When you retire, your benefits are calculated based in part on how much in taxes you have paid, with low-income earners getting more as a percent of what they’ve paid than high-income earners.
Families that have paid in similar amounts to Social Security can get much different benefits based on whether there is a spouse in the family and if that spouse worked over time.
That’s because of the spousal benefit. Spouses that have never worked and have reached at least age 62 are eligible for up to one-half of the working spouse’s benefit amount. If they have also worked, they get the higher of their own earned benefits and the spousal benefit.
The following numbers are for individuals who turned 65 in the year 2015. They also assume all scheduled benefits will be paid, even though the SSA projects the OASDI trust funds will go bankrupt in 2034, necessitating an across the board 21 percent cut.
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