Which factors determine Social Security benefits?

• A. Earnings history and claiming age.
• B. Number of dependents only.
• C. Type of vehicle owned.
• D. The size of your mortgage.

Answer: (A)

Social Security benefits are determined mainly by two factors: how much you earned during your working years and the age at which you start taking benefits. Your earnings history is used to calculate a base monthly benefit, built from your highest-earning years and indexed for inflation. This base is then converted into your actual monthly payment, and the amount you receive changes depending on when you claim: claiming before your full retirement age lowers the monthly amount, while delaying past full retirement age increases it (up to age 70). The number of dependents or other personal financial details like vehicle type or mortgage size do not determine your own benefit amount.