- Workers contribute 6.2% of earned income and employers contibute 6.2%.
- Benefits are based on 35 highest earning years.
- Full retirement age depends on the year of birth.
- Delaying benefits increases the benefit amount.
- Married couples have options to increase total benefits received.
- Payments are adjusted for inflation.
- Insurance (death and disability) are provided prior to retirement age.
- Benefits are paid electronically.
- Contribution history can be viewed online.
- The Social Security trust fund is projected to run out of money in 2033.
For more on Reaping the Rewards, check back every Friday for a new segment.
This is not financial or retirement advice. Please consult a professional advisor.
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