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.
Answered by: Jennifer L. Romberger, CPA, EA, is with Long Financial Group Inc. in Blue Bell, Pa.