Social Security information everyone should have

Jul 12, 2011

Important Social Security facts

Income derived from Social Security checks may be a big part of many Americans' financial futures and knowing how to get the most out of those checks can be helpful. As the program reaches its 75th anniversary, Social Security is providing the majority of cash income for half of all beneficiaries, according to the Center on Budget and Policy Priorities.

While some individuals may have invested in whole life insurance policies that provide additional income in retirement, those who did not can still count on Social Security to provide a monthly check for the remainder of their lives. These benefits are also increased with inflation and taxes are often reduced, CBS reports.

It is important for people who are planning on retirement to know if they have averaged 35 years of covered wages from an employer or self-employment income. These years are calculated to determine an average wage that will then turn into Social Security income.

If a person works less than 35 years they will have zeros factored into the amount that they will receive, which will reduce their payments. If a person took a few years off, they may want to consider working past retirement age to avoid this reduction in financial support.

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