Understanding Social Security for Benefits in Retirement

Social Security is a government program that provides retirement, disability, and survivor benefits to eligible individuals.

To qualify for benefits, you must have worked and paid into the system for a certain number of years.

You can start claiming Social Security benefits as early as age 62, but your monthly benefit will be reduced if you do so.

If you wait until your full retirement age (which varies depending on your birth year), you will receive your full benefit amount.

You can also delay claiming benefits until age 70, which will result in a higher monthly benefit.

If you are married, you may be eligible for spousal benefits based on your spouse's work record. This can be especially beneficial if one spouse has earned significantly more than the other.

Social Security benefits may be subject to federal income tax if your income exceeds certain thresholds. Make sure you understand how taxes will impact your retirement income.

Learn more about retirement planning by reading our article on retirement savings strategies, or visit the SSA website by clicking here.