How Much Will My Social Security Benefits Be?

by Rod Howell ; Updated July 27, 2017
You have to wait five full months before receiving Social Security disability benefits.

The Social Security Administration has three types of benefit programs available to you and other U.S. citizens who meet the federal agency’s requirements. Each program -- retirement, disability and survivor's -- pays monthly benefits to you and your family. However, your benefit amounts are determined by several factors including whether you are still working, the age you start receiving payments and how much you made during your lifetime.

Determining Benefits

The Social Security Administration determines your benefit amounts based on your earnings' record. The more you made when you worked, the higher your benefit rate. For retirement benefits, the agency uses 35 years of your earnings to calculate your benefit amount. If you have years when you had little to no income, those years may be averaged into the 35 years, which lowers your benefit rate. Your disability and survivor's benefits are determined by your earnings as well. Each year, the agency calculates your benefit amounts and sends you an annual Social Security statement detailing what you’re entitled to receive.

Considerations

There are several factors that affect your Social Security benefit payments. One is the age you receive your benefits. For example, your surviving spouse or ex-spouse receives 100 percent of your full-benefit rate if she is at her full retirement age, but only 71.5 percent if she is between 50 and 59. You can receive your retirement benefits before or after reaching your full retirement age, which can affect your benefits as well. Your retirement age depends on when you were born; it is 65 if you were born after 1937 and 67 if you were born after 1960. The younger you are, the less you receive. Another factor is work. You can continue to work and receive benefit payments from the three programs, but it will lower the amounts you receive.

Video of the Day

Brought to you by


Related pages


internet service in buffalo nycase mix index calculation exampleamscot money order verificationsprint pay cell phone billwf surepay feescalculate apr credit cardhow much house can i afford making 50k yeardifference between pension and retirement annuityscholarships for momshoa assessment letterincome tax refund reissuecub cadet serial numberhow long before car is repossessedhow to find the profitability indexhow to get rid of late payment on credit reporthow to find the owner of an abandoned carcheap cabins in ohioallowance for doubtful accounts gaapstudent loan guarantorfinancial assistance for premature babiesbanana republic bill pay phone numberpersonalized credit card bank of americabuy fix and sell housesenterprise value ebitda multiplelas vegas nevada food stampscalculating a1cvin check sgipnc credit card balance transferpaid in capital in excess of par value common stockwells fargo atm withdrawal limitnetgear rebatespharmacy id lookupnorth carolina ebt cardhow to become a real estate appraiser in ncnotice of intent to offset federal income tax refundowner financing homes for sale in nchow long does a moving violation stay on your recordholistic health insurance companiesgrifols debit cardalabama ebt loginwhere to buy a prepaid visa cardncpdp number lookupaarp prescription coveragecocacola scholarshipsnj landlord responsibilitiesgambling loss tax deductionpolish descent scholarshipsthe pros and cons of having a credit cardstatute of limitations on amended tax returnsat t ticker symbolumd in state tuitionrenters insurance interested partyflexible premium annuitysoft call convertible bonddo i need underinsured motorist coverageirs lien on housedefine townhomesalt lake city plasma donationwhere to buy a greendot cardscholarships for kids with incarcerated parentshow to cancel fafsa applicationdonating stamps to charityjoint bank accounts for bad creditcheerleading scholarships canadacash epspaid in capital in excess of stated valuelow income housing nj requirementsdifference between tenant and lessee1099 r 1040cashing out ira earlywhat does carded meanwhere can i withdraw ebt cashpharmacy id lookuplife insurance maturity taxableinitial margin formulapatriot bond worth

Taxes

Your benefit amounts are also affected by taxation. If you have other taxable compensation such as wages, dividends and interest, the amounts can cause your Social Security benefits to be taxed by the Internal Revenue Service if the total exceeds income guidelines. For example, if your total income tops $25,000, the IRS taxes 50 percent of your Social Security benefits at normal income tax rates, and if it is over $34,000, up to 85 percent is taxed. If you are receiving benefits and you are married, up to 50 and 85 percent of your Social Security payments are taxed if your combined household income exceeds $32,000 and $44,000, respectively.

Eligibility

Besides you, the Social Security Administration pays benefits to your spouse, ex-spouse and dependent children. Each benefit program pays different amounts to your family members. Disability and retirement programs pay up to 50 percent of your benefit rate to your family members, while benefit payments from the survivor's program is based on their ages. For example, your dependent children receive survivor's benefits totaling 75 percent of your benefit rate until they reach 18 or 19 if they’re attending secondary schools.

References

Photo Credits

  • Jupiterimages/Comstock/Getty Images
Cite this Article | raiffeisen-cards.ru A tool to create a citation to reference this article Cite this Article

Related pages


internet service in buffalo nycase mix index calculation exampleamscot money order verificationsprint pay cell phone billwf surepay feescalculate apr credit cardhow much house can i afford making 50k yeardifference between pension and retirement annuityscholarships for momshoa assessment letterincome tax refund reissuecub cadet serial numberhow long before car is repossessedhow to find the profitability indexhow to get rid of late payment on credit reporthow to find the owner of an abandoned carcheap cabins in ohioallowance for doubtful accounts gaapstudent loan guarantorfinancial assistance for premature babiesbanana republic bill pay phone numberpersonalized credit card bank of americabuy fix and sell housesenterprise value ebitda multiplelas vegas nevada food stampscalculating a1cvin check sgipnc credit card balance transferpaid in capital in excess of par value common stockwells fargo atm withdrawal limitnetgear rebatespharmacy id lookupnorth carolina ebt cardhow to become a real estate appraiser in ncnotice of intent to offset federal income tax refundowner financing homes for sale in nchow long does a moving violation stay on your recordholistic health insurance companiesgrifols debit cardalabama ebt loginwhere to buy a prepaid visa cardncpdp number lookupaarp prescription coveragecocacola scholarshipsnj landlord responsibilitiesgambling loss tax deductionpolish descent scholarshipsthe pros and cons of having a credit cardstatute of limitations on amended tax returnsat t ticker symbolumd in state tuitionrenters insurance interested partyflexible premium annuitysoft call convertible bonddo i need underinsured motorist coverageirs lien on housedefine townhomesalt lake city plasma donationwhere to buy a greendot cardscholarships for kids with incarcerated parentshow to cancel fafsa applicationdonating stamps to charityjoint bank accounts for bad creditcheerleading scholarships canadacash epspaid in capital in excess of stated valuelow income housing nj requirementsdifference between tenant and lessee1099 r 1040cashing out ira earlywhat does carded meanwhere can i withdraw ebt cashpharmacy id lookuplife insurance maturity taxableinitial margin formulapatriot bond worth