You pay taxes to support it throughout your career, and once you retire, you get a monthly check that is largely based on how much you paid into the program.
In practice, it's a bit more complicated. The number of years you worked, the size of your salary, and the age you are when you begin collecting all play a role in determining what the ultimate size of your Social Security benefit check will be. As a result of those rules, your benefit can vary wildly from your neighbor's, even if you both earned about the same in total over your lifetimes.
It also means that you can have an impact on your monthly benefit level, even if you're closer to the end of your career than the beginning of it. You will face a trade-off, of course. By making the choice to delay until age 70, you will be receiving benefits for that many fewer months. Indeed, you can start collecting your Social Security retirement benefits as early as age This means that there's a whopping eight years' worth of reduced benefit checks you'll be giving up to collect your largest possible monthly Social Security payment.
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This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. The phantom of a bloated public sector squeezing the life out of the British economy is raised, while ignoring the fact that state intervention prevented a far worse reckoning during the pandemic and has grown popular after a decade of austerity.
Public sector employment has risen by more than , since the start of the Covid pandemic, a fact leapt upon by the right wing as inherently negative.
Yet the health emergency requires a small army in response, while years of cuts mean thousands more teachers, nurses, police, and civil servants are demanded. But the shape of the state is very different to four decades ago when Margaret Thatcher came to power. Despite recent growth, the public sector remains smaller as a percentage of total employment than even two decades ago , at The old playbook has been next to exhausted.
There are clear reasons why it would do the Tories more good than harm to move on from these old debates. The party that emerged from the election is markedly different from the one before, spanning true blue shires and post-industrial towns.
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