Social Security is a federal government program in the United States that provides financial support to eligible individuals and their families. It is primarily designed to provide income for retirees, disabled individuals, and survivors of deceased workers.

To be eligible for Social Security benefits, you must have earned enough credits by paying Social Security taxes through your employment. The number of credits needed depends on your age and the type of benefits you are applying for. Generally, you need to have worked and paid taxes for at least 10 years to qualify for retirement benefits.

Social Security provides several types of benefits, including retirement benefits, disability benefits, survivor benefits, and supplemental security income for low-income individuals. Retirement benefits are the most common and are based on your average earnings over your working years.

The age at which you can start receiving Social Security benefits depends on the type of benefits you are applying for. For retirement benefits, you can start receiving them as early as age 62, but your monthly benefit amount will be reduced. Full retirement age is typically between 66 and 67, depending on your birth year. Delaying your benefits beyond full retirement age can result in higher monthly payments.

The amount of Social Security benefits you receive is based on your average earnings over your working years. Your earnings are indexed to account for changes in average wages over time, and your 35 highest-earning years are used to calculate your benefit amount. The Social Security Administration provides a formula to determine your monthly benefit amount based on your earnings history.

Yes, Social Security benefits can be subject to federal income taxes depending on your overall income level. If your combined income (including half of your Social Security benefits) exceeds a certain threshold, a portion of your benefits may be taxable. The specific tax rules can vary, so it’s important to consult with a tax professional for guidance.

Yes, you can work while receiving Social Security benefits, but there are limits on how much you can earn before your benefits are reduced. If you haven’t reached full retirement age, there is an earnings limit that applies. Once you reach full retirement age, you can work and earn as much as you want without any reduction in your benefits.