Social Security Benefits

Social Security: A Safety Net for Retirement

Understanding Social Security Benefits

Social Security is a vital part of the financial plans of many Americans. It provides a safety net for those who are retired, disabled, or have lost a loved one who was the primary wage earner. There are three main types of Social Security benefits:

Retirement Benefits

Retirement benefits are paid to people who have reached the full retirement age, which is currently 67 for people born in 1960 or later. The amount of your retirement benefit is based on your average lifetime earnings.

Disability Benefits

Disability benefits are paid to people who are unable to work due to a disability. The amount of your disability benefit is based on your average earnings before you became disabled.

Survivors Benefits

Survivors benefits are paid to the surviving spouse, children, or parents of a deceased worker. The amount of your survivors benefits is based on the deceased worker's average lifetime earnings.

Conclusion

Social Security is an essential safety net for millions of Americans. It provides income security for those who are retired, disabled, or have lost a loved one. If you are planning for retirement, it is important to understand how Social Security benefits can fit into your financial plan.