retirement?
ok when you retire from working what do you get from social security? do they give you money every month based on how long you worked or how much you earned? or do they give you like a whole bunch of cash all at once and never again?
Public Comments
- If you have 40 credits built up and reach retirement age, they calculate your earnings history over your highest 35 years and then issue you a monthly benefit. (If you are married, they will also calculate whether you are entitled to more as a spouse and give you whichever benefit is higher.) If you retire early, they reduce this by 25%.
- When you retire and apply for Social Security you start getting monthly payments which are based on the contributions you made during your working years. To qualify you have to have made contributions for 40 quarters. To get the maximum amount, you must have contributed the maximum contribution each year. The maximum contribution has been growing steadily over the years. You receive the Social Security payments until you die.
- Annually, usually near your birthday you should receive a statement from Social Security that shows your earnings by year and the benefits you would be entitled to at retirement, including early retirement. It also shows some other options. It is a good idea to check this against earnings statements from your employer to make sure you are receiving proper credit.
- It is based on what you earned, how long you earned it and what your age is when you first receive payments. It is an annuity payment, not a lump-sum.
- To qualify for social security you have to have earned income of $1,000 per quarter (or every 3 months) to earn one credit, you need 40 credits to beconsidered fully credited to reciveve full benefits. Full benefits are then based on your contibutions to social security. Upon retirnment you will recieve a specific amount based on your contributions every month untill death. There are several laws that come into play about the benefits, starting to recieve them, death and other benefits included with social security.
