Author: Sarah Williams
Reviewed By: Brindusa Vanta

Social Security is a federal program that provides financial assistance to older Americans, people with disabilities and, in some cases, the dependents or spouses of SS-qualified individuals who passed away. Additionally, individuals with low incomes and limited assets may be eligible for Supplemental Security Income (SSI).

How many retirees claim Social Security?

As of 2022, seniors aged 65 and above account for about 17.3% of the U.S. population, so the country is home to over 57.6 million older individuals, a figure that is set to increase significantly in the next decades. 

Social Security benefits are a chief income source for many older Americans, with almost 9 in 10 individuals aged 65 or above receiving Social Security as of 2023. As a result, approximately 52 million American seniors get Social Security payments in 2023.  

How does Social Security work for retirees?

Most retired Social Security recipients earned their benefits through employment, with them and their employer paying payroll taxes. Individuals must have at least 10 years of work history, or 40 credits, to qualify for SS retirement benefits. Although people can retire at any age and start claiming partial Social Security benefits when they reach 62, full benefits aren’t paid until a retiree is at least 66.

People who claim early retirement benefits alongside work have an income limit of $21,240 annually as of 2023; any earned amounts over the limit are subject to a withholding of $1 for every $2. When people reach full retirement age, no income caps apply. However, retirement age depends on an individual’s year of birth. Full retirement age is 66 for those born between 1943 and 1954, and it gradually increases to 67 for those born in 1960 or later.  

Other Social Security benefits

Alongside retirement income, the Social Security Administration provides benefits for qualifying people with disabilities, spouses and a deceased individual’s family members. Individuals must have accrued sufficient work history, paid enough taxes and have a qualifying medical condition to be eligible for Social Security Disability Insurance. If an individual qualifies for SS benefits and their spouse doesn’t, their partner may qualify for spousal support if the main beneficiary receives retirement or disability benefits and the partner is 62 or older. The spouse may also be eligible for Medicare once they turn 65.

Full or partial Social Security survivor benefits may be paid to certain family members, such as a spouse or dependent children or parents, after the death of a qualifying individual. Family members may also qualify for a one-time death benefit. People who don’t qualify for Social Security benefits may be eligible for Supplemental Security Income based on need rather than work history and tax contributions. SSI provides benefits for individuals who are 65 and above, have a disability or are blind and have limited means.