Social Security covers more than retirement

For more than 80 years, Social Security programs have contributed to the financial security of the elderly and the disabled. Social Security replaces a percentage of a worker’s preretirement income based on their lifetime earnings.

The amount of your average wages that Social Security retirement benefits replaces varies depending on your earnings and when you choose to start benefits. If you start benefits after full retirement age, these percentages are higher. If you start benefits earlier, these percentages are lower.

Most financial advisers say you will need about 70% of preretirement income to live comfortably in retirement, including your Social Security benefits, investments and personal savings.

Many people think of Social Security as just a retirement program. And it’s true that most of the people receiving benefits are retired, but others receive benefits because they’re:

Individuals with disabilities;

A spouse or child of someone who receives benefits;

A divorced spouse of someone getting or eligible for Social Security;

The spouse or child of a worker who died;

A divorced spouse of a worker who died; or

The dependent parent of a worker who died.

If you can’t work because of a physical or mental condition that’s expected to last at least one year or result in death, you may be eligible for Social Security disability benefits.

You can learn more about retirement and disability benefits at socialsecurity.gov/ benefits.