Social Security does not really require any savings. Think about how Social Security works. Qualifying for Social Security requires you to pay Social Security taxes, which are mandatory. The taxes will be automatically withheld from your paycheck if you are an employee. You will pay these taxes when you file your tax returns if you are self-employed. The more you pay in Social Security taxes, the more you will receive in Social Security benefits. However, there is a maximum Social Security benefit amount and a Social Security tax limit. Once you reach the tax limit each year, no more Social Security taxes are due in that year. If you reach the limit each year for 35 years and wait until you are 70 to start receiving benefits, you will qualify for the maximum Social Security amount. However, the average Social Security payment is much less than the maximum.