Regardless of whether you are currently receiving Social Security benefits, knowing the nuances of your Social Security benefits can help inform your overall retirement savings strategy. For many Americans, Social Security is a very important (or the only) source of income once retirement age is reached. Calculating your Social Security benefits and developing a plan for how these benefits will affect your lifestyle in your retirement years is important.

We’ve put together frequently asked questions that will inform you as you get started on your Social Security research journey. Here are answers to three of the most commonly asked questions about eligibility for Social Security benefits.

1. When will I start receiving Social Security benefits?

Once you reach age 62, you are eligible to receive Social Security benefits. However, you don’t have to start at 62. Depending on your source of income or financial comfort, it may be wise to begin receiving benefits later. Although you must begin receiving benefits by age 70, putting off receiving benefits will increase the amount you will receive as each year goes by. Simply put, if you decide that you will start receiving benefits at age 63, your monthly benefits will be greater than if you started at age 62. If you elect to receive benefits before your full retirement age, you’ll receive a smaller monthly benefit—and the earlier you retire, the longer you’ll need to make your savings last.

Ultimately, you should decide the right age for you by weighing several factors, such as your current and future sources of income, your health and your personal needs.

2. How do I know how much I will receive from Social Security

How much you receive from Social Security depends on your lifetime earnings, your status as a primary earner or a spouse, and the age at which you elect to begin receiving benefits as noted above.

On average, retirement beneficiaries receive about 40% of their preretirement income from Social Security, according to the Social Security Administration (SSA). For a rough estimate of what benefits you may receive, check out the SSA’s Social Security Quick Calculator.

3. Can I continue to work or go back to work after I start receiving Social Security benefits?

Yes. However, you should remember that working affects your Social Security benefits. Although your benefit may decrease or be suspended temporarily, you will not be penalized for going back to work. Depending on your status, it’s also possible that going back to work will raise your benefit in the future.

It should be noted that if you start claiming Social Security benefits before full retirement age and then go back to work, your benefits may be withheld, depending on your salary. Once you reach full retirement age, your benefit will be recalculated based on the age at which you went back to work. Once you reach age 70, you may earn more per month than the original benefits you received at age 62.

Save Now for Peace of Mind in the Future

Social Security is just one important part of your overall retirement plan. As a general rule, retired individuals will require about 70% to 85% of their preretirement income to maintain their lifestyles, which is more than the roughly 40% that Social Security typically provides. That’s why it’s so important to build up your retirement nest egg by consistently contributing to your retirement plan throughout your working years.