Social Security is the foundation of retirement income for most Americans, providing monthly benefits to over 67 million people. This guide explains how the program works, who is eligible, and the strategies that can maximize your lifetime benefits.
How Social Security Works
Social Security is funded through payroll taxes (FICA) — 6.2% from employees and 6.2% from employers on earnings up to the taxable maximum ($176,100 in 2025). Your benefit is calculated based on your highest 35 years of earnings.
Spousal and Survivor Benefits
Spouses can claim up to 50% of their partner’s FRA benefit. Survivor benefits allow a widow or widower to receive up to 100% of the deceased spouse’s benefit. Divorced spouses married at least 10 years can also claim on an ex-spouse’s record.