The Social Security system encompasses multiple parts. The retirement component is designed to provide retirement income for qualified workers in the United States. There is also support for people with disabilities through the Social Security Disability Insurance (SSDI) program and the Supplemental Security Income (SSI) program. Our focus will be on the retirement component of Social Security.
Social Security is an important retirement resource for many people. For some, it could be the primary source of their retirement income. Therefore, understanding how the program works, including the filing options and benefit options, is vital. We will examine some of the main elements of the Social Security program along with additional items people may want to keep in mind as they plan for their retirement.