3 Key Social Security Facts You Must Know to Maximize Your Benefits

• Social Security benefits are a financial pillar for millions of retirees.
• It matters because your decisions directly influence the final amount you receive.
• Now you can evaluate strategies to improve your future income.

Many workers know the basic ages to claim benefits, but few consider the factors that influence the final amount they will receive.

With an aging population and financial challenges facing the program, understanding how Social Security works has become essential.

Key Social Security Facts: Your Second Chance

1. If you claimed benefits too early, you can still fix it.

If you are within the first 12 months of your claim and can repay what you received, you have the right to withdraw your application and file again later.

This second opportunity helps those who want to avoid a permanently reduced monthly benefit and need a payment that better meets their needs.

2. Limits on Social Security benefits

Many people expect the program to replace most of their previous income, but Social Security benefits replace only about 40% of the average worker’s earnings.

Additionally, the program faces a funding shortfall that could result in future benefit cuts if Congress does not act.

For that reason, workers are strongly encouraged to supplement their future retirement with savings in an IRA or a 401(k).

These additional funds can help close the gap between the income expected and the income the program actually provides.

3. Benefits for those who never worked

Even if you never worked or contributed to the SSA, you may still be eligible for spousal benefits if you are married to someone who did meet the requirements.

These benefits can reach up to 50% of your spouse’s benefit amount at full retirement age.

If you are divorced and your marriage lasted at least 10 years, you may also qualify for benefits without waiting for your ex-spouse to file.

However, these benefits do not increase by delaying your claim and do not replace a full salary.

What Comes Next

The future of Social Security depends on legislative decisions that remain unresolved.

For the Latino community, knowing these key Social Security rules, evaluating the ideal time to file for benefits, and supplementing income with personal savings are crucial.

Making informed decisions today can help ensure a more stable retirement.