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Page 14 of 20 |
How much will I get from social security? |
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Your social security benefit is based on factors such as your date of birth, the type of benefit you are applying for and the amount of your earnings which were subject to the social security and Medicare taxes.
To get detailed estimate of your social security retirement, disability and survivorship benefits, get a "Personal Earnings and Benefit Estimate Statement" from the Social Security Administration. This statement is available by completing and submitting a form (SSA-7004) to the Social Security Administration - who will then send your statement to you via snail mail.
Social security benefits are based upon your earnings averaged over your working lifetime. A formula is used to determine the amount of your benefit - as a rule of thumb, about 42% of your earnings is replaced by social security benefits. |
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