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5 Things to Know about Your Social Security Benefits

Social Security is a vital American program that makes use of taxes to ensure citizens have financial security as they age. Over 62 million people receive Social Security benefits each month, with the average monthly payment being $1,294.

Social Security Benefits

Are you getting close to claiming Social Security? Here are 5 top things to know before you claim Social Security benefits.

  1. Your benefits are based on your 35 highest earnings years. If you don’t have 35 years of earnings, $0 will be factored in for each year you didn’t earn money.
  2. You have an 8-year window to sign up for Social Security, beginning at age 62 and ending at age 70. The longer you wait to sign up, the larger your monthly payments will be.
  3. You can still work while getting Social Security, as long as you are at least age 62.
  4. You may have to pay taxes on part of your Social Security benefits. For example, married couples earning a combined $32,000 to $44,000 may have to pay income tax on 50% of their benefits.
  5. Beware anyone calling or emailing claiming to be from Social Security. This is a scam. Do not give out your social security number to anyone you do not know, and never give it out on social media.

Keep up with Medicare World for everything you need to know about Social Security and maximizing your benefits. 

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