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What Social Security May Look Like in 2035

Interesting article which looks at how Social Security may fare in the year 2035.

Highlights :

* The worker-to-beneficiary ratio will drop from 2018's 2.8 to 2.2-to-1.

* Workers will have to wait longer to receive "full" benefits

* Social Security's "trust fund" will be exhausted

* Substantial benefit cuts may be needed

* Payroll taxes will be critical to pay for benefits

* Social Security benefits will continue to decline due to inflation

Four Factors that Determine Your Social Security Retirement Benefit

Your Social Security retirement benefit largely depends on the following four factors :

* Your work history => Longer yields a higher benefit

* Your earnings history => Higher earnings yields higher benefit (at decreasing rate)

* Your birth year => Born earlier means higher relative benefit

* Your claiming age => Starting benefits later means higher benefit

Seven Social Security Myths

1. Social Security will cover my income needs

2. It's better to take Social Security benefits early

3. I'll receive full benefits at 65

4. Once I start benefits, I can’t work anymore

5. I won't pay taxes on Social Security

6. Once I start Social Security, I have to continue receiving it

7. My divorce will reduce my benefits

Common Mistakes About Social Security

A recent poll found about half of respondents made mistakes on the following :

1. Retirement benefits will not be reduced if I claim at age 65 => FALSE. Full retirement age is rising.

2. A spouse can receive Social Security even if they have no earnings history => TRUE

3. If my spouse dies, that will have no effect on my Social Security payment => FALSE

4. Social Security benefits depend only on my earnings history, not when I claim => FALSE

Four Common Social Security Claiming Mistakes

1. Not knowing your full retirement age (FRA). 'Full benefit' retirement age is rising beyond age 65 to age 67.

2. Not knowing you can file for benefits three months in advance of receiving income

3. Forgetting Social Security benefits can be subject to income tax.

4. Thinking early filers can later receive 'full benefits'. If filing early, your benefits are permanently reduced.

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What Social Security May Look Like in 2035

Interesting article which looks at how Social Security may fare in the year 2035.

Highlights :

* The worker-to-beneficiary ratio will drop from 2018's 2.8 to 2.2-to-1.

* Workers will have to wait longer to receive "full" benefits

* Social Security's "trust fund" will be exhausted

* Substantial benefit cuts may be needed

* Payroll taxes will be critical to pay for benefits

* Social Security benefits will continue to decline due to inflation

Four Factors that Determine Your Social Security Retirement Benefit

Your Social Security retirement benefit largely depends on the following four factors :

* Your work history => Longer yields a higher benefit

* Your earnings history => Higher earnings yields higher benefit (at decreasing rate)

* Your birth year => Born earlier means higher relative benefit

* Your claiming age => Starting benefits later means higher benefit


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Not affiliated with the US Social Security Administration