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A person pays 6.2% of his wages towards the social security program. Another 6.2% is paid by the employer. If you are self employed then the full 12.4% has to be paid by you. Of this amount, 10.6% goes towards the social security retirement benefits program and the rest 1.8% is for the social security disability benefits program.

How Social Security Functions

When you retire or become disabled, you are entitled to receive certain social security benefits depending on how much you have contributed to the program while you were working. The amount you receive as benefits essentially depends on:

• Number of years of work: The longer you work the more you can pay into the social security program and hence stand to get more from it. To qualify for retirement benefits, you need to have earned at least 40 credits in your job which should be covered by social security.
• Income and Earnings: The more money you earn, the higher your retirement benefits will be.
• Your age at retirement: The earliest that you can start receiving retirement benefits is at the age of 62. But if you wait longer then you can get more retirement income on a per month basis.

Social Security Retirement Benefits

You do not get your retirement benefits automatically but have to apply for them via special application forms. For this you will need to furnish details such as your social security number, proof of citizenship, and a birth certificate.

You can keep a check on your benefit amount to see that you are getting your full due. Every year, around the time of your birthday, you should receive a social security statement which states the exact amount that you have put into the program. Peruse this statement carefully and if there are any mistakes get them corrected from the social security office so that you can get all the benefits due to you. To decide when you want to retire, you can look at the statement and see what your benefits are going to be at the age of 62 and thereafter.

Keep in mind that the social security program is a pay-as-you-go program which means that whatever money is collected from today’s workers is being used to pay retirement benefits to today’s retirees. When you retire, you are going to be paid retirement benefits according to what the future employees put into the program. Facts state that till 2042, the social security program will be able to pay 100% of the retirement benefits that it projects; and even after that it should be able to pay nearly three fourths of the estimated numbers.

Foundation of Retirement

Even with all the doubt surrounding the future of the social security program, it is still the very foundation of retirement as:

• You receive social security from the time you retire till your death, so there is no question of outliving it.
• Social security benefits are adjusted according to inflation, so you will get benefits which will not lose their value over time.

Social security is invaluable for retirement, but understanding the various aspects can often be confusing. You can enlist the help of a consultant who specializes in social security and retirement, so that you have all the information regarding your retirement benefits and disability benefits. You can also find out how your family can avail of survivors’ benefits after your death. There is plenty of information available these days to ensure that those claiming benefit get what they are entitled to, and if you have any doubts as to your entitlement you should seek assistance as you may be claiming less than you are actually due.

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