What happens to my Social Security benefits if I keep paying into the system for another decade – will they go up?

• Your Social Security benefits are calculated based connected your 35 highest-paid years of income.

• If you proceed working, it could effect successful larger benefits.

• You tin way your estimated benefits connected SSA.gov to cognize what to expect from the program.

• If you’re reasoning astir retiring oregon cognize idiosyncratic who is, determination are 3 speedy questions causing galore Americans to recognize they tin discontinue earlier than expected. instrumentality 5 minutes to larn much here

There are millions of older Americans contiguous collecting Social Security. And for galore people, those benefits marque it imaginable to screen the bills successful retirement.

It's important to recognize what goes into calculating your benefits truthful you tin cod arsenic overmuch wealth arsenic imaginable erstwhile you halt working. And this Reddit poster is seeking clarification connected however Social Security works.

They've precocious logged into SSA.gov for the archetypal clip and person noted that they person 20 years of contributions to the programme connected record. But they're wondering what different 10 years of enactment volition bash for their monthly benefits.

The reply is, it could bash a lot. And it pays for the poster – and everyone, truly – to recognize however Social Security works successful that regard.

Social Security calculates your status benefits based connected your 35 highest-paid years of earnings. During those years, you're paying into the strategy connected your wages, up to a definite point. Higher earners whitethorn not wage Social Security taxation connected each dollar they gain due to the fact that there's an income headdress enactment successful spot each year.

If you person a 20-year enactment past truthful far, it means your Social Security benefits person the imaginable to summation betwixt present and retirement. So let's accidental you determine to make a Social Security relationship and get an estimation of your monthly benefits. You mightiness see, for example, that you're eligible for $2,500 a period astatine afloat status property (FRA).

But if you're lone 45 and could conceivably enactment different 15 years, and astatine higher pay, until you're acceptable to assertion Social Security, past there's a bully accidental that betwixt present and then, your monthly benefits are going to increase.

Of course, it's not a fixed that you'll really enactment a afloat 35 years. If not, Social Security volition inactive usage that aforesaid look but origin successful zero net for years you're missing an income.

You should besides cognize that Social Security does scale earlier wages for inflation. A $50,000 wage you earned 20 years agone isn't the equivalent to earning $50,000 today, and Social Security accounts for that erstwhile determining what monthly benefits you’re capable to get.