Final answer:
Social Security benefits can be claimed as early as age sixty-two, with full retirement benefits set at sixty-seven for those born after 1959. The program is critical in preventing poverty among retirees and ensuring their financial stability.
Step-by-step explanation:
Social Security Retirement Age
Under the Social Security system, monthly benefits are payable to a retired insured worker from age sixty-two onward. However, the full retirement age, originally set at sixty-five, has gradually increased due to changes in legislation. For those born after 1959, the full retirement age is sixty-seven. It is important to note that while early retirement benefits can be claimed at sixty-two, they are reduced compared to the benefits received if one waits until the full retirement age.
Millions of retired Americans rely on Social Security benefits after they turn sixty-five, as these benefits provide a crucial source of income. The program plays a significant role in keeping retirees out of poverty, which highlights its importance in the social safety net system. Moreover, changes to this program, such as increasing the retirement age, have been considered to ensure its financial sustainability for the future.