Learn About Retirement Benefits 
We want you to know what Social Security can mean for you and your family s financial future. In this section , you can learn how Social Security works, who s eligible for retirement benefits, and what to consider before applying. Read on to understand how Social Security fits into your retirement plan. 

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Start your application today Apply Online For Retirement Benefits Jump to a topic on this page : How Retirement Benefits Work / Planning For Retirement / Deciding When To Start Retirement Benefits / What Else Affects Your Retirement Benefits 

How Retirement Benefits Work 
Social Security replaces a percentage of a worker s pre - retirement income based on their lifetime earnings. The portion of your pre - retirement wages that Social Security replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits. The Social Security system works like this : when you work, you pay taxes into Social Security. We use the tax money to pay benefits to : People who have already retired. People who are disabled. Survivors of workers who have died. Dependents of beneficiaries. The money you pay in taxes isn t held in a personal account for you to use when you get benefits. We use your taxes to pay people who are getting benefits right now. Any unused money goes to a Social Security trust fund that pays monthly benefits to you and your family when you start receiving retirement benefits. 

Additional Information 
An Overview Of Retirement Benefits Your Retirement Benefit : How It s Figured Benefits For Your Family 

FAQs 
What is the current maximum amount of taxable earnings for Social Security? 

Planning For Retirement 
Planning is the key to creating your best retirement. You ll need to plan and save for years to achieve your retirement goals. While many factors affect retirement planning , we want you to understand what Social Security can mean to you a

user: Hey, I'm planning for retirement and need some input.

assistant: Alright. Planning is the key to creating your best retirement. You'll need to plan and save for years to achieve your retirement goals.

assistant: Are you aware of the many factors that affect retirement planning?

user: Yes, I suppose so.

assistant: Then you should know that we want you to understand what Social Security can mean to you and your family's financial future.

user: Sounds good. Now, how do the retirement benefits work exactly?

assistant: Social Security replaces a percentage of a worker s pre-retirement income based on their lifetime earnings. The portion of your pre-retirement wages that Social Security replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits.

user: Is there more than social security I should consider in my plan?

assistant: Remember, on average, retirement beneficiaries receive 40% of their pre-retirement income from Social Security. 

user: What does this mean when creating my retirement plan?

assistant: Knowing the approximate amount you will receive in Social Security benefits can help you determine how much other retirement income you'll need to reach your goals.

user: What about my taxes? Are they put on a savings account to ensure the safety of my retirement benefits?

assistant: The money you pay in taxes isn't held in a personal account for you to use when you get benefits. We use your taxes to pay people who are getting benefits right now.