If you are nearing retirement age or planning for retirement is on the horizon, you might be wondering about how Social Security fits into your future. For the majority of Americans, Social Security is a major source of income in their golden years. But even if it will only account for a small part of your overall retirement income, Social Security is a benefit you’ve earned, one you are entitled to collect, and it will factor into important decisions you make about your senior lifestyle.
With more than 95% of American workers currently covered by Social Security, there are some things about this massive retirement program that you should probably know. If you’re still in your forties or fifties, you can probably wait a few years to learn the intricacies of Social Security, but if you’ve recently entered your 6th decade on this planet, here are a few things you should be aware of:
- Your social security retirement age can vary, depending on the year you were born. For instance, those born in 1954 or earlier currently have a retirement age of 66 years, according to the Social Security Administration. But if you were born in 1957, your retirement age is 66 years and 6 months. And for those born in 1960 or later, the retirement age jumps to 67 years.