Y - 87% of Americans Don't Know This Key Social Security Fact
Many seniors rely heavily on Social Security as an important source of retirement income, so you'd think that most people would have a pretty good sense of how the program works. But new data reveals that Americans are sorely lacking knowledge about one key aspect of Social Security. And if it's knowledge you're missing, you could end up setting yourself up for years of financial distress.
There are different factors that determine what your Social Security benefit looks like in retirement. These include:
Your Social Security benefits are calculated based on your wages during your 35 highest-paid years on the job. From there, your filing age will determine what monthly benefit you end up with.
For further details see:
87% of Americans Don't Know This Key Social Security Fact