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Social Security Explained
Advertiser disclosure You're our first priority. Every time. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. The website's articles, interactive tools and other content are offered for free, as self-help tools and for informational purposes only. They are not intended to offer financial advice. NerdWallet does not and cannot assure the accuracy or the validity of any information with regard to your individual circumstances. The examples are hypothetical and we recommend that you seek personalized advice from qualified experts on specific investment concerns. These estimates are built on the past market performance, and past performance is not a guarantee of future performance. We believe everyone should be able to make sound financial decisions with confidence. While our website does not include every company or financial product available in the marketplace however, we're confident that the guidance we offer, the information we provide and the tools we create are independent, objective easy to use and completely free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and the way they appear on the site) However, it does not affect our advice or suggestions which are based on thousands of hours of research. Our partners do not be paid to ensure positive review of their services or products. .
Social Security Explained
Social Security is a federal program that provides retirement, disability and survivors benefits to qualifying people.
By Cara Smith Lead Writer | Investing, auto loans and cryptocurrency Cara Smith is a lead writer at NerdWallet, where she writes about investing, cryptocurrency and auto loans. She has written about commercial real estate, housing and general business for Houston Business Journal, CoStar News and other publications. She completed her studies in psychology and journalism at the University of Houston, where she was the editor-in chief of the university's student newspaper. She is located in Chicago and is on the lookout every day for 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 news operations, and also manages the team responsible for expanding NerdWallet content to cover additional subjects in personal finance.
Prior to that, he was employed as a channel manager for MSN.com and as a web manager at University of California San Diego and as an editor for copy and staff writer for The Los Angeles Times. He holds an undergraduate degree in Arts in communications and a Master of Arts in anthropology.
Many or all of the items featured on this page are provided by our partners who compensate us. This affects the products we feature as well as the place and way the product appears on a page. But, it doesn't influence our evaluations. Our views are our own. Here is a list of and .
The information on investing provided on this site is intended for educational purposes only. NerdWallet is not a broker or advisor. or brokerage services or advice or advise investors to buy or sell particular securities, stocks or other investments.
MORE LIKE THIS
Social Security is a federal program that pays benefits to residents who meet the requirements. Many people are aware Social Security provides retirement benefits however, Social Security also offers the following benefits based on your lifelong earnings
Disability
Survivors
Dependency
The program was established during the Great Depression (1929-1939), the program was created to provide financial security for aging workers. It's funded through regular contributions that taxpayers make throughout their working lives to the shared Social Security fund.
What exactly is Social Security?
Social Security is a program operated by the Social Security Administration. It offers financial assistance to those who have retired and their family members, as well as to children and families who have lost their loved ones. It also pays benefits to those with disabilities who may be unable to make a profit.
Social Security benefits are paid for by tax. Most employees and employers pay a 6.2% income tax up to $147,000 annually, which helps fund Social Security. Social Security program.
For instance, if an employee makes $148,000 per year in pre-tax income and is not taxed the 6.2% tax on the first $1,000 in their income.
Self-employed workers have to pay 12.4 percent of Social Security taxes.
How much Social Security will I get?
It's not possible to determine your exact benefit value until after you've attained retirement age. However, on an average, people can expect to receive Social Security benefits to replace roughly 40 percent of their salary prior to retirement.
Your benefits will be contingent upon the amount the amount you pay into Social Security throughout your lifetime and also the amount of money you earn throughout your working years. The Social Security Administration that offer a clear picture of potential benefits you could get.
>> Find out about the information you'll receive
What is the maximum Social Security benefit?
Here are the highest monthly Social Security benefits an individual who will retire in 2022 may get, based upon the date they retire and start collecting benefits.
Age 62
65 years old
67 years old
70 years old
$2,364 per month.
$2,993 per month.
$3,568 per month.
$4,194 per month.
To qualify for the benefits, you'll need to earn $147,000 a year which is the highest taxable income allowed by Social Security for at least 35 years. This is because Social Security benefits are calculated on the basis of your most recent income for the last 35 years.
How is Social Security calculated?
Benefits from Social Security are determined by two factors:
What age are you when you retire.
Your best 35 years of earnings before inflation.
Because the program uses the most lucrative 35 years of earnings over your entire career, those who earn higher wages will receive higher Social Security benefits. Employers with low earnings or years spent in the work force will be able to claim lower benefits.
>More: Our free guide will help you determine the amount you'll must save
Is Social Security benefits taxable?
Yes you can, and your Social Security retirement and disability benefits could be .
The amount you pay depends on how much the amount of your "combined income" -- which includes your benefits as well as wages, interest, dividends and other types of tax-deductible income -- is higher than certain thresholds within a specific year (see the table below). And the majority of beneficiaries earn more than the minimum threshold and wind in paying taxes on their benefits.
In fact, roughly 56% of beneficiaries' families are expected to pay taxes on their benefits over the 35 years between 2015 and 2050, according to the Social Security forecast.
Here's how to break it down when you file federal income taxes as an individual:
The annual gross income is between $25,000 to $34,000
Gross income that is greater than $34,000
The first half of the earnings are taxable.
The majority of your benefits are taxable.
This is how it breaks down when you file jointly your federal income taxes:
Together, gross annual income between $32,000 to $44,000
Combined, the annual gross income is greater than $44,000
The first 50percent of benefits are tax-deductible.
up to 85% of your earnings are tax deductible.
A beneficiary will not be taxed more than 85% of their benefits.
>> Find out how you can
When do I start collecting Social Security?
The people born after 1960 are eligible for Social Security benefits at age 62. However the longer you are employed longer, the greater the Social Security benefits will be. This is due to the fact that the Social Security Administration considers 67 as the " " age for people who were born after 1960. Likewise, those who apply for benefits before they turn 67 will qualify for lower benefits.
This could result in a sizable difference in the amount of benefits. According to the Social Security Administration, somebody who is eligible for a retirement benefit when they reach 67 will only be eligible for a monthly $700 retirement benefit if they retired at age 62.
After 67, though, you may still want to consider retirement. When you turn the age of 67, your Social Security benefits continue increasing until you turn 70. After you turn 70, the increase on Social Security benefits ceases, even if you decide to extend your retirement.
Are you ready to begin your retirement planning? Get started here.
How long will Social Security benefits last?
Social Security retirement benefits don't end; when you begin getting Social Security payments, you'll continue receiving them for the rest of your life.
There's no expiration time on disability benefits, either. Payments will continue as long as the qualifying health condition remains, in addition, Social Security will check in periodically to verify that your health condition is still impacting your capacity to work.
Beneficiaries for survivors on behalf of a deceased spouse may be eligible for retirement benefits as early as age sixty or fifty if they have a disability. The benefits will be given for the duration of the life of the spouse's surviving, though there are some restrictions on divorced spouses.
Children who are receiving Social Security benefits on behalf of a retired or deceased parent, or parent who is disabled, will continue receiving benefits until they turn 18. When the child's a student they'll generally continue to receive benefits until they finish high school or two years after the age of 19.
About the author: Cara Smith joined NerdWallet in 2021 after reporting on business and real estate in Houston and Chicago for eight years.
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Learn more about smart money strategies right to your inbox
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Advertiser disclosure You're our first priority. Every time. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. The website's articles, interactive tools and other content are offered for free, as self-help tools and for informational purposes only. They are not intended to offer financial advice. NerdWallet does not and cannot assure the accuracy or the validity of any information with regard to your individual circumstances. The examples are hypothetical and we recommend that you seek personalized advice from qualified experts on specific investment concerns. These estimates are built on the past market performance, and past performance is not a guarantee of future performance. We believe everyone should be able to make sound financial decisions with confidence. While our website does not include every company or financial product available in the marketplace however, we're confident that the guidance we offer, the information we provide and the tools we create are independent, objective easy to use and completely free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and the way they appear on the site) However, it does not affect our advice or suggestions which are based on thousands of hours of research. Our partners do not be paid to ensure positive review of their services or products. .
Social Security Explained
Social Security is a federal program that provides retirement, disability and survivors benefits to qualifying people.
By Cara Smith Lead Writer | Investing, auto loans and cryptocurrency Cara Smith is a lead writer at NerdWallet, where she writes about investing, cryptocurrency and auto loans. She has written about commercial real estate, housing and general business for Houston Business Journal, CoStar News and other publications. She completed her studies in psychology and journalism at the University of Houston, where she was the editor-in chief of the university's student newspaper. She is located in Chicago and is on the lookout every day for 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 news operations, and also manages the team responsible for expanding NerdWallet content to cover additional subjects in personal finance.
Prior to that, he was employed as a channel manager for MSN.com and as a web manager at University of California San Diego and as an editor for copy and staff writer for The Los Angeles Times. He holds an undergraduate degree in Arts in communications and a Master of Arts in anthropology.
Many or all of the items featured on this page are provided by our partners who compensate us. This affects the products we feature as well as the place and way the product appears on a page. But, it doesn't influence our evaluations. Our views are our own. Here is a list of and .
The information on investing provided on this site is intended for educational purposes only. NerdWallet is not a broker or advisor. or brokerage services or advice or advise investors to buy or sell particular securities, stocks or other investments.
MORE LIKE THIS
Social Security is a federal program that pays benefits to residents who meet the requirements. Many people are aware Social Security provides retirement benefits however, Social Security also offers the following benefits based on your lifelong earnings
Disability
Survivors
Dependency
The program was established during the Great Depression (1929-1939), the program was created to provide financial security for aging workers. It's funded through regular contributions that taxpayers make throughout their working lives to the shared Social Security fund.
What exactly is Social Security?
Social Security is a program operated by the Social Security Administration. It offers financial assistance to those who have retired and their family members, as well as to children and families who have lost their loved ones. It also pays benefits to those with disabilities who may be unable to make a profit.
Social Security benefits are paid for by tax. Most employees and employers pay a 6.2% income tax up to $147,000 annually, which helps fund Social Security. Social Security program.
For instance, if an employee makes $148,000 per year in pre-tax income and is not taxed the 6.2% tax on the first $1,000 in their income.
Self-employed workers have to pay 12.4 percent of Social Security taxes.
How much Social Security will I get?
It's not possible to determine your exact benefit value until after you've attained retirement age. However, on an average, people can expect to receive Social Security benefits to replace roughly 40 percent of their salary prior to retirement.
Your benefits will be contingent upon the amount the amount you pay into Social Security throughout your lifetime and also the amount of money you earn throughout your working years. The Social Security Administration that offer a clear picture of potential benefits you could get.
>> Find out about the information you'll receive
What is the maximum Social Security benefit?
Here are the highest monthly Social Security benefits an individual who will retire in 2022 may get, based upon the date they retire and start collecting benefits.
Age 62
65 years old
67 years old
70 years old
$2,364 per month.
$2,993 per month.
$3,568 per month.
$4,194 per month.
To qualify for the benefits, you'll need to earn $147,000 a year which is the highest taxable income allowed by Social Security for at least 35 years. This is because Social Security benefits are calculated on the basis of your most recent income for the last 35 years.
How is Social Security calculated?
Benefits from Social Security are determined by two factors:
What age are you when you retire.
Your best 35 years of earnings before inflation.
Because the program uses the most lucrative 35 years of earnings over your entire career, those who earn higher wages will receive higher Social Security benefits. Employers with low earnings or years spent in the work force will be able to claim lower benefits.
>More: Our free guide will help you determine the amount you'll must save
Is Social Security benefits taxable?
Yes you can, and your Social Security retirement and disability benefits could be .
The amount you pay depends on how much the amount of your "combined income" -- which includes your benefits as well as wages, interest, dividends and other types of tax-deductible income -- is higher than certain thresholds within a specific year (see the table below). And the majority of beneficiaries earn more than the minimum threshold and wind in paying taxes on their benefits.
In fact, roughly 56% of beneficiaries' families are expected to pay taxes on their benefits over the 35 years between 2015 and 2050, according to the Social Security forecast.
Here's how to break it down when you file federal income taxes as an individual:
The annual gross income is between $25,000 to $34,000
Gross income that is greater than $34,000
The first half of the earnings are taxable.
The majority of your benefits are taxable.
This is how it breaks down when you file jointly your federal income taxes:
Together, gross annual income between $32,000 to $44,000
Combined, the annual gross income is greater than $44,000
The first 50percent of benefits are tax-deductible.
up to 85% of your earnings are tax deductible.
A beneficiary will not be taxed more than 85% of their benefits.
>> Find out how you can
When do I start collecting Social Security?
The people born after 1960 are eligible for Social Security benefits at age 62. However the longer you are employed longer, the greater the Social Security benefits will be. This is due to the fact that the Social Security Administration considers 67 as the " " age for people who were born after 1960. Likewise, those who apply for benefits before they turn 67 will qualify for lower benefits.
This could result in a sizable difference in the amount of benefits. According to the Social Security Administration, somebody who is eligible for a retirement benefit when they reach 67 will only be eligible for a monthly $700 retirement benefit if they retired at age 62.
After 67, though, you may still want to consider retirement. When you turn the age of 67, your Social Security benefits continue increasing until you turn 70. After you turn 70, the increase on Social Security benefits ceases, even if you decide to extend your retirement.
Are you ready to begin your retirement planning? Get started here.
How long will Social Security benefits last?
Social Security retirement benefits don't end; when you begin getting Social Security payments, you'll continue receiving them for the rest of your life.
There's no expiration time on disability benefits, either. Payments will continue as long as the qualifying health condition remains, in addition, Social Security will check in periodically to verify that your health condition is still impacting your capacity to work.
Beneficiaries for survivors on behalf of a deceased spouse may be eligible for retirement benefits as early as age sixty or fifty if they have a disability. The benefits will be given for the duration of the life of the spouse's surviving, though there are some restrictions on divorced spouses.
Children who are receiving Social Security benefits on behalf of a retired or deceased parent, or parent who is disabled, will continue receiving benefits until they turn 18. When the child's a student they'll generally continue to receive benefits until they finish high school or two years after the age of 19.
About the author: Cara Smith joined NerdWallet in 2021 after reporting on business and real estate in Houston and Chicago for eight years.
Similar to...
Dive even deeper in Investing
Learn more about smart money strategies right to your inbox
Join now and we'll email you Nerdy content on the topics in finance that matter most to you and other ways to help you earn more value from your money.
If you loved this write-up and you would like to get more details concerning $255 payday loans online same day california (paymeoq.site) kindly pay a visit to the internet site.
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