Workers approaching retirement are often anxious to learn more about Social Security and take steps to maximize their payments. However, there are other aspects of the program that younger workers may qualify for, including life insurance and disability benefits. Younger workers hoping to maximize retirement payouts should also make a habit of monitoring earnings early in their careers. As you turn 40, here's what to know about Social Security.

• Check your earnings history.
• Find your benefit in retirement.
• Learn about disability benefits.
• Know what you will pass on.
• Ask if your parents receive benefits.
• Consider the future of Social Security.

Check your earnings history

The Social Security Administration no longer mails paper statements to people under 60. However, you can view your Social Security statement online by creating a my Social Security account. Your Social Security statement lists how much you have earned each year of your career and how much you and your employer have paid into the Social Security and Medicare programs. "It's worth taking a few minutes to check your earnings record with the Social Security Administration," says Mike Piper, a certified public accountant and author of "Social Security Made Simple." "If the Social Security Administration is missing data regarding any of your earnings, you'll get a smaller benefit than you deserve."

Find your benefit in retirement

Your Social Security statement will give you an estimate of your monthly payments in retirement. However, that estimate assumes you will continue to work and earn your current salary until retirement. You can boost your retirement payout by earning a higher salary, up to the annual taxable maximum. If you work for over 35 years, your highest-paid years will be used in your retirement benefit calculation. It's also worth checking how much your payment will decline if you collect your benefit early at age 62 and what you could receive if you delay claiming until age 70.

Learn about disability benefits

Social Security is not just a retirement program. Workers who become disabled and are no longer able to work may qualify for disability payments from Social Security. "If you're in a serious accident and unable to work, Social Security will provide a monthly benefit to compensate partially for your inability to earn what you previously did at your job," says Levi Sanchez, a certified financial planner and co-founder of Millennial Wealth in Seattle.

However, it's often a lengthy process to apply for disability payments. You must provide medical records about your condition. Disability benefits don't start until at least six months after your disability begins, and there's often a wait of several months to process an application. Your Social Security statement lists the amount you may qualify for if you become disabled in the coming year.

Know what you will pass on

Social Security provides survivor's payments to certain family members when a worker dies. Your Social Security statement lists how much your dependent children and a spouse caring for your dependent children under age 16 may be eligible to receive if you die. However, there is a cap on the total amount family members can receive, also listed on your statement. "If you are married with children under 16 and your spouse dies, you and your children are likely eligible for survivor benefits up to a family maximum," says Angie Furubotten-LaRosee, a certified financial planner at Avea Financial Planning in Richland, Washington. "Your unmarried kids who are under 18 or still in school and under 19 are also eligible for a survivor benefit, even if the surviving parent no longer is."

Ask if your parents receive benefits

When your parents or grandparents receive money from Social Security, they are less likely to require financial assistance from younger family members. If you decide to help care for aging relatives, their Social Security check can help defray costs. Talk to your older relatives about their Social Security experiences. There may still be time to strategize and boost their Social Security payments.

Consider the future of Social Security

The Social Security program is projected to have sufficient income to pay out benefits until 2035, according to the Actuarial Status of the Social Security Trust Funds report released in May 2024 by the Social Security Administration. Changes in the next few years, such as increased taxes or a cut in promised payouts, could alter that estimate. It’s possible that other forms of legislation or action could be taken as well to continue to support retired and disabled workers.