Social Security: The Basics and How to Check Yours
Social Security is a cornerstone of financial planning for millions of Americans.
It serves as a financial safety net designed to provide income during retirement
or in the event of disability.
What is Social Security?
Think of Social Security as a social insurance program. Throughout your working life,
you pay into the system via FICA taxes (Federal Insurance Contributions Act).
These contributions earn you "credits" that eventually qualify you for monthly benefits.
Who is Eligible?
Eligibility is generally based on your work history and the age at which you claim:
Retirees: Most people need 40 credits (roughly 10 years of work)
to qualify. You can start collecting at 62, but your monthly payment increases
if you wait until your Full Retirement Age (66 or 67) or up to age 70.
Individuals with Disabilities: If a medical condition prevents
you from working, you may qualify for Social Security Disability Insurance (SSDI).
Survivors: Spouses and dependent children of deceased workers
may be eligible for survivor benefits.
How to Check Your Benefits on SSA.gov
You don't have to guess what your future check will look like. The Social Security
Administration (SSA) provides a personalized dashboard for every worker.
1Visit SSA.gov: Look for the "my Social Security" section.
2Create or Sign In: Use a secure credential like Login.gov
or ID.me to verify your identity.
3View Your Statement: Once logged in, download your Social
Security Statement to see personalized estimates for retirement, disability,
and survivor benefits based on your actual earnings record.
Play with the Numbers: How to Project Your Future
One of the best features of the portal is the Plan for Retirement tool.
Because your benefit is calculated using your 35 highest-earning years, changes to
your current income can impact your future.
Adjust Your Stop Work Age: Use the slider to see how delaying
retirement from 62 to 70 significantly increases your monthly check.
Change Your Future Earnings: You can enter an expected annual
salary to see how a promotion or a move to part-time work affects your totals.
The Earnings Table: You can manually edit future years in the
calculator to see the impact of "zero-earning" years (like a sabbatical) versus
high-earning years.
Tip: Understanding your Social Security benefit is a key input
in any retirement plan. The Retire When: Option Simulator uses your Social Security
estimate as one of its variables to calculate when you could retire.
Learn more →
References (ISO 690)
SOCIAL SECURITY ADMINISTRATION. About Social Security. [online]. Baltimore: SSA, 2024.
[viewed 3 April 2026]. Available from:
https://www.ssa.gov/about-ssa
SOCIAL SECURITY ADMINISTRATION. Starting the realization of your benefits. [online].
Baltimore: SSA, 2024. [viewed 3 April 2026]. Available from:
https://www.ssa.gov/myaccount/statement.html
INTERNAL REVENUE SERVICE. Topic No. 751 Social Security and Medicare Taxes. [online].
Washington, D.C.: IRS, 2024. [viewed 3 April 2026]. Available from:
https://www.irs.gov/taxtopics/tc751