Social Security’s retirement benefits

Social Security benefits last as long as you live and increase with the cost of living. These benefits, including Medicare, provide a foundation on which to build a financially secure retirement. Savings and pensions are the other two legs of the stool for your retirement plan.

The Social Security benefit programs are “entitlement” programs.  This means that workers, employers and the self-employed pay for the benefits with their Social Security taxes. The taxes that are collected are put into special trust funds. You qualify for these benefits based on your work history (or your spouse or parent). The amount of the benefit is based on these earnings. ^{Fact Sheet} *  a right to benefits specified especially by law or contract  —  a government program providing benefits to members of a specified group  [those who paid taxes into it] also : funds supporting or distributed by such a program  ^{Merriam-Webster} * 

A secure, comfortable retirement is every worker’s dream, especially now that we’re living longer, healthier lives, we can expect to spend more time in retirement than our parents and grandparents did. Achieving the dream of a secure, comfortable retirement is much easier when you plan your finances.

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Social Security also provides a lump-sum death payment of $255. Your spouse and young children can receive benefits equal to a $354,000 life insurance policy.

Social Security’s disability program for an average family is equivalent to a private disability insurance policy worth over $233,000.

What if you work in two or more different Countries?

International Social Security agreements, often called “Totalization agreements,”

have two main purposes.

• First, they eliminate dual Social Security taxation, the situation that occurs when a worker from one country works in another country and is required to pay Social Security taxes to both countries on the same earnings.
• Second, the agreements help fill gaps in benefit protection for workers who have divided their careers between the United States and another country.

Learn More 

• SSA.Gov 
• * IRS.gov 
• *  Wikipedia  *
• Sweden
• Hungary

Consumer Links & Resources

Benefit Calculators

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Outline of Questions on Social Security

Nolo Press Social Security, Medicare & Government Pensions – Get the most out of your retirement and Medical Benefits.

Cost of Living Increase socialsecurity.gov/

Spousal Benefits socialsecurity.gov/

If your self employed – how to pay your premiums – taxes publication # 10022