Social Security
Nine out of 10 Americans who have reached retirement age receive a monthly income check from Social Security. (Reduced retirement benefits may start at age 62.) Monthly benefits are available to workers upon retirement, to their dependents and/or survivors, and, in some cases, to persons with severe disabilities. Employed persons can begin receiving benefits at full retirement age, regardless of income.
Full-retirement age has been 65 for many years. However, beginning with people born in 1938 or later, that age will gradually increase until it reaches 67 for people born after 1959. A chart on the Social Security web site (see page 222) shows the steps in which the retirement age will increase.
To apply, contact the Social Security Administration for instructions on how to file a claim. There are many service options available when you are ready to file a claim: you can file online, call your local Social Security field office, or simply go to your local office for same-day service. Spouses and widows or widowers may be eligible for special benefits, including death benefits. Individuals who are disabled before age 65 may apply for Social Security disability benefits.
Direct deposit of Social Security checks eliminates lost or stolen checks and saves the federal government millions of dollars.
Next: Supplemental Security Income (SSI)
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