SwimExpert
Gold Member
- Nov 26, 2013
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- #281
Are you saying your earnings has no bearing on what you get from S.S. ?
No, that is not what I said. I said that what you "pay in" does not have anything to do with what you "get out" of it.
If you die at the age of 50 years old, what do you get from Social Security? Nothing.
If you live until you're 115, when does your Social Security run out? Never.
Social Security benefits are defined by statutorily prescribed rules. At the moment, they are based on your income levels for the five years preceding the initiation of benefits and your age at the time you initiate benefits. Once you start receiving benefits, you continue to receive benefits until you die. Your amount is always subject to change based on changes to statute.
Nowhere in any of this does your total contributions actually have any bearing whatsoever on your total benefits. This is not a retirement account that accrues interest and has a finite amount that can be paid out, and can be paid out to a beneficiary if you die before it is exhausted.