benefits

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

For the first time ever, Social Security spending for fiscal year 2017.

This included $791.1 billion being paid to the retired workers and survivors, $143 billion being paid out to those with disabilities, and $58.7 billion being paid to the Supplemental Security Income program.

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

When applying for benefits, the Social Security Administration will assign a "Beneficiary Identification Code" (BIC) after your Social Security number.

So in paperwork from the SSA, you may see the following codes appended after your Social Security number :