Social Security Facts You Should Know

For many years Social Security has been there for people who became disabled or retired but, the program is having some difficult financial problems. If some changes are not made soon, then the younger workers will not get back what they put in to Social Security and they could struggle when they retire with paying their bills. In 2017, more Social Security will be paid than collected. By 2041 the Social Security Fund is expected to be exhausted. The main reason this is happening is because there are more seniors staying alive longer each year. The people retired are able to enjoy it up to 20 years or more, if their lucky and healthy enough. That is many years more than back in the 1980's.

Social Security Facts

If you were born before 1938, your full retirement age is 65. If you were born after 1960 you will have to work until the age of 67 to reach the full retirement age.

If you become disabled before your retirement age, you can receive benefits if you have enough credits from your working years. Also, if you have a physical or mental disability that prevents you from completing a full year of work.

When you die, your family is eligible to receive benefits if your spouse is 60 or older. Also if your spouse is caring for children of yours under the age of 16. If you are divorced, your ex-spouse could be eligible for benefits on your record if you die.

According to socialsecurity.gov, the program will still be around when you retire. You won't have to worry about not receiving your check that you've earned spending your entire life donating towards. The problem is that only partial checks will be able to be distributed. Only $780 for every $1,000 would be available and could cause problems for many people that can't pay their bills.

More than 50 million Americans will collect around $614 billion dollars this year in Social Security benefits.

9 out of 10 Americans 65 and over are collecting benefits currently.

Social Security represents half of the income of seniors in over 75% of them.

Social Security can help you get by and pay your bills in your retirement years and might be needed even before that happens. So, it is important to know and understand the program along with all of its facts. Every year you should receive a statement from the Social Security Administration explaining how the program is changing and where it could be going in the future. There are estimates on there of how much your benefit could pay you if you qualify. It is recommended that you save for retirement additional to what you have put in to the Social Security program so that you will be able to continue to live the lifestyle you and your family have become familiar with.

Source:

socialsecurity.gov