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benefits

Four Factors that Determine Your Social Security Retirement Benefit

Your Social Security retirement benefit largely depends on the following four factors :

* Your work history => Longer yields a higher benefit

* Your earnings history => Higher earnings yields higher benefit (at decreasing rate)

* Your birth year => Born earlier means higher relative benefit

* Your claiming age => Starting benefits later means higher benefit

Fast Facts About Social Security - 2017

Fast Facts About Social Security - 2017 Edition

* 66 million Americans receive Social Security benefits

* 5.5 million new Social Security beneficiaries in 2016

* 62 percent of aged beneficiaries received at least half their income from Social Security

* 54.2 is average age for Social Security disability beneficiaries

https://www.ssa.gov/policy/docs/chartbooks/fast_facts/2017/fast_facts17.pdf


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What Social Security May Look Like in 2035

Interesting article which looks at how Social Security may fare in the year 2035.

Highlights :

* The worker-to-beneficiary ratio will drop from 2018's 2.8 to 2.2-to-1.

* Workers will have to wait longer to receive "full" benefits

* Social Security's "trust fund" will be exhausted

* Substantial benefit cuts may be needed

* Payroll taxes will be critical to pay for benefits

* Social Security benefits will continue to decline due to inflation

Four Factors that Determine Your Social Security Retirement Benefit

Your Social Security retirement benefit largely depends on the following four factors :

* Your work history => Longer yields a higher benefit

* Your earnings history => Higher earnings yields higher benefit (at decreasing rate)

* Your birth year => Born earlier means higher relative benefit

* Your claiming age => Starting benefits later means higher benefit

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Not affiliated with the US Social Security Administration