Your retirement benefits claim settlement payment is based on how much you earned during your working career. Higher lifetime earnings result in higher retirement benefits claim settlement. If there were some years when you did not work nor had low earnings, your benefit amount may be lower than if you had worked steadily.

    Your retirement benefits claim settlement is also affected by the age at which you decide to retire. If you retire at age sixty-two the earliest possible retirement age for Social Security, your benefit will be lower than if you wait until later to retire. A spouse who has not worked or who has low earnings can be entitled to as much as one-half of the retired worker’s full retirement benefits claim settlement. If you are eligible for both your own retirement benefits and for benefits as a spouse, own benefits are always paid first. If your benefits as a spouse are higher than your retirement benefits claim settlement, you will get a combination of benefits equaling the higher spouse benefit.

    When applying for retirement benefits claim settlement you will need some or all of the following documents: your social security number, birth certificate, W-2 forms or self employment tax return for last year, your spouse birth certificate and Social Security number if he is applying for benefits, children birth certificates and Social Security numbers if you are applying for children’s benefits and military discharge papers if you had military service.

    The monthly retirement benefits claim settlement you receive depends on your basic benefit, known as the "primary insurance amount." This amount is used in determining the amounts for all other benefits. The number of years used in calculating your basic benefit depends on when you reach age 62. All of your earnings up to the maximum covered under social security are considered. Actual earnings for past years are adjusted to take account of changes in average wages. These adjusted earnings are averaged together and a formula is applied to the average to obtain your basic benefit.
 
    If you postpone your retirement past normal social security retirement age, you will be entitled to a special delayed retirement bonus. This increases your retirement benefits claim settlement for each year that you continues to work beyond normal retirement age. In addition, regardless of the age at which you retire, you will be entitled to the same annual cost of living increases that everyone on social security receives.