In addition to delaying their initial Social Security claims, women have other options for boosting their Social Security income. I feel I earned the full Social Security benefits regardless of what else I did.
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To Julia Castellano-Hoyt, an AARP volunteer leader in San Antonio, Social Security survivor’s benefits have played a key role in her life, both as a child and now as a grandmother.
Did You Know: The 80th anniversary of the signing of the Social Security Act of 1935 by President Franklin D. Roosevelt is Friday, August 14. You can use the Social Security Administration’s online application process, which should take no more than 30 minutes as long as you’ve gathered all of the required information and documentation (more on that in a bit). He is the author of An IRA Owner’s Manual and A Social Security Owner’s Manual . That ratio today has dropped to three-to-one today and in 20 years it is expected to be two-to-one.
“Keep in mind, these are our most weak inhabitants”, Colvin stated. The demographic changes brought on by the Industrial Revolution, the movement of large numbers of farming families to the cities and the breakdown of the extended family structure which used to provide for elderly and disabled family members are primarily responsible for the need for these benefits.
While Americans aged 18 to 29 and those aged 30 to 49 are equally doubtful they will receive Social Security benefits when they retire, these two groups differ in their perceptions of the state of the system.
PRINCETON, N.J. – On the eve of the 80 anniversary of the Social Security system, 51% of nonretired Americans say they doubt the system will be able to pay them a benefit when they retire. We need progress, but at least that would not move us in the wrong direction.
Democrats say they too want to reduce fraud and to encourage disabled workers who can work to re-enter the workforce. Bernie Sanders, I-Vt., who’s operating for the Democratic nomination for president.
The poverty rate among those 65 and older has inched up in recent years. Giovanni Mastrobuoni, director of research students in the economics department at the University of Essex, studied the effect of receiving Social Security statements and found that they did increase knowledge of benefits. She offers this example: Dad is entitled to $2,000 per month.
So on the surface there appears to be a $100,000 advantage to waiting ten years.
Sen. Orrin Hatch, R-Utah, scoffs at the idea of expanding benefits. “They don’t ever seem to give any consideration to how deeply in debt our country is and how hard it’s going to be to get out of it”.
They are now valued at $2.8 trillion. After that point, Congress will have to cut benefits by about 25 percent. Increasing Social Security taxes, but mainly on the very rich and not on the upper middle class, would not raise enough money to preserve the program, he argued.
“I can’t believe that the government hasn’t step forward with the seniors to protect us”, Nix says.
WWLP- It’s a fund millions of Americans rely on during their retirement years. In the coming years, beyond the near-at-hand issue of disability benefits, there are long term ways to fix Social Security without playing politics.
Once the surplus is gone, the gap between scheduled benefits and projected tax revenues starts off big and quickly becomes huge. Within the first yr, the hole can be $571 billion, in accordance with company knowledge.
The financial outlook for the part of Social Security that provides disability payments is in even worse shape. “We see more people claiming Social Security early because they worry that it might go away”.
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It isn’t only for retirees like Foerster and others who have spent their work lives paying into the system. It is only applied now to the first $118,500 of an employee’s pay, a level that rises yearly with inflation. If a partner reaches full retirement age and suspends benefits, the other can claim spousal benefits equal to 50% of the filer’s benefits. It looked at area residents planning to work past the traditional retirement age of 65. While this would prevent the 19% cut next year, it could lead to even greater benefit cuts further in the future.
