above that is not counted in your benefit calculation (and is also not subject to Social Security taxes).

Most retirees rely on Social Security. One in four gets 90% of their retirement income from the program. About half rely on it for 50% of their income.

Although Social Security is only one part of a secure retirement plan, it's helpful to get a rough idea of how much you can expect. If you're eligible for Social Security, your monthly benefit is based on two factors:

• How much money you earned during your working career
• The age you choose to start getting payments

Let's look at how each of these affects your future Social Security income.

Are You Eligible for Social Security?

To be eligible for Social Security benefits, you must earn at least 40 credits over your working career. How those credits are calculated is complex, but you will likely qualify if you have worked for at least 10 years.

Note

You may be entitled to a spousal benefit because of your partner's work history. If your spouse, ex-spouse, or deceased spouse has earned 40 credits, you may qualify. The Social Security Administration (SSA) provides more info about this option.

But your work history is not only used as part of the qualification criteria; it is also used to figure out the amount of your payment. In calculating your monthly retirement benefit, the SSA considers your highest-earning 35 years of work history. If you worked for less than 35 years, the SSA will use zero for some years.

The higher your earnings over those 35 years, the greater your contribution to the program through FICA taxes, and the higher your benefit will be.

Note

The same threshold applies to both your earnings and your benefits. This amount is $142,800 in 2021, and it will raise to $147,000 for the 2022 tax year.

When Will You Collect?

The SSA calculates your benefit amount at your full retirement age (FRA). This depends on the year you were born. FRA by birth year is:

• 1943–1954: age 66
• 1955: age 66 and two months
• 1956: age 66 and four months
• 1957: age 66 and six months
• 1958: age 66 and eight months
• 1959: age 66 and 10 months
• 1960 and later: age 67

Note

The monthly amount you are eligible to receive at your FRA is considered your full benefit, but it is not your minimum or maximum benefit.

You have the option to file for early retirement as early as age 62. But, you may choose to delay taking your benefits until as late as age 70.

There are many reasons why you might choose to take early retirement or to delay it. That choice has a direct impact on the amount of your monthly payment. If you opt for early retirement, you are choosing a lower monthly payment for the rest of your life. By choosing to delay your benefit to any age between your FRA and age 70, you lock in an increase.

An Example

Let's say that you were born in 1965. Your FRA is 67. If you retire in 2032, you will receive your full benefit. However, if you retire at age 62, in 2027, you will receive only 70% of that amount.

Note

If you were born on the first of the month, the SSA calculates your benefit as if you were born during the previous month.

For this example, suppose that you earn the average annual salary for U.S. workers, per the latest data from the SSA. That would put your wages at $53,383.18 per year.

Using the SSA's Quick Calculator, you'll see that retiring at your FRA in 2032 would entitle you to $1,776 per month. However, retiring at 62 in 2027 would bring in $1,178 monthly. If you were to delay payments until age 70, you would receive $2,249 each month—nearly double the amount you would get at early retirement.

Although your payment increases every year in retirement due to the yearly cost-of-living allowances, these increases are always based on the previous year’s amount. So once you take a reduced benefit, all of your future payments will be smaller.

How To Calculate Your Social Security Benefit

Calculating your estimated Social Security benefit is no easy task. Your best bet may be to request a Social Security benefits estimate (Form SSA-7004) from the SSA. This will contain an estimate of your benefit at age 62, at your FRA, and at age 70, based on your current work history.

In addition to these estimates, the SSA also has a series of Social Security benefits calculators that can help you plan for retirement. You can also use this calculator from AARP to estimate the best age to start claiming your benefits.

Frequently Asked Questions (FAQs)

What happens to unused Social Security benefits?

Any benefits you don't take during your lifetime will go into the Social Security trust funds, which are used for paying all Social Security recipients.

What income reduces Social Security benefits?

If you start taking Social Security benefits before you reach full retirement age, any income you earn over the annual limit until you reach full retirement age will lower your benefit eligibility for that year. In 2021, if you are retired and haven't reached full retirement age, the SSA will deduct $1 from your benefits for every $2 earned over $18,960. In the year you reach full retirement age, the SSA will deduct $1 for every $3 earned over $50,520. For the 2022 tax year, these thresholds are slightly higher, at $19,560 and $51,960, respectively.

How do I increase my Social Security benefits after retirement?

To increase your monthly benefit, don't start taking Social Security payments right when you reach full retirement age. The longer you wait, the more you'll get each month. If you want to get the highest possible amount of Social Security benefits each month, you need to wait until age 70 to retire.

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