Retirement Planning FAQs: How Much Can I Expect From Social Security?

When you are engaged in your retirement planning efforts, you probably recognize the fact that Social Security will be a big piece to the puzzle. You should certainly understand what you can expect from this program when you are looking ahead toward your senior years. Retirement Credits During your working career, you see an annoying deduction from your direct deposit in the form of the FICA tax. This deduction is not entirely negative, because you are paying into Social Security and Medicare when you pay it. Each year you accumulate retirement credits as you are paying this tax. In 2015, you get one credit for every $1220 that you earn. It is possible to earn a maximum of four credits in a calendar year. Once you have 40 retirement credits in the bank as it were, you will qualify for Social Security when you reach the age of eligibility. The eligibility age depends upon the year of your birth. Suffice to say that if you are not currently receiving Social Security, your age of eligibi
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