A Brief Look at Social Security
How did we get to this point and what is next?
Social Security was signed into law in 1935. Monthly benefits were first paid in 1940 with an average benefit of $22/month. Back then there were 160 workers supporting for every beneficiary while today there are 2.8 workers for every beneficiary. You’ve probably heard that Trust Fund reserves are projected to be exhausted by 2034 without Congressional action.
Will Social Security be there for me?
We hear this question often and our favorite response is, “If you are worried about your benefits being reduced you should save more money to your portfolio.” Believe it or not, Social Security reserves have been on the brink of exhaustion before, so some solutions you might see include:
- Increase Full Retirement Age
- Remove Social Security tax earnings cap
- $132,900 in 2019, $137,700 in 2020
- Increase eligibility age from 62
- Reduce cost-of-living adjustments (COLA)
- Means testing
Getting Started
Start by getting a copy of your benefit statement. Currently, the Social Security administration will only send paper statements to individuals who are 60 and older, aren’t receiving benefits, and don’t have a My Social Security online account.
You can go online to create an account at www.ssa.gov and see your estimated benefit and your earnings record.
Social Security
After reading through the information, you might still have questions. Call us.
What options are right for you?
We’ve heard many of our clients’ concerns about how to make the best choices for Medicare and when to file for Social Security. These decisions can be overwhelming, and government websites do little to help break down the information in an accessible and easy way. Knowledge and expert assistance can make a meaningful financial impact.
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