Basic Social Security Info On How The System Works

Most people don't really think much about their Social Security benefits when they're young. At this age, retirement is too far in the future for anyone to take seriously. They take a cursory look at the deductions going out of their paycheck every month, resent it a little bit and then shrug the shoulders and get on with their lives. But even if they don't care, there really are some things about Social Security that everyone would be better off if they knew about them. The following Social Security info should be considered fundamental Social Security education.

Let's start and what is really basic Social Security info – the question of who gets to qualify for those retirement benefits. Basically, everyone. Everyone who has worked at least 10 years (or 40 quarters, as the Social Security people call it), in their entire lives, qualifies. In fact, their standards are so lax that people could qualify if all they ever did was that if summer work for a couple of months every year. Federal employees aren't qualified if they got their job before 1984 though. And railroad workers don't get coverage under Social Security either -- they have a separate system.

The average Social Security benefits check is worth around $1100 today. But people get higher or and lower sums depending on the kind of contribution they made their whole lives. So how exactly do you determine how much money you get each month in your check? Basically, there is a complex set of calculations that they resort to. They start out with a figure called the Average Indexed Monthly Earnings. They take how much you've been earning every month over your life, make sure that they use a reliable formula to adjust everything for inflation (if when you started out working your first job, you just made perhaps $100 a month. But $100 back in 1975 meant something like $1000 today. They have to make sure that they inflate your earnings so that your earnings over your entire lifetime are judged using the same kind of baseline). So they take your average income and use that to calculate your primary insurance amount or your PIA. They first try to see what your primary insurance amount would be if you waited to full retirement age to begin claiming. Once they know what this basic amount is supposed to be, they can cut it down a little bit if they see that you actually retired a little early. Or they can have to increase it if you wait after 66 to retire. People can actually retire at 62 and claim a certain amount as Social Security benefits. But they could wait until 70 for the best possible benefits package.

Basically, the Social Security is a way that the government uses to help seniors living in poverty. For this reason, if your earnings have been somewhat modest through your life, you get a higher percentage of your earnings contributed to Social Security. Those who have made a lot of money through their lives, end up with not as much Social Security.

Most people read about how the Social Security system is going bankrupt and worry about it. Is this really true than that the system is running out of money? Well, some Social Security info here would really clear the air. You really don't have to worry about it immediately. Social Security is completely covered until the year 2036

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