10 Social Security Benefits You Can Access at Any Age
Updated: Jun. 13, 2024
Social Security benefits aren't just for retirement. Here are the perks you can take advantage of now.
People tend to grumble about paying into Social Security, a federal program that provides retirement income for almost every U.S. worker. Americans pay into the program through taxes taken out of paychecks, and they know they’ll get some of that back … down the road. But did you know that you don’t have to reach retirement age to access the Social Security Administration’s (SSA) many benefits?
“Social Security is one of those things that is an inch deep and a mile wide—there’s so much to it,” says Eric Mangold, founder of Argosy Wealth Management, an independent financial planning firm.
Most of us know about Social Security (we have a Social Security number, after all). But the government agency is multifaceted and more complex than most people realize. So we asked experts to weigh in on the role of the SSA and the Social Security benefits you can access at any age.
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What does the Social Security Administration do?
“The SSA primarily manages the distribution of Social Security benefits to retired individuals, providing financial support to help seniors cover retirement costs,” says Chrissy Grigoropoulos, founding attorney of New York–based Grigoropoulos Law Group.
Social Security (also known as the Old Age, Survivors and Disability Insurance program) is based upon your earnings record, which is determined by the number of years you earned an income that was reported to the Social Security Administration, says Mangold.
Yet there’s more to the SSA, and it starts long before you decide to retire. Assigning Social Security numbers to individuals is another primary role of the government agency. “These unique identifiers are essential for working, conducting financial transactions and accessing various government services,” says Doug Roller, founder of Crossroads Financial Group.
Social Security numbers help establish our unique identity and are one of the first steps to building a credit history, opening a bank account and cultivating a strong financial profile.
Which Social Security benefits can you access before you retire?
When you receive a paycheck, a portion of your wages goes toward future benefits. “The SSA facilitates America’s biggest payments-transfer system, providing benefits for 68 million Americans worth approximately $1.5 trillion,” says Robert Brokamp, CFP, senior retirement advisor at the Motley Fool.
Brokamp says the SSA collects 12.4% of a worker’s compensation (half paid by the employee, half by the employer), which forms the basis of the worker’s eventual benefit. “You can see how much you’ve paid into the system and your projected benefits by creating a My Social Security account,” he says. But it’s not just retirement you’re paying into. Here are some lesser-known benefits you can access from the Social Security Administration.
Proof of income
The SSA can provide a Social Security benefit verification letter, which can be used as proof of income at any age. This is essential for securing loans, renting property or qualifying for other benefits, says Justin Godur, a financial advisor and real estate expert. “This verification can be a lifeline.”
According to Brian Quigley, founder of Beacon Lending, these official documents certify your benefit amounts and income status, which simplifies various financial processes and ensures you have the necessary paperwork for any situation.
International retirement planning
If you’ve lived, worked and paid into Social Security for most of your life, you’ll want to make sure you receive your benefits. Godur explains that SSA retirement planning is vital for those considering retiring abroad because it ensures they receive payments no matter where they choose to live.
This is one of the administration’s lesser-known benefits, Quigley says. “If you’re considering retiring abroad, the SSA provides resources to help you understand how your benefits might be affected by living in another country, and they can guide you through the necessary steps to ensure you continue receiving your social security payments while living overseas,” he says.
Career development for people with disabilities
You may not think of the SSA as a job coach, but the administration does offer career development programs for people with disabilities. “These programs include vocational rehabilitation, job training and employment support services,” says Quigley. “Participating in these programs enhances skills, increases employability and helps individuals achieve greater financial independence, even before reaching retirement age.”
Godur adds that career development for people with disabilities “supports their professional growth and independence, and enhances their quality of life and financial stability.”
Social Security Disability Insurance
Social Security Disability Insurance (SSDI) is commonly referred to as “disability.” It provides monthly payments to people who have a disability that prevents them from working or limits their capacity to fully support themselves. “SSDI benefits are federally administered and funded by the Social Security Administration,” says Colin Ruggiero, co-founder of DisabilityGuidance.org, an organization that provides SSDI information and resources for disabled people seeking financial assistance.
“If you have worked long enough and have a qualifying disability that prevents you from working for at least 12 months or is expected to end in death, the SSA will pay you and certain members of your family disability benefits,” Ruggiero says.
Supplemental Security Income
The SSA also oversees the Social Security Income benefit program, which provides monthly payments to elderly, blind and disabled individuals facing significant financial hardships. Ruggiero notes that SSI is different from SSDI in that it is administered, but not paid for, by the SSA.
“SSI payments are primarily funded by general [Department of the] Treasury revenues, in contrast to general Social Security benefits, which are largely funded by the taxes that the majority of working people pay into Social Security,” Ruggiero explains. “Most states supplement these government benefits with installments of their own.”
Medicare enrollment
Yes, the SSA plays a vital role in facilitating enrollment for Medicare Parts A and B for eligible individuals who are turning 65. But they also help people with qualifying disabilities enroll, no matter their age. “This assistance ensures that beneficiaries can access essential health care coverage through Medicare, enhancing their overall well-being,” Roller says.
Importantly, “you may be able to get help paying your Medicare Part B [medical insurance], premiums and other expenses,” Grigoropoulos adds.
Medicare prescription drug coverage costs
Want to save money on prescriptions? In addition to Medicare enrollment assistance and help with paying premiums, the SSA also handles applications for “Extra Help,” which is a program that lowers the cost of Medicare Part D—the part that pays for prescription drugs—for seniors and others who are eligible.
Survivor benefits
Monthly survivor benefits are paid to assist widows, widowers, minor children and disabled adult children who have lost a spouse or parent. “These benefits can provide crucial financial support … after the primary earner passes away,” Roller says. And the beneficiary doesn’t have to reach full retirement age to access these benefits.
Child-in-care benefit
If a child is disabled and qualifies for benefits, that child may receive benefits through a parent or guardian who is receiving their retirement benefit, says Tom Hager, NSSA, CGMA, founder of Mister Social Security.
A caretaker who hasn’t yet reached age 62—and is not yet eligible for benefits—may receive a child-in-care benefit equal to 50% of the receiving spouse’s full retirement-age benefit.
Help choosing baby names
Need some inspiration? The SSA puts all of our names on cards, so they have access to trends. “Because every American newborn is registered with the SSA, the administration publishes an annual list of the most popular baby names,” Brokamp says.
The SSA keeps records going all the way back to 1880, so you can search the most popular names for a year, a decade or even a state.
About the experts
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Sources:
- Michael Dinich, financial advisor and founder of Wealth of Geeks; interview, June 2024
- Chrissy Grigoropoulos, Esq., founding attorney of Grigoropoulos Law Group; interview, June 2024
- Doug Roller, founder of Crossroads Financial Group; interview, June 2024
- Robert Brokamp, CFP, senior retirement advisor at Motley Fool; interview, June 2024
- Tom Hager, NSSA, CGMA, founder of Mister Social Security; interview, June 2024
- Eric Mangold, founder of Argosy Wealth Management, interview, June 2024
- Colin Ruggiero, co-founder of DisabilityGuidance.org; interview, June 2024
- Brian Quigley, founder of Beacon Lending; interview, June 2024
- Justin Godur, financial advisor, real estate expert and founder of Capital Max; interview, June 2024
- Medicare: “Help with Drug Costs”
Originally Published: June 13, 2024
