Whether you’re nearing retirement age or have 20 years to go, there are things you should know about the Social Security Program that can help you maximize its benefits. First, you need to understand that while Social Security benefits are a major source of income for people over 65, the amount you will receive won’t be enough to support you once you stop working. That’s why it’s important to work with an experienced financial advisor to build additional, reliable sources of retirement income.

In addition to monthly benefits, the Social Security program provides disability, survivor, and family benefits, as well as Supplemental Social Security Income benefits to those who qualify. Only those who have a severe medical condition that is deemed life-threatening or impacts their ability to work for 12 months or more, has a sufficient work history, and limited income sources can qualify for disability benefits. Keep in mind, while Social Security Disability Insurance is an earned benefit, SSI is not. SSI provides monthly payments to people over 65 who have limited income and resources, and adults and children with disabilities.

Many people plan to retire at a certain age, but illness or injury can easily force someone into retirement before they are ready. Understanding how and when to apply for disability can help reduce delays. The moment your health regularly interferes with your ability to do your job is when you should apply because the wait time to receive a decision regarding disability benefits could take several months to a year. This is why every working adult should have disability insurance and long-term care insurance to protect their income.

If you have questions, we’d love for you to join us for one of our upcoming retirement planning seminars which are complementary for members of our community. During each event we discuss various topics related to retirement planning including Social Security. We will help you understand Social Security and offer strategies to help you maximize your benefits. Or you can call us at 800-689-3935 to schedule an appointment with an Alloy Wealth fiduciary. We’re here for you and happy to answer any questions you may have.