How does social security work?

[deezdad]

I'm 51, work history back to 1987 steady full time since 1995... just went on the ss website they said I got the 40 credits needed to qualify & I'll get x amount per month at 67 but does that assume I continue to contribute at present rate until I reach that age or is x amount locked in? Reason I ask I have state job offer for union electrician wich comes with a pension that pays a certain percentage for amount of years worked over 10. The way that works is rather than contribute to ss your contributing to the state pension fund, really not a benefit if my ss amount will be going down.. so do you max out at the 40 credit thing or no? Yes I'm trying to double dip lol

 

[Chuck Leeper]

The way that works is rather than contribute to ss your contributing to the state pension fund,

Look into you having a choice. Not sure you can opt out of SS deductions.

 

[Pronto]

My friend works for MA and he does not contribute to SS. He contributes to MA retirement. SS takes your 10 highest earning years and uses the average to calculate the amount. You will have in theory a lower average since you most likely will be making the most money in the next years and they won't be added to the earning years.

 

[chris romani]

Social security takes your highest 35 years of earnings.

 

[deezdad]

Right so the benefit would be the next 16 years of decent earnings would replace the 80's & 90's modest earnings for the average. I think the 40 credits just makes you eligible, it's getting more clear.. I don't think the amount ss would go up if I kept contributing would compare to what the state pension is..
All God willing of course, usually the way it works is I plan & God laughs

 

[chris romani]

That’s correct the higher earnings of today would replace earnings of less paying jobs you had when you where young.these where my numbers 2 years ago and here is them today it’s around $250 more for 2 more years worked.I figure on working 2.5 more years so at 67 should be right at 4k a month.