The very first thing what I would like to do is to give you this www.ssa.gov. Please check your Social Security earnings and see an estimate of your benefits on the Web site. Social Security was established in1935, It has been feeding elderly with a steady income for their retirement. What is going on with Social Security now? The facts of Social Security and benefits,
What is the eligibility for Social Security Retirement benefits?
First of all, in order for you to be eligible, what do you have to do? you don’t have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.
How many people are dependent on Social security in their retirement?
Social Security is a major source of retirement income for 62% of current retirees
How much money do people get from Social Security in their retirement?
Benefits are based on an individual’s average earnings during a lifetime of work under the Social Security system. The calculation is based on the 35 highest years of earnings. If an individual has years of low earnings or no earnings, Social Security may count those years to bring the total years to 35. Social Security benefits are subject to federal income taxes.
How Your Social Security Benefit Is Reduced?
Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.
If you start receiving retirement benefits at
age 62, you will get 75% of the monthly benefit because you will be getting benefits for an additional 48 months.
age 65, you will get 93.3% of the monthly benefit because you will be getting benefits for an additional 12 months.
If you start receiving benefits as a spouse at your full retirement age, you will get 50% of the monthly benefit your spouse would receive if his or her benefits started at full retirement age. If you start receiving benefits at
age 62, you will get 35% of the monthly benefit instead of 50% because you will be getting benefits for an additional 48 months.
age 65, you will get 45.8% of the monthly benefit instead of 50% because you will be getting benefits for an additional 12 months.
