A Social Security Primer - Investiopedia
Social Security is, inarguably, the nation’s most important poverty reduction program, providing monthly benefits to over 65 million Americans. But despite its importance, a large portion of those who will one day almost certainly rely on Social Security know precious little about how it works. With only a few exceptions, all those who work contribute to the program but have no idea how those contributions translate to their future retirement benefit. Many think that their contributions go into a personal account for them (which is not the case), and don’t understand that it is their lifetime earnings which determine how much they will receive each month in retirement. Similarly, many do not even understand how they become eligible for Social Security benefits. The program is massive with more than 2000 separate regulations, but this Investopedia article by James McWhinney provides an excellent introduction for those seeking to understand the basics of how Social Security works. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…