For some households, it makes sense for a worker to start reduced retirement benefits early in order to permit other family members to immediately start collecting Social Security benefits on the workerâs earnings record.
Social Security is a key source of financial support, and keeping track of the changes that happen with the program each year is crucial in order to plan your financial future. Keep these facts in mind, and you'll be better prepared to hit the ground running in 2018.
Social Security is based on contributions that workers make into the system. While you're employed, you pay into Social Security; you receive benefits later on, when it's your turn to retire. Contributions take the form of the Federal Insurance Contributions Act (FICA) taxes that are withheld from most paychecks.