How much of the Social Security tax that I pay will I get back when I'm over 65?

by Jennifer L. Romberger, CPA | Sep 07, 2017

If I pay income tax and a certain percentage of it is Social Security tax, will I get back the percentage of Social Security tax when I’m over 65? Or just parts of it?

How much of a Social Security benefit you get depends on actuarial tables, the history of your income over your lifetime, how long you live, and other factors. So, it depends. If you live and collect until you’re 100, maybe. If you die early, no -- although if you are married your spouse may get some of your benefit. 

Social Security is an area that requires a lot of time and studying to master. You can find more information on the Social Security website and also review your personal account to help with your planning.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Jennifer L. Romberger, CPA, EA, is with Long Financial Group Inc. in Blue Bell, Pa.
The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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