Social security as a foundation of our retirement income presents two facts:
1. Social security is a lifetime achievement and membership.
2. Social security benefits do not lose it value because financial adjustments are made from time to time.
How Social Security Works
You pay your taxes to social security as you work which becomes part of your income when you retire or become disabled. You actually earn the benefits that you deserve while working. Therefore, the longer you work and the more money you earn, the higher you social security benefits will be.
The amount of social security retirement benefits is based on some of these factors:
0 How much time you spent in the workforce
0 How much money you made.
0 Your age when you start receiving benefits.
To qualify for social security retirement benefits, you must have earned at least 40 social security credits in a job covered by social security. You can start receiving your retirement benefits at age 62. If you wait until you are older enough to start receiving your benefits, you will get a higher amount each month.
Whether you qualify for retirement or disability benefits, your spouse and dependent children can also receive monthly checks.
Social security is a dominant source of income for […]

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