Will Social Security Be There for Me? Your Questions Answered

As a financial advisor, I hear a lot of questions about Social Security — and rightly so. It’s a critical piece of retirement planning for retirees. If you’re wondering whether Social Security will be there for you, when you can claim it, how much you’ll receive, and how your choices impact your future — you’re not alone. Let’s walk through these essential questions together.

1. Will Social Security Be There for Me?

This is one of the most common concerns clients raise. While the program faces long-term funding challenges, Social Security is not going bankrupt. Even if the Trust Fund is depleted by the mid-2030s, the system will still be able to pay around 75–80% of benefits from ongoing payroll taxes.

How It's Funded — and What’s Been Done Before

Social Security is funded through payroll taxes — 6.2% from employees and 6.2% from employers. In the past, Congress has addressed funding gaps with bipartisan reforms, including:

• Raising the full retirement age

• Taxing benefits for higher earners

• Expanding participation

• Increasing payroll taxes

These adjustments have stabilized the system before — and similar reforms are being considered today.

What’s Likely to Happen

Policymakers are exploring several solutions:

• Increasing or eliminating the wage cap on taxable earnings

• Gradually raising the retirement age

• Modifying benefit formulas for higher earners

History shows that when action is needed, it’s taken — and the most likely outcome is a combination of changes that preserve benefits for most and that changes go into effect for individuals under the age of 60. This helps to ensure that individuals near retirement age are not adversely affected.

Bottom Line: Social Security will still be there — though possibly in a modified form. The smartest move is to plan realistically and ensure it's only one part of your broader retirement income strategy.

2. When Can I Begin to Collect Benefits?

You can start collecting as early as age 62, but your full retirement age (FRA) — when you’re eligible for 100% of your benefit — depends on your birth year:

• 1943–1954: FRA is 66

• 1955–1959: FRA increases gradually

• 1960 or later: FRA is 67

Benefits are reduced if claimed before FRA and increased for each year you delay, up to age 70.

When and How to Apply

Apply about 3 months before you want benefits to begin. You can apply online at ssa.gov, by phone, or at your local SSA office. Getting an appointment can take months, so if you are unable to apply online, you want to make sure you allow additional time for scheduling.

Eligibility begins the month you turn 62 (or the month before, if born on the 1st). Benefits are paid monthly in arrears (the payment you receive is for the previous month) based on your birth date:

• 1st–10th: Paid 2nd Wednesday

• 11th–20th: 3rd Wednesday

• 21st–31st: 4th Wednesday

If your application takes time to process, you may be eligible for retroactive pay — up to 6 months — if you’ve reached FRA.

3. How Much Will I Receive — and How Can I Maximize It?

Your benefit is based on your 35 highest-earning years. The SSA uses your average indexed monthly earnings (AIME) to calculate your Primary Insurance Amount (PIA) — the benefit you'd receive at FRA.

How Timing Impacts Your Benefit

• Claiming at 62: Reduces benefits by 25–30%

• At FRA: You receive 100% of your benefit

• Delaying to 70: Increases your benefit by 8% per year — up to 132% of your PIA

Delaying can substantially increase your lifetime benefit, especially if you live into your 80s or 90s.

Smart Strategies for Couples

Social Security is a household decision. It’s not just about maximizing one benefit — it’s about coordinating between spouses to protect income over both lifetimes.

Key Considerations:

• Only one benefit continues after a spouse dies — the survivor keeps the higher of the two. That’s why it often makes sense for the higher earner to delay claiming, boosting the eventual survivor benefit.

• Claiming earlier may work for the lower-earning spouse to provide immediate income while the other benefit grows.

• You may be eligible for spousal benefits (up to 50% of your spouse’s FRA benefit) or survivor benefits based on your late spouse’s record.

• To receive spousal benefits, your spouse must have filed first. If you qualify for both a personal and spousal benefit, SSA pays your benefit first, then adds a supplement if the spousal amount is higher.

Closing Thoughts: Your Strategy Matters

Social Security can feel complicated — and the decisions you make are permanent. But with the right guidance, you can use Social Security to create a strong foundation for retirement income.

There’s no one-size-fits-all answer. Your Social Security strategy should reflect your:

• Health and longevity expectations

• Need for current income

• Other sources of retirement income

• Marital status and timing

• Tax situation and estate goals

Whether you’re single, married, divorced, or widowed — and whether retirement is near or still years away — now is the time to build a strategy that reflects your life, your goals, and your full financial picture.

Let’s talk about how to get the most from Social Security — and how it fits into your plan for a confident retirement.