Five Things You Should Know About Social Security (2025)
Understand the basics, avoid costly mistakes, and learn how timing and earnings affect your benefit.
Four Types of Benefits
Social Security pays Retirement, Survivor, Spousal/Dependent, and Disability benefits. Start by identifying which applies to you.
Retirement Savings Are Often Limited
For many Americans, Social Security is a core source of retirement income—planning early helps, but it's never too late to improve your outlook.
A Program With History
Created on August 14, 1935, Social Security remains a key financial safety net and adjusts benefits over time via annual COLAs.
How Much of Your Income It Replaces
On average, Social Security replaces about 40% of pre-retirement earnings—most retirees will need additional income sources.
Average Monthly Benefit (2025)
The average retired-worker benefit is about $2,000/month in 2025 (varies by work history and claim age).
You Earned It — Maximize It
Benefits offer lifetime income and COLA protection. Smart timing and coordination can increase lifetime payouts.
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Frequently Asked Social Security Questions
1) When can I take my Social Security benefit?
As early as 62 (reduced), at your Full Retirement Age (100%), or delayed up to 70 (about +8%/yr after FRA). The right time depends on health, longevity, income needs, and survivor goals.
2) How your benefit is calculated
SSA uses your 35 highest earning years (indexed) to compute your AIME and then your PIA. Filing before/after FRA permanently decreases/increases your monthly benefit.
3) Working while receiving benefits: 2025 earnings limits
- Under FRA all year (2025): Earn up to $23,400 before reduction; SSA withholds $1 per $2 above the limit.
- Reaching FRA in 2025 (before the month you reach FRA): Limit $62,160; SSA withholds $1 per $3 above that amount.
- At/after FRA: No earnings limit.
4) Spousal benefits
At FRA, a spouse may receive up to 50% of the worker's PIA. Claiming early reduces the amount; caring for a qualifying child can affect reductions.
5) What will my spouse receive if I die? (Survivor benefits)
A surviving spouse can receive up to 100% of the worker's benefit at FRA; reduced benefits may start as early as age 60 (age 50 if disabled). Special rules apply when caring for a child under 16.
6) Spousal & survivor benefits for divorced spouses
You may qualify based on an ex-spouse's record if the marriage lasted 10+ years, you're 62+ (spousal) or 60+ (survivor), and you're currently unmarried (with exceptions if remarried after age 60 for survivor benefits).
7) Will I owe taxes on Social Security?
Depending on your combined income, up to 85% of benefits may be taxable: thresholds of $25,000 (single) and $32,000 (married filing jointly) are unchanged for 2025.
8) How do I apply for benefits?
Online: Fastest at ssa.gov/apply. Phone: 1-800-772-1213 (TTY 1-800-325-0778). In person: Schedule an appointment at your local office. Have your SSN, proof of age, recent W-2/1099, direct-deposit info, and family details ready.
Note: Average benefit amounts update throughout the year. For personalized guidance, connect with us.
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