You do not have to wait until retirement age to find out how much you can expect to receive from the Social Security in benefits. You can calculate the estimated amount you will receive even if you are in you are in your twenties. For one to qualify for Social Security Benefits, they must accumulate social security credits, which qualify them for future benefits. Social security credits are acquired when one pays their social security taxes. Anyone above the age of 25 years who is in gainful employment and who pays social security taxes automatically qualifies for social security benefits.
The percentage of social security benefits is based on one’s earnings and the number of years one has worked and contributed to the social security. This explains why two people of the same age, who retire at the same time, receive a different amount in benefits. Someone who works longer will receive more benefits than someone who worked only a few years. Your accumulated social security credits will have an influence on how much you receive.
The best way to get an estimate of your social security benefits is by using a social security benefits calculator. These calculators are available on social security websites as well as on the official Social Security Administration website. The calculator works with information you provide so your estimate will only be true if you give accurate information. Things you are required to provide include: your age, average annual income, your social security retirement age; and average annual income of spouse if you have one, their age and retirement age. Social security inflation rate applies.