What will your retirement look like?

Ever wonder what happens to some of the taxes you pay into Social Security? You may have heard rumors that the funding is running dry or that the accounts are virtually empty, but this may not be entirely true.

A Raleigh Social Security attorney provides you with valuable information to help you predict your Social Security payout after retirement.

First, it is always suggested to consider the average payouts. In June of this year, the average benefit was around $1,180.80 each month, with the maximum being $2,366 (you have to earn the highest taxable amount every year for four decades to obtain this).

Next, ensure that you are familiar with the formula used to determine the Social Security payout. The calculations are generally based on your 35 highest earning years of work and then are adjusted for inflation (cost of living, etc.).

Finally, look at different retirement dates. One of the biggest factors that plays into your Social Security is when you actually decide to retire. The only way to get the full amount is to wait until your full retirement age, which can be 66 or 67 years old, and it will be reduced should you choose to claim earlier.

On the bright side, the payments may actually increase the longer you wait to claim your benefits up to age 70.

To learn more about your potential retirement benefits through the Social Security program, please contact a Raleigh Social Security lawyer from the Whitley Law Firm today.

The firm provides exceptional legal representation for individuals who have been injured or entirely disabled and wish to pursue benefits through Social Security Disability.