Social Security’s retirement benefits
Social Security benefits last as long as you live and increase with the cost of living. These benefits, including Medicare, provide a foundation on which to build a financially secure retirement. Savings and pensions are the other two legs of the stool for your retirement plan.
The Social Security benefit programs are “entitlement” programs. This means that workers, employers and the self-employed pay for the benefits with their Social Security taxes. The taxes that are collected are put into special trust funds. You qualify for these benefits based on your work history (or your spouse or parent). The amount of the benefit is based on these earnings. Fact Sheet * a right to benefits specified especially by law or contract — a government program providing benefits to members of a specified group [those who paid taxes into it] also : funds supporting or distributed by such a program Merriam-Webster *
A secure, comfortable retirement is every worker’s dream, especially now that we’re living longer, healthier lives, we can expect to spend more time in retirement than our parents and grandparents did. Achieving the dream of a secure, comfortable retirement is much easier when you plan your finances.
Social Security’s Planning Tools
- Retirement Benefits Publication 10035
- What is your retirement age?,
- Use the benefit calculators to test out different retirement ages or future earnings amounts,
- More about Social Security programs,
- What happens if you work after you retire?, and
- How do certain types of earnings and pensions can affect your benefits?
- Retirement options,
- How members of your family may qualify for benefits,
- How to apply for benefits and what supporting documents you’ll need to furnish, and
- Apply for retirement benefits.
- Retirement Check List # 10377
What if you work in two or more different Countries?
International Social Security agreements, often called “Totalization agreements,”
have two main purposes.
- First, they eliminate dual Social Security taxation, the situation that occurs when a worker from one country works in another country and is required to pay Social Security taxes to both countries on the same earnings.
- Second, the agreements help fill gaps in benefit protection for workers who have divided their careers between the United States and another country.
Consumer Links & Resources
Nolo Press Social Security, Medicare & Government Pensions – Get the most out of your retirement and Medical Benefits.
Cost of Living Increase socialsecurity.gov/
Spousal Benefits socialsecurity.gov/
If your self employed – how to pay your premiums – taxes publication # 10022
Understanding the Benefits # 10024
How Social Security Can Help you Plan for Retirement
Social Security Handbook
Medicare and You 2021 #10050
Everything you want to know - Read Along