Understanding Social Security
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Some of our readers are wondering about the age to collect social security benefit. For those of you who are near retirement age, here are some videos that may be helpful in better understanding and managing your social security.
Since 2010, Social Security’s cash flow has been negative, meaning that the agency does not collect enough money through taxes to cover what it is paying out. Even though there was still this vast trust fund behind Social Security, they started tapping that fund’s interest, in the video published on Nov. 17, 2020, “How Social Security Works“, below:
For Attention: For those over 50 approaching retirement age, please click HERE.
Are Social Security benefits taxable? Understanding the impact of Social Security Taxes in Retirement, in the video published on April 27, 2021, “How Social Security Benefits are Taxed“, below:
What if you have nothing saved for retirement? Top 12 recommendations, in the video published on July 8, 2021, “60 Years Old and Nothing Saved for Retirement – Top 12 Recommendations“, below:
It is surprising to find that 74% of Americans are collecting their social security early, at reduced benefit level while only 26% of Americans are collecting at full or increased social security benefit level. But it is also good to find out that there is a trend in decreasing percentage of Americans collecting early at reduced benefit level. More people are recognizing the benefit in not claiming at the earliest days possible but to claim at some later time. Many factors (one’s health, marital status, sources of income, etc.) are involved in determining the optimal age to collect social security. So, it is important to put some thoughts into this decision. In the video above, avoiding taxation on one’s social security benefit, on average, will add about 7 years to one’s retirement income portfolio.
Social Security payments are likely to get a sizable COLA increase in 2022, in the video published on June 1, 2021, “Big Social Security Increase In 2022“, below:
Social Security COLA 2022 Update: SSA SSI SSDI Retirement Cost of Living Adjustment Largest Increase in 40 years? Social Security Benefit. Social Security COLA 2021, in the video published on Aug. 16, 2021, “Social Security COLA 2022 Update: Largest Increase? Cost of Living Adjustment SSI SSDI Retirement“, below:
Health care costs in retirement are a major concern for those heading into retirement. Special guest Keith Armbrecht discusses five expensive things Medicare does not cover that you should be aware of, in the video published on June 29, 2021, “5 Expensive Things Medicare Will Not Cover“, below:
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker
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