AP’s Ohlemacher: Taxing All Earned Income to ‘Save’ Social Security Would Be

The Social Security statement people now receive is one example.

Retirement security revolves around three issues, according to Sass: how long you work, how much you save (and thereby move to a more sustainable standard of living), and how you deal with your home. In doing so, he promised the law would protect “the average citizen and his family against the loss of a job and against poverty-ridden old age”. One way to help make that happen is to delay Social Security to receive a higher benefit, which can take stress off your savings.

“It’s not just about changing a number on a card, it’s about changing systems, and that does take a while and costs some money”, Thompson says.

So the total number of people in the labor force and paying into Social Security is about the same as it was before the recession, not a dramatic decline. Paper Social Security statements are mailed to most workers who don’t have My Social Security accounts about once every five years.

Try any of our Foolish newsletter services free for 30 days. “There is nothing you can do with saving and investing that would move the needle like working longer”. We would love to hear from you, the people we serve every day. According to the national survey of adults, Social Security remains a core part of retirement security, and remains popular across generations and political ideologies.

Social Security is now financed by a 15.3 percent tax on wages, half paid by employers the other by the employee. Join us in commemorating this significant milestone! Can she qualify on my record? Actually, your “full retirement age”, that is, the age at which you can draw your full Social Security benefits, depends on the year you were born.

Note that if you don’t work at all in the years you aren’t in Social Security-covered employment, you get a higher benefit than if you do work. For more information, visit www.socialsecurity.gov/retire. “Two-thirds of Americans say Social Security is in a crisis or has major problems”.

Weller agreed that just increasing the limit on taxable earnings would not be enough to ensure Social Security’s longevity, but he argued that isn’t a reason not to do it.

You’ve always lived below your means and were a diligent saver, and now you’ve built a pretty sizable nest egg.

So, if that is the game – what is your decision?

One thing that is certain is that it will take much more painful steps to resuscitate Social Security if the nation waits until it is insolvent before acting. Americans want to live independently, but face challenges around saving for retirement that underscore the importance of Social Security for future generations of beneficiaries.

When should you apply?

uAnswer: Yes, you can!

Typical boomers, however, didn’t have as many children as their parents did. Of course, this assumes you have other sources of income that allow you to postpone SS benefits. Here’s how to get what you might well be entitled to.

uQuestion: What is the earliest age I can begin receiving Social Security retirement benefits?

uQuestion: I lost my Medicare card. Being a persistent optimist, I believe we’ll continue to see medical breakthroughs that will extend life so I like my chances using this strategy. The agency recommends you photocopy your Medicare card, and then cut out the last four digits of your Social. A relatively low portion of Baltimore residents felt they wouldn’t have enough saved to comfortably retire. They could steal your identity.

Fichtner proposes to reform the system to be more flexible, with the addition of temporary disability benefits and partial disability benefits. Should Social Security’s tax and benefit structure be changed to increase benefit levels for those who are barely getting by, and to make the system more economically progressive? A more complete list can be found on the SSA’s website here. Indeed, there is supposed to be a six figure advantage for many people to defer collecting Social Security benefits until age 70, over starting at first eligibility at age 62. The disability fund can only pay about 80 percent of the current benefits as soon as 2016, without big changes. Social Security will periodically review your case to determine whether you continue to be eligible.