Retirement plan

Social Security replaces a percentage of retirement benefits based on the worker’s lifetime income. The portion of the advance retirement benefit that replaces Social Security is based on your highest income in 35 years and varies depending on your income and when you choose to receive benefits. It is for: people who have already retired, people with a disability, surviving family of a worker who died, dependents of beneficiaries. The taxes you pay are not deposited into your personal account to be used for benefits. Your tax is used to pay people who are currently receiving benefits. Unspent funds go to the Social Security Fund, which pays monthly benefits to you and your family when you start receiving retirement benefits.

Planning is key to ensuring your retirement is in the best shape possible. You’ll need years of planning and saving to reach your retirement goals. While many factors go into retirement, we want you to understand what Social Security means to you and your family’s financial future.

Social Security should only be part of your retirement plan on average, retirees earn 40% of their previous retirement income from Social Security. Knowing the approximate amount of Social Security benefits you will receive can help you determine how much other retirement income you will need to reach your goals when you plan to retire.

APPLY?

When you work and pay Social Security taxes, you accumulate “credits” for Social Security benefits. The amount of credit you need to receive retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (usually 10 years of work).