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Social Security Benefits

What is Social Security?

Social Security is a federal program that is intended to provide assistance to people who would otherwise exhaust their savings as a result of retirement, disability or death. 2

Who pays for Social Security?

We all do. Funding comes from payroll taxes paid by you and your employer. Each year you pay a percentage of your salary up to a maximum. Part of this money is directed for retirement benefits and the other portion is directed for Medicare.

At what age can I start collecting retirement benefits?

Benefits are available at age 62 but at a reduced rate. The normal retirement age for Social Security purposes is currently 65. Should you elect to defer retirement until age 70, you will be entitled to a higher rate.

Where can I get more information, such as how to file a claim, learn more about disability or get a statement of what is in my account?

All of this information is available at the Social Security Web site, Social Security Online. The Web address is: