When planning for retirement, you have many decisions to make about what sources will generate your retirement income and when to access those sources. There is no one "best age" for everyone when it comes to claiming social security benefits. Ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your personal situation. It is important to remember that your monthly benefit amount can differ significantly based on the age when you start receiving benefits.
Social Security was established in 1935 to alleviate poverty among the elderly during the Great Depression. It was created as a self-financing program that would collect payroll taxes from workers which would immediately be paid out in benefits to retirees.
Millions of Americans depend on Social Security. For many, it is their primary source of retirement income. For others, it is an important supplement to pensions and personal savings.
Unlike other sources of retirement income, Social Security offers a unique combination of benefits.
There are three ways to apply for Social Security:
Information and documents you will need to provide
Have ready the following when you make your application: