Nearly 70 million people collect Social Security benefits, including retirees, spouses, children, disabled workers, and survivors of deceased workers. It’s important to set up a my Social Security account to track your contributions and future benefits. Congress is facing a funding shortfall for Social Security, with potential fixes on the table. Planning for retirement involves estimating income needs and diversifying income streams. Claiming Social Security benefits between ages 62 and 70 can impact total benefits received. Coordinating with a spouse on claiming strategies can maximize benefits. It’s crucial to have multiple income sources in retirement, with Social Security being just one part of the plan.

Read more at Yahoo Finance: Are You Really Ready to Start Collecting Social Security? Here Are 7 Signs It Might Be the Perfect Time.