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What is the minimum contribution to social security?
You can contribute to an IRA if you are not yet 70 1/2 and have some source of W-2 / 1099 self employment income. Social security payments are NOT considered income that can b…e used to contribute to an IRA. (MORE)
The minimum age you can claim Social Securityretirement benefits is 62, provided you have accrued the required40 credits which is the equivalent of 10 years of work. However,b…ecause age 62 is not the Full Retirement Age (FRA) for collectingretirement benefits, the amount you will be collecting will beabout 25 to 30 percent less than what you would collect if you waituntil your FRA, which can range between ages 66 and 67, dependingon your year of birth. Another effect of collecting Social Securityretirement prior to your FRA is that if you earn more than aspecific amount from working ($15,480 in 2014), your benefits willbe reduced. Deciding when to begin collecting your Social Securityretirement benefits is a decision that requires careful planning sobe sure to talk to an experienced financial advisor who can helpyou to fully assess your situation. (MORE)
They do in the UK. Employers pay National Insurance contributions -in addition to the contributions deducted from employees pay.