What is Social Security? Understanding Your Options
Social Security is a federal retirement program that provides monthly income benefits based on your work history and earnings.
For many of our clients, Social Security is one component of a broader retirement income strategy. The decision of when to begin benefits should be coordinated with your pension, investment income, and overall financial plan.
When Can You Claim Social Security?
- Earliest age: 62
- Full Retirement Age (FRA): 66–67 (depending on birth year)
- Maximum benefit: Age 70
Starting benefits earlier provides a lower monthly payment for a longer period of time. Delaying benefits provides a higher monthly payment for a shorter period of time. Both approaches can make sense depending on your overall retirement strategy.
Types of Social Security Benefits
Retirement (Worker) Benefit: Based on your own work history and highest 35 years of earnings.
Spousal Benefit: May provide up to 50% of your spouse’s full retirement benefit at FRA. Divorced spouses may qualify if the marriage lasted at least 10 years and they have not remarried.
Survivor Benefit: Available to a surviving spouse as early as age 60. A surviving spouse may switch between survivor and personal retirement benefits if advantageous.
Important Considerations
Still Working?
If you claim before reaching Full Retirement Age and continue working, your benefits may be adjusted based on defined earnings limit.
Taxes
Up to 85% of benefits may be subject to federal income tax depending on income level:
- $25,000+ (single)
- $32,000+ (married filing jointly)
Before You Apply For Social Security
The right age to start claiming depends on your specific situation — including your income needs, pension structure, investment assets, longevity expectations, and tax strategy.
We recommend reviewing your plan with our team before filing to ensure your timing supports your long-term retirement goals.
Documents Needed to Apply
You may be asked to provide:
- Your Social Security number
- Birth certificate (original or certified copy)
- Proof of U.S. citizenship or lawful status (if applicable)
- Most recent W-2 or self-employment tax return
- Military service papers (if applicable)
- Bank account information for direct deposit