Social Security reaches almost every family, and at some point will touch the lives of nearly all Americans.Social Security helps not only older Americans, but also workers who become disabled, and families in which a spouse or parent dies. Most of the beneficiaries are retirees and their families.

Social Security, in the United States, refers to the Federal Old-Age, Survivors, and Disability Insurance (OASDI) program. Sections include Federal Old-Age, Survivors, and Disability Insurance; Unemployment Insurance; Temporary Assistance to Needy Families; Health Insurance for Aged and Disabled (Medicare); Grants to States for Medical Assistance Programs (Medicaid); and State Children's Health Insurance Program (CHIP).

The largest component of OASDI is the payment of retirement benefits. Throughout a worker's career, the Social Security Administration keeps track of his or her earnings. The amount of the monthly benefit to which the worker is entitled depends upon that earnings record and upon the age at which the retiree chooses to begin receiving benefits.

Choosing when to retire is one of the most important decisions you will make in your lifetime. If you choose to retire when you reach full retirement age, you will receive your full retirement benefits. But if you retire before reaching full retirement age, you will receive reduced benefits for the rest of your life. If you work past your full retirement age, you will get full retirement benefits no matter how much you earn.

If you continue working and decide not to collect your retirement benefits until you reach age 70, you will get higher benefits when you retire. If you choose not to collect retirement benefits before you reach full retirement age, you should be sure to file for Medicare when you reachage 65. If you do not, you may have to pay a higher premium when you file later.