Social Security Q & A: Do You Know Everything About Social Security Retirement and Death Benefits?

How is my social security calculated? Social Security is calculated using your 35 highest paid earnings years and then averaged using the benefits calculation formula. You must have worked full time for at least ten years even to qualify to receive any social security retirement benefit. Currently, full retirement benefits age is between age 66 and 67 (October 2018). More adjustments to a later full benefit payment age may enforce by the Social Security Administration and will affect calculations for those born after 1967. To see what your payment may be, visit here.

Will Social Security Be There For Me? Social Security can pay promised benefits through 2033. After that, it will be only about 75% of the benefits paid out today to current retirees. Options are currently being discussed to raise taxes to cover this shortage or to decrease benefits after 2035. Present-day workers pay for individuals currently receiving benefits; the benefits paid into Social Security are not ‘banked’ for an individual’s future use.

Social Security Retirement Benefits

Social Security Retirement benefits for future generations continues to be a hot topic as the U.S. population ages and younger generation birthrates continue to decline.

What is Social Security? A Retirement Plan? Social Security is considered insurance and was proposed by President Roosevelt and congress and signed into law in 1935. It was never intended to be enough to fund retirement for individuals but supplement retirement investments and savings.

How do I file for Social Security Retirement Benefits? You can file by visiting an office, by calling (800) SSA-1213, or online at You can file up to 4 months before you want benefit payments to begin.

Can My family receive benefits upon my death? If you die, your surviving spouse can be paid up to 100% of your payment if they are at least Full Retirement Age, or receive a reduced amount as early as age 60. An individual can be paid 75% at any age if they are caring for your child under age 16. Your unmarried child could be paid 75% of your benefits if they are under 18, under 19 and in high school, or at any age if they were permanently disabled before age 22. Your parent over age 62 can benefit if they were dependent upon you.

The continuation of Social Security Retirement benefits for future generations continues to be a hot topic as the U.S. population ages and younger generation birthrates continue to decline affecting contributions. Individuals reaching full retirement age after 2035 may want to consider purchasing and contributing to a fixed-indexed annuity as a possible replacement for Social Security Retirement benefits.

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