Researchers tell us that most people would be better off waiting to claim Social Security benefits. Yet most people file early. More than half apply for Social Security before they reach full retirement age, which is currently 66 and rising to 67 for people born in 1960 and later. More than 30% apply as soon as they can — at age 62. Only about one in 25 applicants waits until age 70, when monthly benefits max out. Some people have little choice, of course. They may have no savings and no job. Others have better options than applying early, but don't realize it. That's due in part to the many, many myths surrounding Social Security — and people's tendency to think they know more about this program than they actually do. A 2013 survey by Financial Engines found that 77% of pre-retirees felt confident about their Social Security knowledge, but 95% could not correctly answer eight questions about how the program works. Here are the myths most likely to cost you money: 'IT … [Read more...] about Liz Weston: Don’t believe these Social Security myths
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May 10, 1:34 PM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury National By Sean Williams 05/10/19 AT 11:29 AM Make no mistake about it: There's nothing that comes easy about being the President of the United States. The president takes constant criticism from the press for even the minutest of details or commentary, is responsible for protecting the United States' economic interests and the welfare of its citizens, and is expected to spearhead fiscal policies that will lead to job growth and economic prosperity.But sometimes, the criticism a president faces is well-deserved.Fiscal policy alone can't fix deep-rooted issues with Social SecurityRight now, there's perhaps no task more daunting than resolving Social Security's $13.9 trillion cash shortfall between 2035 and 2093. Yet President Trump has distanced himself from the Social Security debate. What I can say with confidence is that if Trump doesn't wake up on Social … [Read more...] about Trump Needs To Wake Up On Social Security
Published May 05, 2019 Markets Motley Fool Facebook Twitter Comments Print It's that time again, folks. Last week, the Social Security Board of Trustees released its latest annual checkup on America's most important social program. Currently divvying out benefits to 63 million people a month, 70% of which are seniors, the Trustees found that Social Security is indeed in trouble, as has been advertised for decades. To some small extent, the latest report brought with it a modest reprieve. According to the Board of Trustees, Social Security is no longer expected to exhaust its asset reserves -- i.e., the aggregate amount of net cash surpluses since inception of the program -- by 2034, as called for in the 2015 through 2018 reports. Rather, the forecast now expects Social Security's almost $2.9 trillion in asset reserves to run out by 2035, at which point an across-the-board benefits cut of up to 20% may need to be passed along to then-current and future … [Read more...] about This Social Security Prediction Will Be Proved Wrong in 2019
provided by Published 9:00 am CDT, Monday, March 25, 2019 MoneyTips Social Security is generally considered a tax-free benefit, but that is not always the case. Depending on the amount of alternate income that you have in retirement and your filing status, you could owe taxes on up to 85% of your Social Security benefits. If you receive Social Security or Social Security Disability Insurance (SSDI) income, you will also receive a Form SSA-1099 from the government. This form tells you the total amount of your benefits but does not tell you if any of your benefits are taxable, or at what percentage. You can IRS Free File to e-file your return (if you make no more than $66,000), and the software will figure the taxable component of your benefits for you. However, you can get a reasonable estimate by combining half of your Social Security benefits with all other income (including tax-exempt interest) and comparing it to the base amounts that are excluded from tax. Anything … [Read more...] about Are My Social Security Benefits Taxable?
Mar 10, 12:24 PM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Sean Williams 03/10/19 AT 12:17 PM For nearly eight decades, Social Security has made guaranteed monthly payouts to eligible beneficiaries, many of which are retired workers. Today, it's a program responsible for lifting over a third of its recipients above the federal poverty level. In particular, it keeps over 15 million seniors out of poverty who might otherwise struggle to make ends meet without their monthly stipend.Then again, Social Security is also a program that's skating on thin ice, at least according to the 2018 report from the Board of Trustees.Social Security Is Facing An Imminent Cash CrunchSince its inception, the Social Security Board of Trustees has provided a comprehensive annual report detailing the short-term (10 year) and long-tem (75 year) outlook for the program. Despite a major bipartisan overhaul in 1983 under the Reagan … [Read more...] about Has Donald Trump Strengthened Social Security?