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.
Calculating Your Social Security Disability Payment The amount of money you will receive from Social Security on a monthly basis is unique for every individual. This is due to the fact that the Social Security Administration (SSA) uses a complex weighted formula in order to calculate benefits for each person, up to the maximum benefit of $2,788 in 2018. Social Security bases your retirement and disability benefits on the amount of income on which you've paid Social Security taxesâcalled covered earnings.