How Does Social Security Work? Fisher Investments Explains.

This video covers the basics of Social Security, including who is eligible, how these benefits are taxed and how the spousal benefit works. In general, you become eligible for Social Security benefits by accumulating retirement credits, which are earned over years of working. Typically you need 40 credits or about 10 years of work to qualify.
Your monthly Social Security benefit is largely determined by three factors: 1) an average of your monthly earnings throughout your lifetime 2) your birth year and 3) when you choose to start receiving your benefits. All else equal, delaying the start of your benefits will result in a higher monthly amount.
Spouses are eligible to receive a Spousal Social Security benefit or, if they have also worked and are eligible to receive Social Security, they can receive a benefit based on their own earnings. For higher earners, a portion of your Social Security benefits may be taxable.
For more information on Social Security and how it may factor into your retirement planning, you can watch others in our “Maximizing Social Security Video Series.” Topics include:

• What is Social Security?
• Estimating Your Social Security Benefit
• Options for When to Start Taking Social Security
• How to Decide When to Start Taking Social Security?

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Видео How Does Social Security Work? Fisher Investments Explains. канала Fisher Investments