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Social Security Explained | How Yours Are Calculated

The Retirement Nerds 28 views

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I worked many years in USA Now retired living in Canada I receive US SOCIAL SECURITY Will I receive these added benefits deposited into my US$ Account?
Comment from : @annehartman2608

nice video Question I'm 53 and my SS benefit 'today', shows my benefit would be $3700 at age 67 Is that true even if I retire 'today'? So, to be clear I'd retire today, but I would not start collecting until age 67 Given that, would the published benefit be correct at $3700?
Comment from : @keithschaub7863

What multiplier is used for inflation Is it the yearly cpi
Comment from : @brucedavis3816

wow you're helping me a lot in my finance classes!
Comment from : @gigicoleta

great video thanks for explaining the bend points
Comment from : @AMILOSINGMONEY

Impossíble to understand
Comment from : @elenisarris473

Hello, if I send you my 35 years of earmings, could you give me an estimate of what my monthly payout would be at age 62? brThank you 🙏🏼
Comment from : @vicvicious7571

Terrific video Informative and well explained
Comment from : @davidhillner5399

You do a great job of explaining complex things
Comment from : @eileenmccartneycirelli3098

You are receiving less than our true cost of living for many many years There is evidently much to criticize Social Security (SS) and more specifically the manner in which SS uses the Bureau of Labor Statistics (BLS) inflation figures for Cost-of-Living Adjustments (COLAs) and taxation There are number of ways COLAs can be calculated and the most egregious is the current way To keep this short, over the years for one example that since 2007 starting with $15,000 yearly benefit to 2023, that same beneficiary would fall behind approximately $500 per month in spending power or $6,000 for the year 2023 Another example: a review one tax return, one taxpayer exceeding a single filing amount of gross income, 85 of the taxpayer’s SS benefit was subject to tax The result was for 2023 tax year, the taxpayer went from a roughly $1500 refund to a $1400 tax payment at the taxpayer cost of $2900 – a total loss of their 2023 COLA and significantly more For more details and what we can do about it, type SocialSecurityTakeawayorg SS beneficiaries are paying for their own COLAs in a convoluted manner br brThere is a lot of information on the webpage, but it is a real eye opener
Comment from : @richardjohns6409

Hello, there is a "Today's dollar vs Future dollars" on social security website estimator How reliable do you think future dollars is?
Comment from : @syedsikandar1196

I arrived USA @64 year age with green card Ihv worke 40 quarter in MS state now I stopped working, every year i hv paid w2 with income 13000/ per year what i received from ssn
Comment from : @JagdishGanda-q1g

whole lotta yip yap that sounds like the description of a "ponzi scheme"
Comment from : @The442nd

If iwere the president American national income would be to the retirement of the aglow white would be approxamently24,000000000000 trillion annually per year if you were a American with a birth certificate with white majority privileges as a first born citizen only Born here in America in the last 276 years
Comment from : @BrentPeterson-dx4fs

So, so confusing This is why you have a business lol To make all of this work for those of us who can't fully grasp all of it
Comment from : @alanhill2508

Sir i want to behonest i need your help p lease sir can you help me im 68 years old already and im not very professional cqn you help me please tgqnkyou
Comment from : @ElpidiosantarinDelrosario

Very good explanation If I am understanding correctly It is better to start claiming in high inflation? Missed that 8😢 brYour lady in the example nailed it
Comment from : @iamiam2994

I'd like to know how much of a difference in benefit for someone who worked 34 years vs someone who worked 35 years In other words how much of a difference would one year of earning 0 dollars would affect your benefit amount vs working that one more year to get that zero to drop off
Comment from : @Bendc1970A1

Nice Video, thanks How do you find out the index to adjust the income In your first example 45? thanks
Comment from : @imancho

How do they calculate social security disability benefits
Comment from : @Drkamini-qp6pq

Do I get a increase in social security when I turn 66 I am already getting SSDI
Comment from : @GoldieColeman-nw9wb

How much when im 80
Comment from : @JohncLoguirato

I get 1132 a month
Comment from : @JohncLoguirato

Top 35 Net or Gross?
Comment from : @24-Card

Thank you for a very clear explanation Much appreciated
Comment from : @lydo-kisner552

deceptive educational universities and deceptive CBSE schools
Comment from : @georgen9755

Can you discuss what isn't counted as over the limit for 2023 ($21,240) while working and receiving social security at 62, for example, tips income as a hair stylish including contribution to IRA while working thanks wise man
Comment from : @worldchanges10

Have to be poverty income to receive spouse benefits I can't qualify for an apartment By myself can't get my husbands social security Talk about crooked apples Thanks Trump!
Comment from : @dianeb7902

I only earned a few hundred dollars of benefits Medicare takes a huge chunk of that small amount What happens when the Medicare increases exceed my SS earnings?
Comment from : @kiminnature

Yep; FICA taxes @ 153 are a big hit for those of us that are self-employed 🙄 BTW - This is the best and most clear explanation of this subject I have seen Well done!
Comment from : @tinalippincott9823

How do we know what all of the bend point amounts are?
Comment from : @sandramoye-cochran5412

Thanks for the excellent video Question for you; My wife is retiring in May, a couple months shy of 66 I'm 65 and still planning to work another year or so We were planning on starting her SS payments in May I know Social Security has a rule about how much you can earn "after" turning on your Social Security payments If she's collecting SS and not working from May 1st forward, is she clear from the penalty or does the income she's already generated Jan-May come into play and possibly contribute to a penalty? Thanks in advance
Comment from : @4score

Nicely done Erik!!!
Comment from : @jodiecox4353

Outstanding video I have tried to explain this stuff (like saving in a 401K) to family members on deaf ears They don’t want to hear it and will regret it later
Comment from : @teams3345

Is SS taken out of wages after you begin taking SS benefits? If you don't have a full 35 years of wages and at age 65 begin SS benefits, will the benefits be recalculated each year since you have more working years?
Comment from : @whodidit99

Turning 65 this year, not collecting yet and still working I did set up an account on line finally and if I would have started in January of this year it was about $2,370 a month Working another year I am not sure how you calculate how much more it would be I do know this I will need you to work another 20 plus years to make sure I get my check every month lol Great video
Comment from : @masterlee4370

An idea for a future video: It would be interesting to know how social security figures the amount they will pay for disability income Also, if a person is on disability for awhile, will that affect their retirement benefits? Are the years that a person is on disability considered zeros?
Comment from : @alang4193