how do i know how much money i have in my social security?
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Go to www.ssa.gov/mystatement/ and open an account with Social Security to view your statement. (You can no longer request a printed statement either using Form SSA 7004.)
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If you do not require certification or an itemized earnings statement, your yearly earnings totals are free. Certified yearly earnings totals or an itemized earnings statement (certified or non-certified) can be obtained by completing the Request for Social Security Earnings Information (Form SSA-7050).
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According to the IRS, the quick way to see if you will pay taxes on your Social Social Security income is to take one half of your Social Security benefits and add that amount to all your other income, including tax-exempt interest.
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['When Should I Begin Taking Social Security? ... ', 'How Long Will My Money Last? ... ', 'How Much Money Do I Need to Retire? ... ', 'Should I Buy an Annuity? ... ', 'How Much Will I Spend? ... ', 'How Will I Pay for Medical Expenses in Retirement? ... ', 'Should I Take My Pension as a Lump Sum?']
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Earnings from jobs covered by Social Security are used to determine the amount of monthly SSDI benefits payments. Right now, the average for an individual is $1,197, and the maximum is $2,788.
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Create your personal my Social Security account today With your free, personal my Social Security account, you can receive personalized estimates of future benefits based on your real earnings, see your latest Statement, and review your earnings history.
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['Total the tax percentages. Social Security 6.2% + Medicare 1.45% = 7.65%', 'Subtract the total from 100% 100-7.65 = 92.35.', 'Convert that number to a percentage by moving the decimal two positions to the left. ... ', 'Add $100 from FIT to the net. ... ', 'Divide the new net amount by the amount in step. ... ', 'The gross amount to be used is $324.85.']
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1﻿ So, if your annual salary is $50,000, the amount that will go to Social Security over the course of the year is $3,100, plus $725, for a total of $3,825. Your employer will match an additional $3,825 over the course of the year, and it will also report your Social Security wages to the government.
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If you're 18 years old or older, you can create a my Social Security account. At www.socialsecurity.gov/ myaccount, you can get your Social Security Statement to check your earnings record, and see estimates of future retirement, disability, and survivor benefits.
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To see if your Social Security number is being used by someone else for employment purposes, review your Social Security Statement at www.socialsecurity.gov/myaccount to look for suspicious activity. Finally, you'll want to use additional scrutiny by regularly checking your bank and credit card accounts online.
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If you're an employee, the calculation is pretty simple. First, write down (or type into a calculator) the lower of your total wages or $127,200. Then, multiply this number by 6.2% (0.062) to calculate your Social Security tax.
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['Locate your age on the IRS Uniform Lifetime Table.', 'Find the “life expectancy factor” that corresponds to your age.', 'Divide your retirement account balance as of December 31 of the previous year by your current life expectancy factor.']
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First, write down (or type into a calculator) the lower of your total wages or $127,200. Then, multiply this number by 6.2% (0.062) to calculate your Social Security tax. If you're self-employed, write down the lower of your net business income (this is line 31 on IRS Schedule C) or $127,200.
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Time to calculate the difference The final step in knowing how much money you need to retire is to work out the difference between your annual income and expenses. For example, if your annual income is going to be $40,000 and your expenses are $80,000, you'll need an extra $40,000 per year for a comfortable retirement.
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You can view your personal Social Security Statement online by creating a my Social Security account with us. Your online Social Security Statement displays uncertified yearly earnings free of charge and does not show any employer information. To sign in or create an account, go to www.socialsecurity.gov/myaccount.
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Social Security bases your retirement and disability benefits on the amount of income on which you've paid Social Security taxes—called "covered earnings." Your average covered earnings over a period of years is known as your average indexed monthly earnings (AIME).
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The size of your check will be based on your income from your working years, the year you were born and your age when you decide to start receiving benefits. If you have a traditional job making $60,000 a year, you pay 6.2% of your salary or $3,720 annually in Social Security taxes.