The Facts on Social Security
Understanding how the Social Security system works can be confusing. Start by getting the facts on Social Security benefits, including how you can obtain an estimate of your future benefits and when you can start receiving them.

Evaluate Your Social Security Statement
A good way to estimate your actual Social Security benefits is to review your Social Security Statement. The Social Security Administration sends a Social Security Statement annually to individuals age 25 and older who do not receive Social Security benefits and have no pending Social Security claims. This statement provides estimates of your retirement, disability and survivors' benefits. It also offers an easy way to determine whether your earnings are accurately posted on your Social Security records.

If you're married and both you and your spouse retire, your spouse generally is entitled to receive the greater of: 
   His or her own benefit amount based on his or her own earnings record, or 
   A benefit amount equal to one-half of your full benefit amount

Find Out When You Can Receive Benefits
Because of longer life expectancies, the age at which you can apply for full Social Security benefits can change. And while you may be able to start collecting benefits before your full retirement age, keep in mind, that your benefits are permanently reduced by a small amount for each month you collect them before your full retirement age.

If you delay retirement beyond your full retirement age, your Social Security benefits increase slightly, based on your date of birth. There is a cutoff after which they will no longer increase. This too can change depending on current regulations.

For more information, call the Social Security Administration toll-free at 1-800-772-1213 or visit www.ssa.gov.