Whether you are already receiving Social Security checks
monthly, or you are almost at the age where you will be collecting, here are
some things you might or might not know about Social Security:
Question: What was
the retirement age when Social Security started in the 1930’s?
Answer: It was 65
years of age and back then most people only received benefits for two years.
Question: What
percentage of retired married couples depend on those monthly checks for 50% of
their income?
Answer: 53% of
them would have a rough time if Social Security went belly up.
Question: Can
children receive Social Security?
Answer: Yes they
can if a parent or guardian is receiving it.
If a parent dies a child can receive social security benefits.
Question: Do Government Employees pay into Social
Security?
Answer: Yes they
do since 1983. That includes members of
Congress so you think they would want to do all they can do to make sure Social
Security stays afloat.
Question: Can you
receive more than one Social Security check?
Answer: No – but
if you are eligible in two categories you can use the one that gives you the
most money.
Question: Will Social Security recipients get a COLA
(Cost of Living Adjustment) annually?
Answer: No – and
that has proven itself since we did not get one for the last two years.
Question: Will you
get more money in your check is you hold off taking Social Security until you
are older than the minimum age requirement?
Answer: Yes! For every year you hold off applying you will
earn an average of 7% more. If you don’t
need the money, as they say in Vegas “let it ride”.
Question: Is
everyone who works at the local Social Security offices nasty?
Answer: No, they
are not. I have had experience at their
offices in several different counties in Tennessee and have had no bad
experiences.
Question: Can I
apply online?
Answer: Yes you
can, I did and it was a simple process.
Years ago as soon as someone turned 62 they rushed to
Social Security to begin the processing of those monthly checks. In today’s world more and more seniors find
themselves working as many years as possible, way beyond retirement age. In some cases it is because they have to in
order to make ends meet.
You have to do what is best for your financial
situation. If you are reaching the age
to start collecting but aren’t sure if you go for it or wait, get some
professional guidance. Perhaps talk with
a financial planner at your bank that can guide you along the right path.
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