Monthly Archives: July 2021

How Are Your Social Security Benefits Calculated?

Social Security is one of the largest social programs in the country, and it safeguards a significant portion of the working population from poverty, if they can no longer work. However, Social Security is only a safety net meant to catch you if you slip, so it can be critical to know how benefits are calculated so you can properly manage your finances if you should ever need SSDI or SSI.  How Are Your Social Security Benefits Calculated?  The first step to calculating your Social Security benefits is knowing if you even qualify for benefits. For SSI, your income will determine if you get benefits. The Social Security Administration (SSA) will examine your income, subtract income that isn’t a part of your countable income, and then subtract your earned income from the SSI benefit rate. So, if you depend on SSI, it is important to budget not only your spending…
Read More »

Posted in Social Security | Tagged | Leave a comment