When it comes to retirement planning, few decisions are as important—or as misunderstood—as claiming Social Security. Whether you’re nearing retirement, already receiving benefits, or helping a loved one plan, understanding your Social Security statement is essential.

In this post, we’ll walk you through what the statement means, how to get yours, and how it can impact your income, taxes, and your spouse or family.

Step One: Download Your Statement

To get started, visit SSA.gov and create a My Social Security account. Once inside, you can download your latest Social Security statement as a PDF or print a copy. If you’re coming to us for financial planning, bring this document—it’s one of the first things we’ll ask for.

Why Your Statement Matters

Your statement shows more than just what you might receive at retirement. It tells a story about your work history, your eligibility for benefits, and your options for claiming. And understanding it now could make a huge difference in your financial future.

Key Takeaways from the Statement

1. Each Month You Wait = A Bigger Check

You can claim as early as age 62 or as late as 70. But each month you delay, your benefit increases. While your statement only shows benefits at specific milestone ages (62, full retirement age, 70), your benefit actually grows every single month you wait.

 Pro Tip: SSA’s online calculator can estimate monthly increases, but it’s not always accurate. Work with a planner to make sure the math works for you.

2. You Need 10 Years (40 Quarters) of Work to Qualify

To be eligible for Social Security or Medicare, you need at least 40 quarters (10 years) of covered work. For most people, this isn’t an issue. But if you immigrated to the U.S. later in life or had a limited work history, this could be a critical hurdle.

Spouses who haven’t worked may still qualify for benefits based on their partner’s work history.

3. COLA (Cost of Living Adjustments) Happen Automatically

Each year, Social Security benefits adjust for inflation—whether you’ve filed yet or not. That means your future benefits grow with the COLA even if you delay filing.

4. Claiming Early Can Reduce Spousal or Survivor Benefits

If you’re married, your filing decision impacts your spouse. When one spouse passes away, the higher of the two Social Security checks continues for the survivor. Delaying your benefit can ensure your spouse receives a larger, more secure income later in life.

5. Divorced? You Might Be Eligible for a Spousal Benefit

If you were married for at least 10 years and haven’t remarried before age 60, you may be able to claim based on your ex-spouse’s record. It’s complex, but it can provide a significant benefit in certain situations.

6. Know Your Full Retirement Age (FRA)

Your Full Retirement Age depends on your birth year and ranges from 66 to 67. This is the age when you qualify for your full benefit. Taking benefits before FRA results in a reduced monthly amount. After FRA, your benefit increases with delayed retirement credits until age 70.

7. Still Working? Watch the Earnings Limit

If you claim benefits before FRA and are still working, your earnings are capped. In 2025, that limit is $23,400. Go over it, and Social Security may withhold some (or all) of your benefit.

Once you reach FRA, you can earn as much as you like without affecting your check.

8. Taxes on Benefits

Up to 85% of your Social Security income may be taxable depending on your total income. If you’re planning Roth conversions or taking IRA distributions, delaying Social Security might help you avoid higher taxes during those years.

9. Benefits for Children or Disabled Dependents

If you’re caring for a child under 18—or a disabled adult child—you may qualify for additional benefits once you file for your own. In some cases, filing early helps access support for your family.

Real-World Examples

Harry & Helen: Delaying for Long-Term Security

Harry is still working and can afford to delay his benefit. Helen worked sporadically and qualifies for a small check. By waiting until Harry turns 70, the couple ensures Helen receives the maximum survivor benefit—over $80,000 per year combined in Social Security.

Cal: Filing Early for Cash Flow

Cal is single and ready to retire. He thought he should delay until 66, but his plan lacked the cash flow to support him. After planning, we helped him file early and use his IRA strategically—ensuring his income needs are met without overpaying in taxes.

Final Thoughts

Your Social Security statement isn’t just a summary—it’s the foundation of your retirement income. Making the wrong decision can cost you and your spouse thousands over time. That’s why we recommend:

 Download your statement at SSA.gov
 Understand what each section means
 Consider how your filing decision affects your taxes, spouse, and overall plan
 Work with a professional to create a strategy that fits your life