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Read about how you can boost your Social Security benefits at any age in Bob Jenning’s article.

Article from TaxSpeaker

When addressing social security issues with clients, particularly those under forty, I am often told, “There will never be anything there for me.” This statement has always bothered me because it illustrates a basic lack of understanding by the American consumer (and often their financial adviser) about the benefits provided by the Social Security System.

Let’s start with an overview. During 2023 if Average Joe earned $6,560 or more, he received the maximum four credits in the Social Security system for the year 2023. This cost him $501.84 if he was a W-2 employee (his employer matched his share) or $1,003.68 if he was self-employed. If Joe repeats this for nine more years during his life, he has earned complete, minimum coverage under the system. In other words, for a minimum of $5,020 (ten years at $502 per year) Average Joe has received total retirement and medical coverage under the Social Security system.

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Blog by Brian Biggs, CPA – Financial Advisor, Senior Tax Accountant

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