3 Things About Social Security Far Too Many People Don't Know

Core Insights - Social Security is a significant income source for American retirees, with the earliest claiming age set at 62 and full retirement age at 67 for those born in 1960 or later [1][4] Group 1: Social Security Benefits - Social Security benefits will not replace an entire paycheck, typically covering about 40% of an average paycheck in retirement, assuming no broad cuts to benefits [3] - The program is facing a financial shortfall, which may lead to inevitable benefit cuts if not addressed by lawmakers, emphasizing the need for additional retirement savings [4] Group 2: Eligibility and Spousal Benefits - Individuals may still be eligible for Social Security benefits even if they have never worked, particularly through spousal benefits if married to someone eligible [5] - Spousal benefits can reach a maximum of 50% of the eligible spouse's benefit at their full retirement age, but these benefits cannot be increased by delaying the claim [6]