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Social Security Did You Knows

To help better understand Social Security, review our “Did You Know” lists. After reviewing our lists, you can decide the importance of Social Security in your financial life and prepare accordingly.
List #2
  1. Social Security was never intended to replace 100% of your wages before retirement. On average, you will receive approximately 40% of your preretirement wages from Social Security

  2. If you are the spouse or dependent child of a deceased worker who worked long enough (earned at least 40 credits) to qualify for Social Security, you may be eligible for survivor benefits under the deceased worker's record

  3. A divorced spouse of a deceased worker who qualified for Social Security and who was married to the worker for at least ten years may be eligible for survivor benefits

  4. Unmarried and disabled children of a deceased worker who qualified for Social Security may be eligible for survivor benefits

  5. Millions of disabled workers and their families receive Social Security disability benefits (Social Security provides more than just retirement benefits)

  6. The FICA tax does not fund the Supplemental Security Income program (the third component of Social Security that provides benefits to disabled, blind, and older adults who do not qualify for retirement or disability benefits based on work history). This program is funded with general tax revenue

  7. The FICA tax does not fund the Medicare (health insurance) program

  8. You can start receiving Social Security benefits as early as age 62; however, your benefits will be about 25% less (forever) than if you had waited until your normal or full retirement age

  9. Your full retirement age depends on your year of birth. For example, if you were born in or after 1960, your full retirement age is 67. You will receive 100% of your calculated benefit amount if you elect to receive benefits at full retirement age

  10. Your Social Security benefits are reduced if you meet ALL of the following:
    • are receiving Social Security benefits AND
    • have not reached your full retirement age AND
    • are working and earning income above a certain level

  11. Your Social Security benefits will automatically increase by about 8% each year you delay your retirement past full retirement age, up to age 70. If you delay receiving Social Security, you will have to manually enroll in Medicare at age 65 by contacting the Social Security Administration
These Social Security Did You Knows (DYKS) were compiled from information on the Social Security Administration (SSA) web site. To learn more about the U.S. Social Security program, visit the SSA web site at www.ssa.gov.
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