three Things Boomers Need To Know About Social Security Before Retirement

As of January 2018, over eight million folks obtain SSI. Social Security is a program run by the federal authorities. The program works through the use of taxes paid into a belief fund to offer benefits to people who find themselves eligible.

social security administration

Other components that have an effect on your benefit amount include your earnings historical past and the way lengthy you have labored. You have to work and pay taxes for at least 10 years to be eligible for benefits, however your profit amount is based on the 35 highest-incomes years of your profession. The Social Security Administration takes a median of your earnings during these years, adjusts it for inflation, and the result is your benefit amount. If you work fewer than 35 years, you may have zeros included in your earnings average, thus reducing your benefit quantity.

But if you are receiving Social Security benefits, you need … Read More