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Social Security and you

Now’s the time to learn about future Social Security benefits.

How much monthly income will I receive from Social Security once I’ve retired, and when can I begin collecting it?

Don’t wait until you’re getting ready to retire to get the answers to these important questions. Social Security is a fundamental part of the planning process and will help you identify income solutions that make sense for you.

When am I eligible for Social Security?

The answer depends on your birth year (see chart). There is a “normal” (or full) retirement age, as well as an age for partial benefits and late benefits.

Some can begin receiving partial Social Security benefits as early as age 62. Or you can delay until as late as age 70, which will increase your monthly benefits and possibly monthly survivor benefits. The ages listed here come from the Social Security Administration.

At what age am I eligible to receive social security benefits?
Birth Year: 1942 or earlier 1943 to 1959 1960 or later
Full Benefit: 65 66 67
Partial Benefit: 62 62 62
Late Benefit: 70 70 70
These are approximate ages. The exact month you are eligible for full Social Security benefits will depend on the month and year you were born. Please see for more details.

How much will Social Security cover?

It’s unlikely that Social Security will provide enough to cover all of your retirement expenses. In fact, for a worker earning $40,000 a year, Social Security only replaces about 40 percent of pre-retirement earnings[1]. That’s why it’s vital to have other savings.

How much can I expect from Social Security?

Social Security is different for everyone. Benefits are based on your age at retirement and your top 35 years of earnings. To calculate your Social Security benefit, visit To request your annual Social Security statement, visit

How will taxes affect my Social Security?

If you have other sources of retirement income, Social Security benefits may be subject to income taxes. About a third of people who receive Social Security pay income tax on their benefits[2].

Visit the Social Security website or call 800.772.1213 for more information.

Call a financial professional

Find out how a financial professional or advisor can help.


More articles from the introductory issue of The Principal Retirement NewsletterSM

Download the entire introductory issue (PDF: 860 KB)

Social Security benefits are based on your age and earnings history. For an estimate of your future Social Security benefits, visit


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