a person receives social security at age 63 and is earning $23,000/year at a part-time position, how much of their allotted $12,000 yearly social security payments would they receive? assume $12,000 is the amount after deducting the early withdraw penalty.

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01-12-2022
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a person receives social security at age 63 and is earning $23,000/year at a part-time position, how much of their allotted $12,000 yearly social security payments would they receive? assume $12,000 is the amount after deducting the early withdraw penalty.

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asmakn9995 asmakn9995 · Answer 1 · 2022-12-07T06:45:04-05:00

Social security is the security provided to individuals by society to guarantee income security. This is helpful in case of old age and unemployment as many benefits can be reaped like healthcare.

Suppose, the individual starts working at the age of 18
63 - 18 = 45 years of work

Social security: $12,000 per year
Total security: $12,000 * 45 = $5,40,000

Alloted social security: $5,40,000

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