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Social Security Explained
Advertiser disclosure You're our first priority. Everytime. NerdWallet, Inc. is an independent publisher and compare service, not an investment advisor. The articles, interactive tools and other content are available for free, as self-help tools and for solely informational use. They do not intend to offer any investment advice. NerdWallet does not and cannot assure the accuracy or the validity of any information with respect to your individual circumstances. Examples are hypothetical, and we recommend that you seek advice from qualified experts on specific investment concerns. Our estimates are based on the past market performance, and past results are not a reliable indicator of future performance. We believe that every person should be able to make sound financial decisions without a doubt. While our website does not feature every business or financial product on the market however, we're confident of the guidance we provide, the information we provide and the tools we create are objective, independent easy to use and cost-free. So how do we make money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on the website), but it in no way affects our advice or suggestions which are based on hundreds of hours of study. Our partners are not able to pay us to guarantee favorable review of their services or products. .
Social Security Explained
Social Security is a federal program that provides benefits for survivorship, disability and retirement benefits to people who meet the requirements.
Written by Cara Smith Lead Writer | Investments, auto loans and crypto Cara Smith is a lead writer for NerdWallet where she writes about investing, cryptocurrency, and auto loans. She has covered commercial housing, real estate and general business for Houston Business Journal, CoStar News and other publications. She studied journalism and psychology at the University of Houston, where she served as the editor-in-chief of the university's student newspaper. She lives in Chicago and is on the lookout night and day to find the authentic Tex-Mex in the Midwest.
Sep 14 2022
Editor: Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's efforts to promote news, and also manages the team responsible to expand NerdWallet content to include additional topics that relate to personal finance.
Prior to that, he was employed as a channel manager at MSN.com and as a web administrator at University of California San Diego and as an editor for copy and staff writer at the Los Angeles Times. He has an undergraduate degree in Arts in communication and an Master of Arts in Anthropology.
A majority of the products we feature come from our partners, who pay us. This affects the products we review and the location and manner in which the product is featured on a page. But this doesn't affect our opinions. Our views are our own. Here's a list and .
The investing information provided on this page is provided for educational purposes only. NerdWallet does not offer advisory or brokerage services or advice or advise investors to purchase or sell specific stocks, securities , or other investments.
More Like This
Social Security is a federal program that offers benefits to residents who meet the requirements. Many people are aware Social Security provides retirement benefits, but Social Security also offers certain benefits that are based on your lifelong earnings:
Disability
Survivors
Dependency
In the Great Depression (1929-1939), the program was designed to offer financial security to elderly workers. It's funded by regular contributions from taxpayers during their working years to the shared Social Security fund.
What exactly is Social Security?
Social Security is a program that is administered by the Social Security Administration. It provides financial aid to retired people and their families, in addition to children and the families of deceased workers. Additionally, it provides benefits to disabled people who may be unable to earn money.
Social Security benefits are paid by tax. Most employees and employers pay a 6.2% taxes on earnings up to $147,000 annually, which funds the Social Security program.
For example If an employee earns 148,000 dollars in pre-tax income then they won't have to pay the 6.2% tax on the last $1000 of their earnings.
Self-employed employees have to pay 12.4% on Social Security taxes.
How much Social Security will I get?
It's also impossible to determine your exact benefit size until the time you reach the age of retirement. However, on an average, people can anticipate their Social Security benefits to replace roughly 40% of their pre-retirement salary.
Your benefits will depend on the amount you contribute to Social Security throughout your lifetime and also how much money you make during your work years. There are many documents from the Social Security Administration that offer an accurate picture of the potential benefits you may receive.
>> Find out about the you'll get
Which is the highest Social Security benefit?
Here are the highest monthly Social Security benefits an individual retiring in 2022 could get, based upon the date they retire and begin collecting benefits.
The average age is 62.
65 years old
Age 67
70 years old
$2,364 per month.
$2,993 per month.
$3,568 per month.
$4,194 per month.
To qualify for the Social Security tax credit, you must earn $147,000 annually -- the maximum taxable income for Social Security for at minimum 35 years. This is because Social Security benefits are calculated by using the most recent income for the last 35 years.
How is Social Security calculated?
Benefits from Social Security are determined by two aspects:
The age at which you will be when you take your retirement.
Your best 35 years of earning before inflation.
Since the program utilizes the highest earnings for the 35 years throughout your career, workers with higher salaries will likely receive higher Social Security benefits. Workers with low earnings or who have spent a lot of time out of the workforce are likely to receive less benefits.
>> >> MORE: Our no-cost will help you figure out how much you need to save
Is Social Security benefits taxable?
Yes, your Social Security retirement and disability benefits may be .
How much is determined by the extent to which your "combined income" that includes your benefits but also dividends, interest, wages as well as other forms of tax-deductible income -- is higher than certain thresholds within a specific year (see the table below). And the majority of recipients earn higher than that minimum threshold and wind having to pay taxes on their earnings.
In actuality, about 56% of beneficiary families are expected to pay income taxes on their benefits over the 35-year timeframe in the years 2015-2050, according to the Social Security estimation.
Here's how it breaks down If you file federal income taxes for yourself:
Annual gross income between $25,000 and $34,000
Annual gross income greater than $34,000
The first 50percent of earnings are taxable.
The majority of your income is tax-deductible.
This is how it breaks down if you jointly file your federal income taxes:
In total, gross annual earnings between $32,000 and $44,000
Together, gross annual income greater than $44,000
The first 50% of your benefits are tax deductible.
The majority of your earnings are tax deductible.
A beneficiary will not be taxed on more than 85percent of their benefits.
Learn more about how you can
When can I begin collecting Social Security?
The people born after 1960 qualify for Social Security benefits at age 62. However the longer you stay working, the better benefits from Social Security benefits will be. This is due to the fact that it is the case that the Social Security Administration considers 67 as the " " for those born after 1960. Likewise, those claiming their benefits before reaching 67 are eligible for reduced benefits.
This could result in significant differences in benefits. For example, according the Social Security Administration, somebody who qualifies for a $1,000 monthly retirement benefit at age 67 is only eligible for a monthly $700 retirement payment if they retired at age 62.
When you reach 67, though you might want to consider retirement. Once you reach 67, your Social Security benefits continue increasing until you turn 70. When you reach 70, the growth in Social Security benefits ceases, even if you want to extend your retirement.
>> Ready to start your retirement planning? Start here to start
How long will Social Security benefits last?
Social Security retirement benefits don't end; when you begin receiving Social Security payments, you'll continue receiving them throughout the remainder of your life.
There's no expiration time for disability benefits, neither. Payments will continue as long as the health condition that qualifies as qualifying remains and Social Security will check in frequently to make sure your health condition is still hindering your ability to work.
People receiving survivors benefits for the deceased spouse can qualify for retirement benefits as young at age either 60 or 50, if have an impairment. These benefits will be paid out for the rest of the surviving spouse's life, though there are some limitations for divorced spouses.
Children receiving Social Security benefits on behalf of a deceased or retired parent, or a parent with a disability, will continue to receive payments until they reach the age of 18. In the case of a child who is in school, they'll typically continue receiving benefits until they complete high school or two months after turning 19.
The author's bio: Cara Smith joined NerdWallet in 2021 following reporting on real estate and business within Houston and Chicago for eight years.
On a similar note...
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Advertiser disclosure You're our first priority. Everytime. NerdWallet, Inc. is an independent publisher and compare service, not an investment advisor. The articles, interactive tools and other content are available for free, as self-help tools and for solely informational use. They do not intend to offer any investment advice. NerdWallet does not and cannot assure the accuracy or the validity of any information with respect to your individual circumstances. Examples are hypothetical, and we recommend that you seek advice from qualified experts on specific investment concerns. Our estimates are based on the past market performance, and past results are not a reliable indicator of future performance. We believe that every person should be able to make sound financial decisions without a doubt. While our website does not feature every business or financial product on the market however, we're confident of the guidance we provide, the information we provide and the tools we create are objective, independent easy to use and cost-free. So how do we make money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on the website), but it in no way affects our advice or suggestions which are based on hundreds of hours of study. Our partners are not able to pay us to guarantee favorable review of their services or products. .
Social Security Explained
Social Security is a federal program that provides benefits for survivorship, disability and retirement benefits to people who meet the requirements.
Written by Cara Smith Lead Writer | Investments, auto loans and crypto Cara Smith is a lead writer for NerdWallet where she writes about investing, cryptocurrency, and auto loans. She has covered commercial housing, real estate and general business for Houston Business Journal, CoStar News and other publications. She studied journalism and psychology at the University of Houston, where she served as the editor-in-chief of the university's student newspaper. She lives in Chicago and is on the lookout night and day to find the authentic Tex-Mex in the Midwest.
Sep 14 2022
Editor: Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's efforts to promote news, and also manages the team responsible to expand NerdWallet content to include additional topics that relate to personal finance.
Prior to that, he was employed as a channel manager at MSN.com and as a web administrator at University of California San Diego and as an editor for copy and staff writer at the Los Angeles Times. He has an undergraduate degree in Arts in communication and an Master of Arts in Anthropology.
A majority of the products we feature come from our partners, who pay us. This affects the products we review and the location and manner in which the product is featured on a page. But this doesn't affect our opinions. Our views are our own. Here's a list and .
The investing information provided on this page is provided for educational purposes only. NerdWallet does not offer advisory or brokerage services or advice or advise investors to purchase or sell specific stocks, securities , or other investments.
More Like This
Social Security is a federal program that offers benefits to residents who meet the requirements. Many people are aware Social Security provides retirement benefits, but Social Security also offers certain benefits that are based on your lifelong earnings:
Disability
Survivors
Dependency
In the Great Depression (1929-1939), the program was designed to offer financial security to elderly workers. It's funded by regular contributions from taxpayers during their working years to the shared Social Security fund.
What exactly is Social Security?
Social Security is a program that is administered by the Social Security Administration. It provides financial aid to retired people and their families, in addition to children and the families of deceased workers. Additionally, it provides benefits to disabled people who may be unable to earn money.
Social Security benefits are paid by tax. Most employees and employers pay a 6.2% taxes on earnings up to $147,000 annually, which funds the Social Security program.
For example If an employee earns 148,000 dollars in pre-tax income then they won't have to pay the 6.2% tax on the last $1000 of their earnings.
Self-employed employees have to pay 12.4% on Social Security taxes.
How much Social Security will I get?
It's also impossible to determine your exact benefit size until the time you reach the age of retirement. However, on an average, people can anticipate their Social Security benefits to replace roughly 40% of their pre-retirement salary.
Your benefits will depend on the amount you contribute to Social Security throughout your lifetime and also how much money you make during your work years. There are many documents from the Social Security Administration that offer an accurate picture of the potential benefits you may receive.
>> Find out about the you'll get
Which is the highest Social Security benefit?
Here are the highest monthly Social Security benefits an individual retiring in 2022 could get, based upon the date they retire and begin collecting benefits.
The average age is 62.
65 years old
Age 67
70 years old
$2,364 per month.
$2,993 per month.
$3,568 per month.
$4,194 per month.
To qualify for the Social Security tax credit, you must earn $147,000 annually -- the maximum taxable income for Social Security for at minimum 35 years. This is because Social Security benefits are calculated by using the most recent income for the last 35 years.
How is Social Security calculated?
Benefits from Social Security are determined by two aspects:
The age at which you will be when you take your retirement.
Your best 35 years of earning before inflation.
Since the program utilizes the highest earnings for the 35 years throughout your career, workers with higher salaries will likely receive higher Social Security benefits. Workers with low earnings or who have spent a lot of time out of the workforce are likely to receive less benefits.
>> >> MORE: Our no-cost will help you figure out how much you need to save
Is Social Security benefits taxable?
Yes, your Social Security retirement and disability benefits may be .
How much is determined by the extent to which your "combined income" that includes your benefits but also dividends, interest, wages as well as other forms of tax-deductible income -- is higher than certain thresholds within a specific year (see the table below). And the majority of recipients earn higher than that minimum threshold and wind having to pay taxes on their earnings.
In actuality, about 56% of beneficiary families are expected to pay income taxes on their benefits over the 35-year timeframe in the years 2015-2050, according to the Social Security estimation.
Here's how it breaks down If you file federal income taxes for yourself:
Annual gross income between $25,000 and $34,000
Annual gross income greater than $34,000
The first 50percent of earnings are taxable.
The majority of your income is tax-deductible.
This is how it breaks down if you jointly file your federal income taxes:
In total, gross annual earnings between $32,000 and $44,000
Together, gross annual income greater than $44,000
The first 50% of your benefits are tax deductible.
The majority of your earnings are tax deductible.
A beneficiary will not be taxed on more than 85percent of their benefits.
Learn more about how you can
When can I begin collecting Social Security?
The people born after 1960 qualify for Social Security benefits at age 62. However the longer you stay working, the better benefits from Social Security benefits will be. This is due to the fact that it is the case that the Social Security Administration considers 67 as the " " for those born after 1960. Likewise, those claiming their benefits before reaching 67 are eligible for reduced benefits.
This could result in significant differences in benefits. For example, according the Social Security Administration, somebody who qualifies for a $1,000 monthly retirement benefit at age 67 is only eligible for a monthly $700 retirement payment if they retired at age 62.
When you reach 67, though you might want to consider retirement. Once you reach 67, your Social Security benefits continue increasing until you turn 70. When you reach 70, the growth in Social Security benefits ceases, even if you want to extend your retirement.
>> Ready to start your retirement planning? Start here to start
How long will Social Security benefits last?
Social Security retirement benefits don't end; when you begin receiving Social Security payments, you'll continue receiving them throughout the remainder of your life.
There's no expiration time for disability benefits, neither. Payments will continue as long as the health condition that qualifies as qualifying remains and Social Security will check in frequently to make sure your health condition is still hindering your ability to work.
People receiving survivors benefits for the deceased spouse can qualify for retirement benefits as young at age either 60 or 50, if have an impairment. These benefits will be paid out for the rest of the surviving spouse's life, though there are some limitations for divorced spouses.
Children receiving Social Security benefits on behalf of a deceased or retired parent, or a parent with a disability, will continue to receive payments until they reach the age of 18. In the case of a child who is in school, they'll typically continue receiving benefits until they complete high school or two months after turning 19.
The author's bio: Cara Smith joined NerdWallet in 2021 following reporting on real estate and business within Houston and Chicago for eight years.
On a similar note...
Dive even deeper in Investing
Get more smart money moves delivered straight to your inbox
Join now and we'll email you Nerdy posts on the money topics that matter most to you and other ways to help you get more out of your money.
In case you have just about any questions concerning in which as well as tips on how to make use of $255 payday loans direct lender, https://onlineguw.site/loanwq.site&$255%20Payday%20Loans%20Online%20Same%20Day/,, you can e-mail us on our web site.
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