Second, it’s even more absurd to assert that Social Security is good for young people. Those are the people who are getting a terrible deal from the program. And even if young people aren’t directly hit by the author’s proposed tax increases, they will indirectly suffer as the economy...
If you’re counting on Social Security to finance your retirement, you’re in for a big surprise – and not the good kind. Let me give you two reasons why. One: Social Security is going broke. And, two: Even if it weren’t going broke, it couldn’t possibly cover the cost of a...
Each year, about a million people are told they owe the Social Security Administration money because the agency miscalculated their benefits and paid them too much.
Given how much we pay in FICA tax each year, all of us have a right to eventually collect Social Security. If the government didn't charge us a Social Security tax each year, we could invest the money, use the money to save up for a down payment on a house, or spend it to live...
fringe benefit – icing on the cake, not the cake itself. There’s nothing wrong with getting Social Security checks. After all, you earned it by contributing to the system all those years. But there is nothing “secure” abou...
You may claim Social Security based on your own work record, if you've earned enough credits, or you may be eligible to claimspousal benefitsbased on your current or ex-spouse's work record if this amount is larger than what you're entitled to on your own. Dependent children and other ...
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Eligibility for Social Security is based on credits earned during an individual's working years. As of 2024, for every $1,730 you make, one credit is earned, up to a maximum of four per year. If you were born in 1929 or later, you need 40 credits or 10 years of full-time work t...
Understanding Social Security Getting Started How Social Security Is Organized Getting Benefits Benefits and Your Income How Much Will You Get? Your Maximum Retirement Benefit CURRENT ARTICLE Maximum Disability Benefits How Income Affects Benefits If You Have a Part-Time Job If You'r...
The Social Security system was created on Aug. 14, 1935, when President Franklin D. Roosevelt signed theSocial Security Actinto law. The first monthly benefits checks became payable on Jan. 1, 1940. Ida M. Fuller, a retired legal secretary in Vermont, was the first person to collect one....