Understanding Social Security Benefits
Social Security is a federal insurance program that provides benefits to retirees, disabled workers, and survivors. Your benefit amount is based on your earnings history and the age you start claiming.
Claiming Age and Benefit Adjustments
You can claim Social Security as early as age 62, but your benefits will be reduced by about 30%. If you wait until your full retirement age (67 for most people), you receive your full benefit. Waiting until age 70 increases your benefits by about 24%.
Factors That Affect Your Benefits
Your Social Security benefit depends on several factors: your earnings history (the highest 35 years), your age when you claim, and your longevity.