Age Qualification

• The earliest you can start collecting Social Security benefits is age 62, although your monthly benefit amount will be much lower at 62 than if you wait until full retirement age. The Social Security Administration bases full retirement age on the year you were born. If you were born in or before 1942, your retirement age is 65; if born between 1943 and 1959, your full retirement age is 66; and if you were born in 1960 or later, your full retirement age is 67.
  
  

Work Qualification

• When you pay Social Security taxes -- usually taken out of your paycheck by your employer -- you are essentially paying into your own retirement fund. For every year of work in which you pay taxes, you can earn up to four Social Security points. To qualify for Social Security Retirement benefits, you need to accumulate at least 40 of these work credits -- which usually equates to 10 years of work. If you are not sure how many work credits you have, this number is on your Social Security statement.
  
  

Retirement Benefits

• There is no restriction on how you spend your retirement benefits. The Social Security Administration bases your benefit amount on your average pay over your highest-paid 35 years of work. If you have worked less than 35 years, the government will include years of part-time work or unemployment to bring your total years up to 35. This means if you retire early, your average salary will be lower. The average monthly benefit paid to retirees, as of August 2010, is $1,171.
  
  

Application Process

• You can easily apply online for retirement benefits online (see Resources). You will need to have your personal information on hand (Social Security number, income information, work history) and possibly your spouse's information as well. To apply by phone or in person, call the Social Security Administration at 800-772-1213.
  
  

Other Available Benefits

• If you are of retirement age, you will also automatically qualify for the federal health care system, Medicare. You might qualify for other benefits, too. If you are over 65 with low-income, you may apply for Supplemental Security Income, which aids you with living expenses. If you are disabled, you may obtain disability insurance to help you pay for medical procedures. If your spouse or ex-spouse worked under Social Security and passed away, you might qualify for survivor's benefits. To determine what benefits you qualify for and how to apply for them, use the Social Security Administration screening tool (see Resources).