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The social security info you don’t know

This week, we’ll dive deeper into social security.

Question 1

Question 2

Question 3

We’ll have the answers after the break

Don’t know how social security fits into your retirement plans? We can help. Schedule a discovery call today to get started.

Answers

Question 1: Who should audit your social security work history?

Answer: C (You)

Yes, you. You are responsible for making sure that your reported income is correct. The income that is listed for each year of your working career is important since these numbers determine the social security payments you will receive (along with what age you elect to take social security payments). You can log on to the social security website and create an account to track your social security benefits along with audit your salary for each of your working years.

Question 2: What percentage of your actual pay goes toward social security?

Answer: D (7.65%)

Yep, it’s the highest number

Question 3

Answer: C (15.3%)

Don’t think working for yourself saves you from paying… in reality you’re actually paying more. For W2 employees, your employer pays one half of the 15.3% while the employee pays the other half. For the self-employed, you pay both halves. For more info on how to account for social security payments when self-employed, review this article.