Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? If you work for Dow Incorporated, here are nine things that might surprise you.
- The Social Security trust fund is huge. At $2.9 trillion at the end of 2018, it exceeds the gross domestic product (GDP) of every economy in the world except the ten largest: China, the European Union, the United States, India, Japan, Germany, Russia, Indonesia, Brazil, and The United Kingdom.
- Most workers including those at Dow Incorporated are eligible for Social Security benefits, but not all. For example, until 1984, federal government employees were part of the Civil Service Retirement System and were not covered by Social Security.
- As an employee of Dow Incorporatedk, you don’t have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.
- Benefits are based on an individual’s average earnings during a lifetime of work under the Social Security system. The calculation is based on the 35 highest years of earnings. If an individual has years of low earnings or no earnings, Social Security may count those years to bring the total years to 35.
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- 2022 High Net Worth Tax Planning
- Policy Roadmap
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- Learn About the Path to Retirement
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1. Social Security Administration, 2018; CIA World Factbook, 2018
2-5, 7-9. Social Security Administration, 2019
6. Employee Benefit Research Institute, 2018