Social Security

South Sanpete School District is a participating employer in the Social Security program. The District pays 6.2% of employee wages for Social Security and 1.45% of employee wages for Medicare. Employees also contribute the same percentage of wages, which are taken as deductions on paychecks.

From the Social Security website: "As you work and pay taxes, you earn Social Security credits. In 2019, you earn one credit for each $1,360 in earnings—up to a maximum of four credits per year. Most people need 40 credits (10 years of work) to qualify for benefits."

To receive maximum benefits, employees must wait until they reach full retirement age (shown below in the chart) for Social Security. "You can retire at any time between age 62 and full retirement age. However, if you start benefits early, your benefits are reduced a fraction of a percent for each month before your full retirement age."

From the Social Security website: "Social Security was never meant to be the only source of income for people when they retire. Social Security replaces about 40 percent of an average wage earner’s income after retiring, and most financial advisors say retirees will need 70 percent or more of pre-retirement earnings to live comfortably. To have a comfortable retirement, Americans need much more than just Social Security. They also need private pensions, savings and investments."

Employees who may be eligible for benefits through Social Security are responsible to inquire about and apply for these benefits on their own. The District does not apply for or administer any Social Security benefits. The links and webpages listed below include important information for employees interested in finding out more about Social Security.

Social Security Website
Social Security Online Services
Plan Your Retirement Website
Medicare Website
Social Security Disability Website