The Social Security program was established in 1935 to provide retirement income to certain workers. The program was later expanded to cover most of the workforce. Prior to the program's development, individuals were completely responsible for funding their personal needs both during their working years and during retirement. If an individual failed to save and invest, that individual could not retire from the workforce. Like any large, complex government program, there are many components to Social Security. Ten common questions about the program are addressed below. (For background reading, see Introduction To Social Security.)

1. When Am I Eligible To Receive Benefits?
Based on when you were born, retirement benefits may begin as early as age 62 (partial benefits) and as late as age 67.

• If you were born prior to 1938, your full eligibility date is age 65.
• If you were born after 1960, your full eligibility date is age 67.
• People born in between 1938 and 1942 are eligible on a graduating scale that increases by two months per year.
• Persons born between 1943 and 1954 are eligible for full benefits at age 66.
• Those born between 1955 and 1960 are eligible based on a graduating scale that increases by two months per year, culminating in an eligibly age of 67 for those born in 1960 or later.

2. How Is Eligibility Determined?
Eligibility for Social Security is based on credits earned during your working years. Most people need to earn 40 credits in order to qualify. Currently, one credit is given for every $1,050 in earned income up to a maximum of four credits per year.

3. How Much Money Will I Receive?'
The amount of your Social Security benefit is calculated by averaging the earnings from your 35 highest income-generating years. The maximum monthly Social Security check that you can earn is $2,185 per month.

4. Can I Receive Social Security If I Am Still Employed?
If you reach full retirement age, you can continue to work without negatively impacting your Social Security benefits payments. If you opt to receive Social Security prior to your full retirement age, you are permitted to earn up to $13,560. For every $2 in earnings over the limit, $1 is withheld from benefits. In the year you reach retirement age, you may earn up to $36,120. For every $3 in earnings over the limit, $1 is withheld from benefits until the month you reach full retirement age.

5. How Does Social Security Work For My Spouse?
If your spouse worked long enough to qualify for Social Security, you both qualify for full benefits. If your spouse did not work or earned only a small amount and therefore qualifies for a benefit from Social Security that is less than half of your benefit, your spouse's benefit will be increased to a rate equal to half of your benefit amount.