Many seniors think we paid for our Social Security benefits based on the FICA taxes we paid. Let’s dispel that myth- we didn’t (opens in new tab)

Your 35 years of earnings is what determines you social security benefit, not the taxes paid. Here is why. ✔️ Your benefits are paid for life and perhaps to a survivor. Your benefits don’t stop when you have received all you paid in FICA taxes – roughly after collecting benefits for 6 years. ✔️ The SSA averages your highest 35-years of earnings and then adjusts them to reflect the growth in wages using the AWI – average wage index. These adjusted wages are used to calculate your benefits. You...