Social Security Planning Social Security retirement benefits help provide lifetime, inflation-adjusted income. Combined with your retirement savings, plus any pension benefits you may receive, Social Security may serve as an important component of your overall plan for retirement income.When Can You Claim Social Security?Eligibility for Social Security begins "early", at age 62. However, claiming early will reduce your monthly check - permanently. There are many issues to consider when deciding to claim benefits. Did you know that Social Security lets you see your benefits online? Visit My Social Security to learn how much retirement income you will receive.