Here are some Social Security facts that you might be interested in:
- If you are under 55 and they made no changes to the law so you can expect to receive 77% of the benefits that you normally would be eligible for; if you are over 55 you should receive 100% of the benefits.
- To fix the program Congress needs to do one of two things, or some combination:
Increase income from payroll taxes by 17%
Reduce current benefits by 14%
- Social Security was never meant to provide 100% of the living expenses for retired individuals.
- 80 million baby boomers will be eligible for Social Security in the next 10 years.
- As a cost cutting measure the Social Security Administration has quit sending out the annual Social Security Statements that you normally received around you birthday. They are going to be providing the information on line, but they can't figure out how they are going to do that. Make sure you keep your last statement.
- Right now if you retire at age 62 versus age 65 you will get 75% of full benefits. The decision depends on your individual circumstances.
- The Social Security system is not a "the more you pay in the more you get." The lower 30% get much more than they pay in and more than the higher 70%.
