You’ve worked hard, made smart decisions, and balanced competing priorities—now it’s time to make sure your retirement planning reflects all of that. Social Security will likely be a key part of your retirement income, but the rules and strategies around when and how to claim can be confusing.

Whether you’re divorced, still working, or trying to time your claim to complement other savings, understanding how Social Security works can help you feel more confident and in control of your financial future.

How Does Social Security Work and Who Is Eligible?

Social Security is a foundational piece of your retirement plan. For many, especially those who took career breaks or earned less than a spouse, it plays an essential role in creating a reliable income stream.

Social Security is a system you contribute to over the course of your working life. With every paycheck, you’re building toward a future benefit that can provide income in retirement. To qualify for your own Social Security retirement benefit, you need to earn 40 “credits”—a measure of your work history. You can earn up to four credits per year, so it takes about 10 years of work to become eligible.

However, even if you haven’t worked outside the home, or don’t have a sufficient work history, you may still be able to receive benefits. Spouses who haven’t earned their own 40 credits can qualify for spousal benefits, receiving up to 50% of their partner’s full benefit amount. This provision helps ensure that those who’ve supported their families in non-working roles aren’t left out of the Social Security system.

Create an Online Account

Creating an online account with the Social Security Administration (SSA) is an easy way to get an estimate of your future benefits based on your actual earnings history. The tool allows you to see how much you might receive at different claiming ages, check your reported earnings for accuracy, and understand how your benefits could change if you keep working. Setting up an account is free, secure, and only takes a few minutes.

When Should You Claim Social Security?

This answer may vary from person to person. You can start claiming benefits as early as 62, but doing so permanently reduces the monthly amount you’ll receive. Waiting until full retirement age (usually 66 or 67) means a higher monthly benefit and delaying up to age 70 earns you your highest possible benefit.

So, what’s the right timing? It depends on your personal situation—your health, income needs for yourself/spouse/dependents, whether you’re still working, and your long-term financial goals.

Divorced? You May Be Eligible for More Than You Think

Many don’t realize they may be able to claim Social Security based on an ex-spouse’s work history. If you were married for 10+ years, are divorced, and remain unmarried, you could qualify for up to half of your ex’s benefit—without reducing their own benefit in any way.

This can be especially helpful if you earned significantly less than your ex or took time off to care for family. These rules can be nuanced, and a financial planner can help you navigate them to your advantage.

See Understanding the Benefits, for a full, but simple explanation from the Social Security Administration.

Will Social Security Run Out?

This is one of the most common questions we hear. While the system does face funding challenges, it’s unlikely to disappear. Current projections suggest benefits may be reduced by the mid-2030s if no reforms are made. That’s why in our work with clients we don’t rely on Social Security alone; it’s just one part of your retirement financial picture.

That’s where thoughtful planning comes in: coordinating your Social Security with savings, investments, and pension (if you have one) can help you stretch your resources—and offer your peace of mind.

Planning for a Retirement That Fits Your Life

Retirement isn’t just about numbers—it’s about creating the freedom to live on your terms. Whether retirement is many years away or just around the corner, we help by being a sounding board and creating an action plan so you’ll know what it will take to make your retirement dream a reality. This includes distribution planning (including social security!), so you know which account to draw from and how much, as well as the tax implications of doing so. Then, as life changes, we will review and adjust your plan as needed for you to stay on track.  

Social Security is just one piece of your nuanced retirement puzzle and making the most of it starts with a comprehensive financial plan built for you. If you’re ready to work with an advisor who can help you see how all the pieces fit together and support you in your financial goals, reach out for a free introductory call.