6 Key Questions You Should Ask About Social Security

Photo by Syda Productions from Shutterstock

How Much Do You Pay In and How Much Will You Actually Get?

Workers pay 6.2 percent of their wages into Social Security, on up to $137,700 of their income. Employers contribute another 6.2 percent. Also, people who are self-employed have to pay both portions, meaning 12.4 percent.

Now…how much will you get? Well, as we already mentioned, your Social Security benefits are based on your earnings as a worker. Even if the formula is quite difficult to understand as we aren’t all math teachers, we can say that the formula averages the income from your 35 highest-earning years.

Also, if you already have 40 Social Security credits, you can use the Retirement Estimator at ssa.gov to have an idea of your future income.

PREV1 ... 3 4 5 ... 7NEXT

Leave a Comment

Your email address will not be published. Required fields are marked *

related posts
from our network