Social Security
Fact Sheet
Key facts about Social Security taxes, eligibility ages, benefit taxation, and earnings limits. Figures shown reflect 2026 values — verify current amounts at SSA.gov as these update annually.
Find Your Full Retirement Age
Enter your birth year below to instantly see your Social Security full retirement age (FRA) — the age at which you qualify for 100% of your earned benefit.
What It Costs — 2026 Payroll Tax Rates
Both you and your employer each pay payroll taxes that fund Social Security and Medicare. Self-employed individuals pay the combined employee and employer rate.
The Medicare tax of 1.45% applies to all wages with no cap. Higher earners pay an additional 3.8% Net Investment Income Tax surtax on investment income when modified adjusted gross income exceeds $200,000 (single) or $250,000 (married filing jointly).
Full Retirement Age by Birth Year
Your full retirement age (FRA) is when you qualify for 100% of your Social Security retirement benefit. Claiming earlier reduces your benefit permanently; delaying past FRA increases it — up to age 70, after which no additional credits accrue.
| Birth Year | Full Retirement Age |
|---|---|
| 1943 – 1954 | 65 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
Tip: Use the "Find Your Full Retirement Age" tool above to look up your specific FRA instantly.
Taxation of Social Security Benefits
Social Security benefits may be partially taxable depending on your combined income — adjusted gross income plus nontaxable interest plus half of your Social Security benefit. The thresholds below determine how much of your benefit is included in taxable income.
| Taxable Portion | Single Filer | Married Filing Jointly |
|---|---|---|
| Up to 50% taxable | $25,000 – $34,000 | $32,000 – $44,000 |
| Up to 85% taxable | Above $34,000 | Above $44,000 |
Up to 85% is the maximum percentage of benefits that can be taxed — not the tax rate itself. The actual tax owed depends on your overall tax bracket. Benefits are never 100% taxable.
Retirement Earnings Limit
If you begin collecting Social Security benefits before reaching your full retirement age and you continue to work, your benefit may be temporarily reduced based on how much you earn.
| Situation | 2026 Limit / Rule |
|---|---|
| Annual earnings limit Before reaching FRA |
$24,800 |
| Benefit reduction For earnings above the limit |
$1 withheld for every $2 over the limit |
| After reaching FRA | No earnings limit — keep full benefit |
Important: withheld benefits are not lost permanently. Once you reach full retirement age, Social Security recalculates your benefit upward to credit the months benefits were withheld.
Check and Protect Your Benefit Record
You can view your complete earnings history and estimated future benefits at any time by creating a my Social Security account at SSA.gov — no cost, no appointment needed.
Review your statement annually. Your future benefit is calculated from your lifetime earnings record. If wages are missing or incorrect, your eventual benefit will be lower than it should be. Mistakes happen more often than people realize — and they are correctable, but easier to fix sooner rather than later.
What to look for: verify that each year of work is reflected, that the earnings amounts are accurate, and that your name and Social Security number are correct on every entry.
Questions about Social Security and your retirement plan?
When and how you claim Social Security is one of the most consequential decisions in retirement. Let's talk it through.