Benefit Calculations
The term "retire" generally refers to the date when a person claims retirement benefits.
The average benefit for a person who retires at age 65 is about $1,150 per month. The figure is adjusted by the Social Security Administration and is changed according to the total amount of benefits paid and the number of people collecting them. In addition, some dependants of retired workers can get benefits. The dependants that can receive derivative benefits include:
· A spouse under age 62 who cares for the worker's young or disabled children
· A spouse age 62 or older
· A divorced spouse age 62 or older, if the marriage lasted at least ten years or longer and if at least two years have passed since the divorce
· Children up to age 18 or age 19 for fulltime students
· Disabled children
Sometimes people who in these categories and are refused may be victims of a Phoenix personal injury.
Many people speculate as to the future of Social Security. The administration itself states that in ten years, the system will have to pay out more than it taxes in and by 2040 all funds will be depleted. At that time there may not be enough working people to support the system. There are about 40 million retired people today and that number will most likely double by 2040.
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