The Social Security Act, signed into law by President Franklin D. Roosevelt in 1935, created Social Security, a federal safety net for elderly, unemployed and disadvantaged Americans. The main stipulation of the original Social Security Act was to pay financial benefits to retirees over age 65 based on lifetime payroll tax contributions. Today Social Security is providing a range of financial benefits to 69 million people every month. Whether you have decided to take Social Security, or are considering it, the information on these pages will help give you clarity and direction.
Social security benefits are available to anyone over the age of 62 who qualifies, with increasing benefit amounts at various ages above that, depending on when you decide to receive your benefits. When and how to apply for Social Security benefits can be complicated.
Visit www.ssa.gov for detailed information.
While you can sign up for Social Security at any time after age 62, monthly payments will be larger for each month you delay claiming them up until age 70.
Average Annual Retirement Benefit: $18,170
Here are questions and answers that address common issues and concerns related to Social Security.