Myth No. 1: Social Security is, or will be, ‘bankrupt’: Social Security will not run out of money. The program is financed by payroll taxes, so as long as workers pay into the system, money will always come in. …It’s the Social Security Trust Funds’ reserves that are projected...
After Death, Soul-Searching at Social ServicesFredrick Kunkle
Social Security disability benefits are available to adults 18 or older who are unable to work due to a physical or mental disability that is expected to last at least 12 months or result in death. You may still be eligible even if you haven't earned 40 credits, depending upon your age ...
Between the mid-1980s and 2009, Social Security was intentionally taking in more money than it was paying out, but as of 2010 it began to take in less. However, due to the treasury bonds purchased during the surplus years, the size of the trust fund will actually continue to increase un...
benefits, so they get a larger monthly check. Retirement’s big financial risk isn’t dying young, with scant money collected from Social Security. Rather, the big risk is living so long that you deplete your savings—at which point a fat Social Security check could be your financial ...
About Nathan Paulus Nathan Paulus is the Head of Content Marketing at MoneyGeek, with nearly 10 years of experience researching and creating content related to personal finance and financial literacy. Paulus has a bachelor's degree in English from the University of St. Thomas, Houston. He enjoys...
Money is stressful during a divorce, and splitting up retirement funds can be painful. Fortunately for many ex-spouses, the divorced spouse benefit available via Social Security can provide a higher income stream than they would earn on their own. And this benefit cannot be contested by your fo...
All federal employees also contribute 1.45 percent of salary toward Medicare, which has no maximum; the Medicare deduction sometimes is presented as part of the “Social Security” salary deduction, even though the money goes to two separate programs. Qualifying for Federal Social Security Benefits ...
this is especially crucial to the 0.7% of beneficiaries who need to be on the lookout for a physical check each month, the remaining 99.3% still ought to know when their Social Security income is beingdirect depositedto ensure that they aren’t spending more money than they actually have.17...
The money goes into two Social Security trust funds: theOld-Age and Survivors Insurance (OASI) Trust Fundfor retirees and the Disability Insurance (DI) Trust Fund for disability beneficiaries. These two funds are used to pay benefits to people who are currently eligible for them. The money tha...