How Does Social Security Work?

You've probably noticed Social Security taxes taken out of your paycheck, but how does it all work?

Qualifying for Social Security is based on your work history. If you've worked for at least 10 years and paid your taxes, you're likely eligible for retirement benefits. If you're married to someone who qualifies, you may still be eligible based on their work record.

Your monthly benefit is calculated by the Social Security Administration using your income history. They take your 35 highest-earning years, adjust them for wage changes, and use a formula to determine your payment.

To estimate your future benefits, create a My Social Security account on SSA.gov. Remember that Social Security typically replaces only about one-third of your work earnings.

When can you start collecting Social Security? You can begin as early as 62, but waiting means a higher monthly payment. The SSA provides estimates based on your chosen start age, and waiting until 70 ensures you receive the maximum benefit.

Plenty of factors to weigh in deciding the best age for you, such as your health, employment situation, and retirement savings.

*CHAPTERS*
0:00 Social Security Explained
0:20 How to Qualify for Social Security
1:00 How are Social Security Benefits Calculated
1:58 When Can You Collect Social Security?

#aarp #socialsecurity #retirement

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[Cab]

Not true. Ss is being to kids, illegal immigrants, disability. Regardless of work. It was meant to go to workers based on contributions.

[ThomasCasey-kf]

Took my check at 62 ; it won’t be there for long ; they give it to everyone for any so called disability . Immigrates without proper green cards

[Susan-tn]

Yes but what is the actual calculation? I can’t get anyone at SS to tell me. I suspect they don’t know. The computer calculates it and no one can back into that calculation. I draw SS and still work. Every year they recalculate my SS and it increases but they can’t tell me how.

[DavidLarson]

What guarantees are there that I will receive my money when I hit 65?

Wouldn't it be better for me to invest that money from the day I started working?

Sounds like you take money from me to give it to a boomer who didn't plan for retirement.

[deliarealtor]

Don’t wait to sign up for Medicare though, if you do they will impose a penalty. Sign up for Medicare 3 months before your 65th birthday even if you aren’t going to collect your social security at 65.

[marthaschutz]

My ex spouse of 11years never paid child support, and recently past away, can i somehow collect child support owed after his passing?

[postulatingspin]

My recommendation: Take it as soon as eligible.

[fredliperson]

Don't roll the government dice take it as soon as you can!

[djmikio]

So for all of my fellow Americans of retirement age who voted for Trump and are here because they are now concerned that Trump and Elon are fixing to take away their social security and are here to figure out whether it's possible, then "yes they can", and sorry my brothers and sisters but "this one's on you".

[chapngo]

THỈNH CẦU :
NHIỀU LẦN QUÝ VỊ GỮI BẢN TIN NÓI TRÊN,
TÔI, TRÂN TRỌNG THỈNH CẦU QUÝ NGÀI VUI LÒNG :: GIÚP ...?
02/07/2024
NGÔ MINH CHẤP .

[richardbanks]

How SS works it doesnt very good, how come nobody is talking about coming up with something even better than Social security and constitutional, the reason SS is doing so poorly is because its unconstitutional.