Social Security Benefits
What is Social Security?
Social Security is a federal program that is intended to provide assistance to people who would otherwise exhaust their savings as a result of retirement, disability or death. 2
Who pays for Social Security?
We all do. Funding comes from payroll taxes paid by you and your employer. Each year you pay a percentage of your salary up to a maximum. Part of this money is directed for retirement benefits and the other portion is directed for Medicare.
At what age can I start collecting retirement benefits?
Benefits are available at age 62 but at a reduced rate. The normal retirement age for Social Security purposes is currently 65. Should you elect to defer retirement until age 70, you will be entitled to a higher rate.
Where can I get more information, such as how to file a claim, learn more about disability or get a statement of what is in my account?
All of this information is available at the Social Security Web site, Social Security Online. The Web address is: www.ssa.gov.