Almost every retiree in America is touched by the social security system. For some, it is an extra source of income that enables them to only touch their individual retirement account (IRA) in unusual circumstances. For others, social security is their primary means of subsistence. It is, therefore, imperative to properly understand how this system works, who is eligible for benefits, how the benefits are calculated, and should someone file for early benefits or not.
Identify who is and is not covered by social security.
Understand the differences between being fully insured and currently insured for social security purposes.
Understand the different coverage programs offered by social security. ...