When to Collect Social Security
As you work towards retirement over the course of your career, you may notice that social security is something you are paying into, and you are probably wondering how social security benefits will help supplement your income in retirement. Understanding how collecting social security benefits during different times in your life impacts retirement can help you better plan for the future.
Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is understanding checking accounts or estate planning, our curated playlists will provide you with important information.
When to collect Social Security:
Social security is a program that benefits American workers who contribute to the fund throughout their working lives. The program was created by President Franklin D. Roosevelt in 1935, with the intent of helping provide workers and their families with retirement, disability, and survivors insurance benefits. For those eligible, every time you get paid, a portion of your paycheck goes towards social security benefits, and your employer matches this contribution. These monies go into the larger social security fund, where it is used to pay out benefits for eligible people. In essence, by the time you retire, other taxpayers will have continued to fund the program, allowing you to collect benefits.
Our Social Security module, located in the Preparing for Retirement playlist helps you understand how social security benefits work, who is eligible to contribute to the social security program, and even includes a calculator to help you determine your Full Retirement Age, (FRA) the age that will entitle you to full social security benefits. Our module breaks down why social security alone is not feasible for a retirement plan and allows users to work through a retirement savings calculator, as well as explain how working while collecting social security benefits might affect your benefits. Like many retirement tools, understanding and planning can pay off in spades as you move into that phase of your life.
The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.
Explore the program today: https://nafsa.everfi-next.net/welcome/nafsa-achieve
*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.