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CalPERS presenter reviews Social Security credits, full retirement age and claiming effects
Summary
CalPERS provided an overview of Social Security retirement benefits, including credits required for eligibility, full retirement age timelines, and how early claiming reduces benefits.
A CalPERS staff member provided an overview of Social Security retirement benefits, explaining eligibility rules, the credit system and how the age at which a person claims affects benefit amounts.
The presenter said Social Security is funded through payroll taxes and pointed listeners to the Social Security Administration's website for personalized questions. The presenter said workers earn credits by paying Social Security taxes and that 40 credits are required to qualify for retirement benefits. The presenter noted that spouses, ex‑spouses and survivors may be eligible for benefits based on another person's work record.
The presentation described early and full retirement ages. The presenter said a person can retire as early as 62 with a reduced benefit and that the full retirement age depends on year of birth, ranging from 65 for those born before 1938 to 67 for those born in 1960 or later. As an example from the presentation, a person born in 1955 would have a full retirement age of 66 years, two months, and would receive about 74.2% of the full benefit if they claim at 62.
The presenter recommended creating a my Social Security account at ssa.gov to access earnings records and estimates, and provided the agency's toll‑free number, 1‑800‑772‑1213 (TTY 800‑325‑0778), for further questions.
This segment was informational; Social Security administration, eligibility and benefit calculations are governed by federal rules and not by CalPERS.
