The Social Security Administration paid about $1.5 trillion in benefits in 2024, but not all of this was to retired workers. Americans can receive other types of Social Security benefits, too, like family and survivor benefits. Some of these benefits can be combined while others can only be used on their own. What you make in wages can affect many benefit types, and unearned income from investments or annuities can affect needs-based benefits. Read on to learn about payments and eligibility for the different types of Social Security benefits.
Here's a high-level comparison of the major types of Social Security benefits:
Social Security Benefit | Purpose and Eligibility |
Retirement benefits | This provides income for retired workers. Partial benefits apply at age 62 and full benefits at the worker’s full retirement age (between 66 and 67 depending on birth date). |
Disability benefits | Disability pays income for people who’ve contributed to Social Security by working and who develop a medical condition that qualifies as a total disability. |
Survivor benefits | This provides income for spouses, divorced spouses, children, or dependent parents of someone who worked and paid Social Security taxes before they died. |
Family benefits (spousal benefits) | This provides income for spouses and ex-spouses who are at least 62 or caring for children, or for children of retired workers while the retired worker is still living. |
Supplemental Security Income (SSI) | This provides income for people who have low income and resources and are at least age 65 or have a disability. |
Social Security retirement benefits are what most people think of when they hear the term Social Security. This benefit pays income to retirees who worked at least 10 years and paid into the Social Security program. The average Social Security benefit is $1,920 per month in 2024.
Social Security Disability Insurance (SSDI) provides income if you become disabled and can no longer work. This benefit is designed to replace some of your working income, so it depends on your work history and disability status.
Social Security survivor benefits help with the financial burden when a loved one passes on. This type of benefit provides monthly income for widows, widowers, children, and dependent parents of workers who pass away. Under a special rule, Social Security may pay benefits to children and the surviving spouse who is caring for the children. This applies if the worker has worked for at least one and one-half years in the three years just before their death.
Spouses can receive between 71.5% and 100% of the deceased’s retirement benefit depending on when they apply. The percentage increases between the age of 60 and full retirement age. Surviving spouses who have reached full retirement age will typically receive 100% of the deceased worker's benefit.
A surviving spouse at any age who is still caring for a child(ren) under age 16 is eligible for 75% of the deceased worker's benefit. Children also generally get about 75% of the deceased’s benefit amount.
Spousal Social Security benefits, also known as family benefits, provide income to family members of people eligible for retirement or disability benefits. These benefits apply while the retiree is alive. The benefit is up to 50% of whatever the family member is entitled to at their full retirement age or through disability benefits. A person who is 65 or older may also get Medicare based on their spouse’s work history.
Supplemental Security Income (SSI) is one benefit that isn't tied to the work history of the recipient or a family member. This benefit is designed to provide income for people who have limited work prospects and resources and are either over 65 years old or have a disability. The maximum SSI payment is $943 per month for a single person and $1,415 for a couple in 2024.
You might be eligible for multiple benefits depending on your situation. However, there are rules about which benefits can be combined and which can't.
If you plan to take retirement benefits early, any work you do before full retirement age can lower your benefits. However, there are other ways you can maximize retirement income besides a salary or wages.
Annuities, for example, provide guaranteed retirement income according to the terms of a contract. You can often receive annuity income without affecting early retirement benefits. Or, you can use income from an annuity to supplement your finances without IRS penalties after age 59 ½ if you want to wait until age 70 to take the maximum Social Security amount. Whatever your plan is, we recommend reaching out to a licensed annuity agent to see what options are best for you.
Note: All guarantees are subject to the claims-paying ability of the insurer.
Note: This article is for informational purposes only and should not be construed as financial or tax advice. All content regarding Social Security is based on Annuity.com’s general understanding of current laws and regulations. For detailed information and guidance, reach out to a licensed CPA, attorney, or other qualified professional.
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