More than 40% of baby boomers say that Social Security will be their primary source of income in retirement, according to a 2024 report from the Transamerica Center for Retirement Studies. While retirement benefits alone can go a long way,

If there's one thing I'd encourage people to do before claiming benefits, it would be to read your latest Social Security statement.

Typically, people become eligible for Social Security by working and paying into the program. But that’s not the only path to collecting Social Security in retirement. Even if you never worked, you may be entitled to spousal benefits from Social Security.

Social Security spousal benefits depend on the claim age of the spouse and the primary insurance amount (PIA) of the retired worker on whose record they claim benefits. The term PIA references the benefit a retired worker will receive if they start Social Security at full retirement age (FRA), which is age 67 for anyone born in 1960 or later.

There’s a reason older Americans are often advised to delay Social Security. For each month you put off your claim past full retirement age (FRA), your monthly benefit grows by about 2/3 of 1%. That may not seem like a lot,

Understanding the details of Social Security is critical for both current retirees and for those who are going to retire in the future and who plan on these retirement benefits being an important income source.

In many cases, a retiree's spouse can qualify for Social Security benefits simply because their partner does. Spouses can qualify for up to one-half of a retiree's benefits at their full retirement age,