If you've worked as an employee through your life, you've almost certainly been paying into your Social Security account — and so have your employers. Social Security provides a baseline income for seniors after retirement, and it's tied in with the Medicare system as well, which provides basic health insurance to seniors. Reviewing your online Social Security statement can teach you a lot about your future retirement, and you can catch any errors in plenty of time to fix them.
While most people think of retirement age as 65, that's not necessarily the case with Social Security. Since the 1980s, the official Social Security retirement age has been creeping upward as one way to help extend the health and life of the Social Security funds. Most people now have a Full Retirement Age (the Social Security term for it) of at least 66, and the age continues to edge upward a month at a time. You can find your Full Retirement Age on your statement.
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