Factors That Could Affect Your Social Security Benefit Amount
Monday, 18 March 2024, 07:00
Factors Impacting Social Security Benefits
When it comes to Social Security benefits, there are a few often-overlooked factors that can have a big impact on the amount you receive each month:
1. State and Federal Taxes
- Federal taxes can affect everyone regardless of location.
- State taxes depend on residency and are subject to change.
2. Your Marital Status
- Eligibility for spousal, divorce, or survivors benefits can boost your monthly payments.
3. The Length of Your Career
- Your benefit amount is calculated based on your highest-earning 35 years of work.
- Having fewer than 35 working years can lower your benefit amount.
Understanding and optimizing these factors is essential for maximizing your Social Security benefits and securing your financial future in retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.