Is there a minimum amount that I am entitled to get for Social Security?
Understanding the social security benefits may be a difficult task for the average person. This article is meant to help you understand what benefits you have and are entitled to get. It will go over where your social security funds come from, how the amount you will receive is determined, and even how you can keep track of your Social Security benefits.
What Is Your Social Security Fund Made Up Of?
Your social security fund is made of two different types of taxes, Medicare Taxes and Social Security Taxes. Both of these taxes have been taken out of your paycheck for as long as you have been working. These taxes that are taken out will be used to build a fund for you.
How Much Will You Get?
The amount of money you have made during the time that you have worked is a key factor that determines how much you will get in Social Security. There is no minimum amount that you are entitled to get for social security as it is solely based on those two factors and the month that you choose to start receiving the Social Security payments. However, your social security benefits could be based on your spouses earnings if you have not worked.
Request A Statement
One should receive a social security yearly statement before your birthday each year. This statement will give you an idea of how much you have in Social Security Benefits. If you have not received a copy of your statement you can request it online or call your local Social Security office. It is always a good idea to keep track of these statements to make sure it is correct. Keeping it up to date and fixing problems on a yearly basis will help you when you are ready to cash in on your Social Security.