10 Social Security insights all workers should know

3 in 4 adults age 18 and older worry the program will run out of money in their lifetimes. Yet as long as there are workers, money is flowing into the Social Security Trust Fund and will be paid out to beneficiaries.

The Social Security Administration provides a free and secure my Social Security online account, which can produce up-to-date statements of a projected benefit.

The age at which a worker is eligible to receive full benefits is their full retirement age (FRA). For individuals born in 1960 or later, their FRA is 67.

In fact, monthly benefits could increase by as much as 80%. The earliest a worker can file for benefits is age 62 — at a reduced primary insurance amount (PIA). But delaying until as long as age 70 increases monthly benefits. There aren't any added gains by delaying benefits past age 70.²

That’s not true. The amount when benefits are claimed, plus any subsequent cost-of-living increases, is the amount that will be received over a worker’s lifetime. That’s why the timing of a filing decision is so important.

However, a worker's age in relation to their designated full retirement age (FRA) matters. Those working prior to achieving their FRA won't receive the full amount of annual Social Security benefits, so it's important to understand the impacts and options of a phased retirement.

You could withdraw your application within 12 months of first claiming benefits as long as you repay all benefits received. Doing so could increase your benefit amount later.

However, if both spouses were receiving benefits, the surviving spouse can continue receiving the greater of the two benefit amounts.

In fact, these benefits represent only about a third of past earnings.⁴ For many workers, the question is “How will I fill the gap between my projected Social Security benefit and the income I will need in retirement?"

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