Social Security is a government-run insurance program, where the current working force funds the benefits for the current beneficiaries.
You put in 6.2% of your income, and your employer puts in 6.2% of your income.
If you are self-employed, you shoulder the full 12.4%.
This is capped at $117,000, so the most that can be put in is $14,508 per year per person.
(The cap can change year to year, based on inflation.)
To quality for full benefits, you must earn 40 "credits" from your income.
$1,200 of income translates to 1 credit, and you can earn up to 4 credits a year.
The main benefit of social security is the Old Age and Survivors Insurance (OASI).
I can start receiving this from age 67. I can also wait until I'm 70 to get increased benefits.
There is also the Disability Insurance (DI) and survivors benefit for the family.
To check the details of your benefits, you can log into their site.
They used to send out annual newsletters on your birth-month, but I guess they don't have the budget anymore.
Speaking of, if they do not make changes to the current system, they say it can't maintain status quo after 2033.
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