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If you are thinking about claiming Social Security benefits, you must take your time because it's one of the most critical financial decisions in a lifetime.

The right strategy will ensure that you reap high stakes.

What's a Social Security claim?

A Social Security claim is a financial plan that ensures that you have a source of income after retirement or become disabled and unable to work. It also goes further to offer financial support to your dependents who can be children, spouses, or parents in the unfortunate event of a worker's death.

A Social Security claim is a financial plan that ensures that you have a source of income after retirement or become disabled and unable to work.

Types of Social Security benefits

The federal government-run program makes use of trust funds and taxes to give eligible people benefits. As you work, the government collects Social Security taxes from your salary. The money is placed in a trust fund that has the task of paying benefits to eligible persons. There are three main types of claims which includes:

1. Retirement Benefits

Social Security is a crucial part of a good retirement plan for workers. It offers financial cushioning for eligible retirees together with their families. You can claim your benefits from the age of 62, but delayed claims going up to 70 years qualify for more benefits.

2. Disability Benefits

The Social Security program provides Supplemental Security Income programs that offer financial help to people with disabilities. The SSDI (Social Security Disability Insurance) benefits you if you have worked for the required amount of time and have paid Social Security taxes. The SSI (Supplemental Security Income) gives benefits to the disabled and have limited resources and income.

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3. Dependant Benefits for Workers Who have Passed

The Social Security program benefits survivors of a dead eligible worker. The benefits go to widowers, widows, and dependents of the person who was earning and paying Social Security taxes.

When are you eligible for full benefits?

The key to a handsome Social Security claim is knowing your full retirement age because if you sign up for your requests too early, then you get less benefit.

The full retirement age ranges between 66 or 67, but it depends on your year of birth. The following are the various full retirement age

  • The full age for retirement for people born between 1943 and 1954 falls at 66
  • It goes up to 67 for those born between 1955 and 1959
  • For those born in 1960 and later, the age is 67

What You Need to Know about Social Security Claims

You can claim your Social Security as soon as you turn 62, but note that taking benefits before the full age of retirement causes a reduction on the claim of 25% or 30%. On the other hand, holding off taking benefits until the age of 70, you will enjoy an increase of 8% every year you wait from your full retirement age.

If you have started receiving your benefits before your full retirement age, you are given up to a year to withdraw your claim. However, you would have to repay what you had received. The amount of benefits you receive depends mostly on the length of time you have worked. Each year of working increases, your credits up to the time you are ready to retire.


Right timing unlocks the possibility of a fat retirement benefits cheque. Since Social Security has numerous claiming rules, it's advisable to work with a Social Security attorney who can help you craft a strategy to suit your situation.