By Larry Heller via Iris.xyz
In order to be eligible for Social Security, you need to work for 10 years. Specifically, you need to receive 40 credits, and you earn 4 credits for every year that you work. When you get to the point where you’re going to collect Social Security, it will be based on the highest 35 years of earnings. Many people believe that this is calculated based on the last 35 years of their life because it is usually the latter part of life that you earn high amounts of money.
However, those earnings have a limit. Every year there is a deduction from your paycheck that has a cap, which is currently at $127,920. It is also likely that the percentage will go higher in the future.
Questions have been circulating on whether the Social Security System is going broke. While that is not likely going to happen, there could be changes with the earning limits. Politics have a hand in determining its future direction. Changes determined by politics can affect future benefits and it could happen in either this presidency or a future one.
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