Calvert Library hosted a presentation earlier this month to educate families about Social Security, specifically, retirement eligibility requirements, benefits, options and the application process.
Diana Varela, a public affairs specialist for the Social Security Administration and the event’s speaker, presented in two different sessions on July 9 to accommodate both English and Spanish speakers.
“Social Security is very important in the lives of all of us,” Varela said. “Social security is really with you through your life journey.”
This event is part of a monthly series hosted by multiple libraries, including St. Mary’s County Library, Charles County Public Library, Prince George's County Memorial Library System, Montgomery County Public Libraries and Calvert Library. Next month’s presentation will be on Medicare on Aug. 13 — people can sign up via any of the county library websites.
Robyn Truslow, public relations coordinator for Calvert Library who facilitated and helped organize the event, said these events try to answer the community’s many questions about government entities.
“This is a great way to provide easy access for our customers to experts,” Truslow said. “Having a person available to ask your specific question can make a huge difference.”
Varela’s presentation first explained who is eligible for Social Security. She said eligibility comes from earning “credits” from working and paying Social Security taxes.
To collect Social Security, a person must have 40 credits, which may come from 10 years of work, and be at least 62 years old.
Varela said in 2024, earning $1,730 gives someone one credit. A person may earn up to four credits per year.
Social Security benefits are based on “average indexed monthly earnings,” which look at someone’s lifetime earnings, adjusted for inflation, and the monthly average of someone’s 35 highest earning years.
However, some participants wondered what would happen if they did not work for 35 years or more.
“We will use whatever number of years you have and we will make an average of earnings based on those years,” Varela said.
If someone works for 25 years, when calculating that person’s benefits, Social Security will use zeros for the remaining 10 years because it has to be an average of 35 values. There is a formula to calculate exact benefits and it can be found on the Social Security Association’s website.
Varela stressed that 62 is the earliest age someone can begin receiving their Social Security benefits, however, they will receive permanently reduced benefits if taken then. A person may not receive their full retirement benefits until reaching their full retirement age, which depends on their birth year, but is typically between 66 and 67 years old currently.
When someone works past their full retirement age, their benefits will increase by 8% each year until they are 70 years old. Varela said if someone’s full retirement age is 66 and they would normally receive a full benefit of $1,000, then if they continue to work until 70, they would receive $1,320.
It is very important for people to decide on an age that is appropriate given their health and priorities, the presenter said.
“When people ask me, ‘What's the best age?’ I always say anytime between 63 years old and 70,” Varela said. “What is the answer for you?”
Varela also provided participants with examples and quizzes to ensure that the listeners understood how the process worked. The presentation also dove into Social Security benefits for spouses, divorced spouses and auxiliary benefits for children.
“Social Security will never retire,” Varela said. “We will always be there for you.”
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