Money Girl Understanding Your Social Security Retirement Benefits
May 31, 2023
Discover the ins and outs of Social Security retirement benefits, including how to qualify and what to expect in terms of payouts. Learn the importance of verifying your earnings record and understanding the tax implications. Uncover six common myths that could mislead you about this critical program. This knowledge is invaluable, whether you're approaching retirement or just starting to plan. It's all about making informed financial decisions for your future!
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Social Security Overview
- Social Security is a mandatory federal program offering financial aid to qualified citizens.
- It covers retirement, disability, and survivor benefits, originating from the 1935 New Deal.
Earning Social Security Benefits
- Work and pay into Social Security for at least 10 years (40 quarters) to qualify for retirement benefits.
- The program is funded through payroll and self-employment taxes.
Tracking Social Security Benefits
- Regularly track your estimated Social Security retirement benefits at ssa.gov.
- Verify your earnings history for errors to ensure you receive your full benefits.