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Glossary Finance

Social Security

Social Security is the US government retirement, disability and survivor benefit program, funded by payroll taxes.

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In more detail

The monthly retirement benefit is based on your 35 highest-earning years and on the age you claim: claiming earlier reduces it and delaying increases it, up to a limit. Employees and employers each pay 6.2% of wages up to a yearly cap.

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Social Security Calculator

Estimate your Social Security Primary Insurance Amount from your average indexed monthly earnings.

See also

  • Glossary Pension
    A pension is a retirement plan that pays a regular income for life, usually based on years of service and salary.
  • Glossary Net pay
    Net pay, or take-home pay, is what you receive after taxes and deductions are subtracted from your gross pay.
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