Many are working longer to get more Social Security benefits

However, after age 70 there is no additional boost in payments if people wait to claim Social Security.

August. 14 marks the 80th anniversary of President Franklin D. Roosevelt signing the 1935 Social Security Act, which provided a safety net for senior citizens hit hard by the Great Depression. That attitude is most keenly felt among Gen Xers and Baby Boomers.

Throughout the years, the Social Security program was further strengthened to include survivors and disability benefits for workers and their families. Today, it’s fewer than three.

But the younger a worker is, the more likely he or she is to doubt getting benefits. A child born in 2005 is expected to live 77.9 years. People today are living well into their 80’s, 90’s and 100’s. One clue might be seeing a significant number of years that list the Social Security earnings as $0, but there’s higher number listed for the Medicare earnings.

Eighty percent of all age groups now rely or plan to rely on Social Security for retirement income.

Social Security needs to be maintained as a program that pays for itself, without risky privatization schemes.

While Social Security benefits are relatively modest, they provide the majority of almost two-thirds of elderly beneficiaries’ income.

66 percent say that it’s one of the most important government programs-something that’s remained fairly consistent over time, said AARP, citing survey results in 1995, 2005, 2010, and 2015. But changes in the nation’s demographics have led to projections that the system will be unable to pay retirees their full benefits starting in 2034.

There is an easy fix available, but Republicans in Congress are resisting.

In the short-term Congress should ensure adequate funding for the disability program with an infusion from the retirement reserves.

As we celebrate the history of Social Security, let’s recognize that we must do more than protect and defend this program.

“However, if lawmakers fail to act, workers with disabilities could face deep and abrupt cuts in their benefits in 2016”, the added. But despite decades of success, Social Security remains a target among Republicans.

The numbers are beyond comprehension.

It would give the next president and the new Congress time to explore long-term solutions for Social Security.

Dick noted that the average worker has about $12,000 in retirement savings, in an era when the defined benefit pension so common 20 or 30 years ago has all but vanished.

Nearly half of working-age households have nothing saved in a retirement account, according to the National Institute on Retirement Security.

The government recognizes this possibility and may adjust your client’s Social Security benefits to reflect this windfall. The U.S.is just one of only four countries in the world (Papua, New Guinea, and Swaziland are the others) without such a program.

They are now valued at $2.8 trillion. For 1 in 3, Social Security is all, or nearly all of his or her income.

To finance deficit spending, the Treasury borrowed from the public and from other federal programs, including Social Security. Some argue that eliminating the Social Security cap in combination with raises payroll taxes on all Americans would make Social Security solvent beyond our lifetimes.