The number of myths about Social Security abound. Some of the myths seem logical and some do not. Here’s an article that puts seven of those myths to bed.
Archives For Social Security
Once a year the Social Security Trustees report to Congress on the status of the Social Security system. They reported that the Trust funds gained $3 Billion in 2018. The net effect of that gain is that the combined asset reserves of the Social Security system is now projected to become depleted one year later than was projected at the end of 2017. Additionally, the Trustees project that the system will be able to pay 80% of benefits once depletion occurs – which is a 5% improvement over the 2017 report.
This article examines the question many people ask about when to start Social Security income.
It is important to know that Social Security employees are not allowed to give you advice. By not knowing your maximized Social Security strategy prior to filing for benefits, you could lose literally hundreds of thousands of dollars. Here is an example of what has happened to many widows and widowers who did not file for benefits in a maximized sequential order.
The Social Security Administration has announced it’s third policy change since 2011 regarding the mailing of annual of individual Social Security reports. They have cut back on who receives the reports by mail, and the reason is to cut costs. I’m glad they’re cutting costs where they can. Here’s an article that explains the latest policy change.
It seems as though anyone who has thought about their income in retirement has asked whether Social Security will be around after they retire. I think there are three important points in regard to this question.
First, there are several options for fixing the system. This article http://www.bloomberg.com/graphics/2016-saving-social-security/ provides an excellent layout of the available options and is worth the read.
Second, as mentioned in the link above, this is not the first time that Social Security has faced a bleak future. To address the previous predicament, President Reagan and Congress raised the retirement age from 65 to 66 – and to 67 for even younger people at the time. They also raised taxes, and reduced cost-of-living adjustments.
Third, in previous Congressional discussions about whom changes to the program would affect, the age of 55 has been the threshold. So, if you are over the age of 55 at the time changes are finally made, you are likely to face fewer changes as we know the system now, than those who are less than age 55.