When it comes to your Social Security payment amount, what goes into determining this number?
It’s a number that’s crucial for your retirement. The higher your benefit, the easier it is to live a fulfilling life as a senior. But what drives this total up?
There are a few factors that influence your benefit amount. These include both your length of time and earnings in the workforce. The age which you choose to take benefits also plays a role. Wait until later and you could enjoy a higher payment. But if you take them earlier and have a longer life expectancy, you could actually get more in total.
Social Security’s future is also impacted by policymakers. It’s why we must work to secure the future of the program through efforts like our Social Security Lock-Box Petition.