3/14/22, 11:33 AM
Social Security Basics to Know - Matthew Littlemore | Finance Blog
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Social Security Basics to Know by matthewlittlemore | Mar 14, 2022 | Blog, Finance, Matthew Littlemore
Social Security is a critical part of a person’s retirement income, but it is often misunderstood. It is difficult to understand what Social Security will provide for you in the future because it is a complicated program. The most important thing you should know about Social Security is that it does not replace income. Here are some things you should know about Social Security: How your Social Security Benefits Are Earned If you worked at least ten years of covered employment and paid the required Social Security contributions, you will get both a retirement benefit and a disability benefit. Your retirement benefit covers the retirement income you will receive when you retire – it’s your regular monthly payment. The disability benefit provides financial support to help pay for living expenses if you cannot work because of a temporary or permanent disability. How Your Monthly Benefit is Calculated Your monthly benefit is based on the money you earned in covered employment and how long you worked. Your retirement benefit is based on the highest 35 years of earnings, up to a maximum of 40 quarters of coverage – or 35 years and two months. However, if you https://matthewlittlemore.net/social-security-basics-to-know/
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