9 Facts About Social Security
Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know?
Here are nine things that might surprise you, compliments of our friends at TrueNorth Wealth Management:
- The Social Security trust fund is huge. At $2.68 trillion at the end of 2013, it exceeds the gross domestic product (GDP) of every country in the world except the five largest: the U.S., China, India, Japan, and Germany.¹
- Most workers are eligible for Social Security benefits, but not all. For example, until 1984, federal government employees were part of the Civil Service Retirement System and were not covered by Social Security.²
- You don’t have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.³
- Benefits are based on an individual’s average earnings during a lifetime of work under the Social Security system. The calculation is based on the 35 highest years of earnings. If an individual has years of low earnings or no earnings, Social Security may count those years to bring the total years to 35.
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For more information and financial guidance, please call TrueNorth at 1-800-798-4080. Our financial advisors would be happy to schedule a consultation with you and your loved ones to make sure the things that matter most are protected and accounted for.
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