Social Security Myth #4: Your retirement benefits are based only on the money you’ve earned before age 65

How your retirement benefit is calculated can seem confusing. However, in order to help your claim strategy, it’s important to be aware of a few essential facts. This includes avoiding Social Security myths that undermine your ability to generate a sustainable retirement income. Here’s what you should know:

• Your benefit is calculated based on your 35 highest-earning years; they don’t have to be consecutive or before age 65.
• If you decide to work past age 65, those years will also be included as long as your earnings are high enough to include them in your highest 35 years.
• If you don’t have 35 years in your work history, zeros will be included in the calculation.
• Even working part-time after age 65 can be part of your 35 highest-earning years.
• To qualify for Social Security, you need at least 10 years of covered employment, which is equal to 40 credits in the SSA system.