75% of Workers Lack Key Social Security Knowledge. Here Are 5 Things About the Program You Need to Know
Millions of seniors today rely on Social Security to cover their retirement expenses, and the more you know about the program, the better prepared you'll be for retirement. But only 25% of workers across all generations say they know a great deal about how the program works, according to the 21st Annual Transamerica Retirement Survey. If you're in the dark about Social Security, here are a few key things you need to know.
Social Security doesn't pay all seniors the same benefit. Rather, your benefit will be calculated based on your average monthly wage over your 35 highest-paid years in the workforce, adjusted for inflation. The more you earn, the higher a benefit you'll receive.
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Source Fool.com