Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [social-security]

For questions relating to the US Social Security system, e.g. payments, benefits, FICA taxes, etc.

252 questions
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3 answers

Can I buy Social Security credits?

I have 39 credits and no longer work in the US. (Gave up resident card after 10 years in the US). Retired in Norway. Is there any way I could buy the last credit point I need?
Stein Amundsen
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25
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6 answers

Scam? Phone call from "Department of Social Security" asking me to call back

I have gotten two phone calls this week from a 210 area code. A clearly automated voice claimed to be an officer with the Department for Social Security. I was informed there are legal proceedings being filed involving my social security number, and…
Hardison
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23
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1 answer

Social security letter urges to apply now

I'll turn 70 in about 4 months. I just got a letter from the SSA saying What You Should Do: You should contact us right away to apply for your retirement benefits. You need to complete an application ... You can apply at…
Sullivan
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21
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4 answers

How do I opt-out of the Social Security system?

How do I opt-out of the Social Security system and give up my Social Security Number? If I do this, am I then exempt from paying Social Security income tax?
Jesse
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19
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3 answers

what happens if you don't start collecting social security until you're 75?

My father recently turned 70 and distrusts banks somewhat. He doesn't feel he currently needs the extra income that social security would provide and that if he took the extra money now that that money could disappear in a hypothetical lawsuit. It's…
neubert
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19
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5 answers

Is it normal to have 28.5% of various income taxes deducted from my paycheck?

I just got out of college, still live with the parents (saving up money) been employed for a year in the industry, and got a not bad starting salary. First check I received was shocking, to see 28.5% cut off for Federal + MA State + SS Employee. And…
user10857
18
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2 answers

Should I delay taking social security

Hopefully this is a simple question but I know with Social Security it isn't so simple sometimes. If I delay taking Social Security until I'm 70, my benefit grows at 8% per year. But if I stop working, I'll need to withdraw from my retirement…
Paul Cezanne
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16
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1 answer

Is the Social Security retirement benefit calculation based on the last 40 quarters, or overall?

Are Social Security payouts based on the last 40 quarters, or overall earnings? That is: If the last 40 quarters of my working career are lower than these past 40 quarters worth, how does this affect Social Security payouts? (If it's around when I…
Stuart Siegler
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16
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4 answers

I guess I'm American (by birth). I'm Canadian... my investment company is asking an impossible question. I don't have an SSN, what to do? Lie?

When I was born (1976) they did not automatically assign SSNs to kids (according to my mother). I guess that's not the case now. I only lived there for a few years and I gather I am a US citizen by birth. I don't wish to renounce that fact, in…
bcsteeve
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16
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2 answers

How does the last few years of wages affect Social Security amount in the US?

I have heard that our Social Security payment is largely dependent on our wages for the last few years we work but I have also heard that if you earn more money, it is not going to make your Social Security payout amount go down -- it will only…
Stefanie Gauss
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14
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6 answers

Why Is Social Security Excluded From Retirement Savings Formulas?

I've spoken with several financial planners who recommend saving at least 15% of income for retirement (media example and this site has an example). They do not include social security, which takes 15% (half I pay, half my employer pays) up to an…
Ms Jackson
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14
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2 answers

Will the Windfall Elimination Provision reduce my Social Security?

I have recently changed careers after working for 20+ years outside of education, and now I'm being told I will never be able to access any of the SS dollars I have contributed because now my contributions go to the Teacher Retirement System of…
A. Chat
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14
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1 answer

What happens to my Social Security benefits if I work less than 10 years in the U.S?

I'm a U.S citizen and have been working in the United States for about 5 years now. I'm planning on moving to Switzerland soon for a regular job (not self-employed). If I understand this properly, in the U.S you need a minimum of 40 credits (10 work…
user19035
13
votes
1 answer

Why did my last paycheck of the year have a big decrease in Social Security taxes taken out?

My last check from my employer this year shows a 60% decrease in the amount taken out by social security (FICA-OASDI). Net result is a larger take home amount. Does anyone know why that would happen?
4thSpace
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13
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1 answer

Employer Side Social Security Overpayment

I had two W2s last year. I overpaid by about $2,000 because the second W2 didn't take into account the first W2. I am an employee with the first company and an employee + owner at the second company (via a S-Corp). I know I can get the overpayment…
Lloyd Banks
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