What are the US social security benefits at retirement?
There is no minimum monthly Social Security retirement benefit, but for administrative reasons, the SSA will not pay a benefit of less than $1. The maximum retirement benefit depends on the age at which you choose to retire. In 2014, if you retire at age 66, the maximum amount you will receive is $2,642. You qualify for Social Security benefits by earning Social Security credits when you work in a job and pay Social Security taxes. The number of work credits you need to get retirement benefits depends on your date of birth. If you were born in 1929 or later, you need 40 credits (10 years of work). How much you get depends on how much you paid in and how old you are when you retire and that you have at least 40 credits. In 2014, you receive one credit for each $1,200 of earnings, up to the maximum of four credits per year. Each year the amount of earnings needed for credits goes up slightly as average earnings levels increase. The credits you earn remain on your Social Security record even if you change jobs or have no earnings for a while. For more information and to find copies of Social Security Administration publications, visit their website at The United States Social Security Administration or call toll-free, 1-800-772-1213 (for the deaf or hard of hearing, call our TTY number, 1-800-325-0778). They treat all calls confidentially. They can answer specific questions from 7 a.m. to 7 p.m., Monday through Friday. Generally, you’ll have a shorter wait time if you call during the week after Tuesday. They can provide information by automated phone service 24 hours a day. They also want to make sure you receive accurate and courteous service. That is why they have a second Social Security representative monitor some telephone calls.
Should the Social Security retirement age be raised?
No, they need to leave it alone, not everybody is living longer..people deserve to received it, they work long and hard to earn that respect..=)
Can I retire and get social security if I was born in 1960?
Silly question and easy to answer for yourself even if you have to google it or go to the social security website. Height of laziness. [sigh] Actually, most people know the answer without looking it up.No, You cannot get social security until 2022 and it would be early and reduced. Full social security would be in 2027.You can always retire early, but before age 62, social security will not be one of your income streams.
What should the retirement age for social security be raised to?
Your question with that “should” in it really produces several answers.First, let’s be clear: a person can start Social Security retirement at age 62 if they’ve stopped or greatly reduced their work. If you look at the congressional debates, there has been talk of raising that start year to age 65. But at present there is no proposal “on the table” to do that.In 1983, the Reagan administration worked with the congress under Speaker “Tip” O’Neil to reform Social Security which was in disastrous financial condition. Part of those reforms involved raising the Full Retirement Age (FRA) to save the program money.FRA is currently age 66 for people born between 1943 and 1954. FRA rises with the birth year. Here’s how that works:Those born in 1955: FRA rises to 66 and 2 months. A 2 month rise.Those born in 1956 FRA rises to 66 and 4 months. Another 2 month rise.And so forth until those born in 1960 or later, FRA rises to age 67.And there FRA stops rising. For example, if a person was born in 1963 or later, their FRA would still be age 67..There are two schools of thought on the matter of increasing the eligibility year (currently age 62) and FRA.One school says that people are living longer and thus will retire later. In 1940, when benefits were first paid, a 65 year old lived 13 more years. In 2002 they lived 18 more years. So people should get their Social Security later.This will also improve the program’s dire financial situation.The other school looks at workers who are in physically difficult occupations—construction, masonry—and minorities who may not have longevity, and says that raising start date and FRA produces lower benefits for these workers and is thus unfair. The start year and FRA should not rise.Right now the program will be able to pay 100% of what people expect to receive. However, in about 30 years, if there are no further reforms enacted, the amount of benefit will decline to about 70% of today’s. A person receiving $1,000/month will see their great grandchild receive $700 / month if their work record was the same.I sometimes hear young people say, “Oh, there won’t be any Social Security for me.” I tell them, “Look, if the United States is still in existence when you reach Social age and people are still paying FiCA taxes (the life blood of SS) you will receive Social Security……it just won’t be as much as you’d been led to believe.”If the needed reforms are not enacted. Push your Senator or congress person.
How does SSI turn into Social Security retirement at retirement age?
It doesn't. SSI never turns into social security because they are two different programs. SSI is not social security. SSI (Supplemental Security Income) is the federal welfare program for the poor who are blind, disabled or aged (65+). People entitled to SSI either didn't work and pay into the social security program long enough to receive a social security benefit or they did but they have a very low social security benefit amount. Someone on SSI could work and gain the credits needed to become entitled to a social security benefit but more than likely it would be a low benefit and they would then be entitled to SSI and social security. However the SSI is reduced by all but $20 of the social security benefit. For example if someone became entitled to a social security benefit of $100 the SSI benefit would be reduced by $80. Also, someone on SSI might get married to someone who worked and earned a social security benefit and they could become entitled to social security survivor benefits or to a spouse's benefit at age 62. If someone is getting SSI based upon a disability (which would be anyone younger than age 65) at age 65 they would be converted from disability to aged benefits. The benefit amount would not change. They would also become entitled to Medicare at age 65; the state would pay the Medicare premiums. It is cheaper for the states to pay the Medicare premiums then it is to continue the entitlement under the Medicaid program where they have to pay all medical expenses.
Social Security: do you favor or oppose raising retirement age to 70, investing 20% of SS fund in stock market?
Pelosi Sneaked Approval of Vote on Debt Commission Recommendations into Rule Regarding War Funding, Vote Happening Tonight................ FDL has learned that in a last minute move, Nancy Pelosi sneaked language into the rule that the House is voting on tonight regarding war funding. Embedded in the rule is the requirement that the House will vote on the deficit commission’s recommendations in the lame duck session if they pass the Senate. The commission, co-chaired by Erskine Bowles and Alan Simpson, is packed with members who favor the raising the retirement age to 70, means testing, and private accounts. Many also support investing 20% of the Social Security trust fund in the stock market. It’s ironic that yesterday Pelosi sent out press releases criticizing John Boehner for expressing the very same positions on cutting Social Security benefits that Jim Clyburn, Joe Biden and Steny Hoyer have. She’s putting this language into the rule in order to deflect responsibility from herself when it comes to the floor for a vote during a lame duck session, since without her approval that could never happen. http://firedoglake.com/2010/07/01/breaki...
Would you still get your social security benefits if you retire early?
Your Social Security benefit amount is derived from the average amount you earned during your highest-paid 35 years of employment, as well as by the age at which you begin drawing benefits.If you choose to work fewer than 35 years, some of the 35 years counted toward your Social Security payments will equal zero, which will reduce your payment amount.If you begin drawing Social Security before your full retirement age, your monthly payment amount will be reduced by a certain percentage depending on how much earlier you choose to receive payments. Conversely, if you choose to delay receiving Social Security payments until after you reach full retirement age, the amount of your monthly check will increase by an equal percentage.Full retirement age is dependent upon a person’s birth year. For anyone born in 1960 or after, the full retirement age is 67. People born before 1960 must work anywhere from age 65 to some incremental further amount of time, depending upon their birth year.You cannot begin receiving Social Security until age 62. If you retire earlier than that, you will have to have some other means of supporting yourself until you reach age at least age 62.
How much social security will be left when I retire in 2038?
A2A: Unfortunately, none of us have a crystal ball. Social Security has always been “pay as you go”, meaning money coming in is used to pay current benefits, with surplus invested in Treasury securities.No one has a “investment account “ with SSA. What you have is essentially a guaranteed annuity, the amount of which is based on what you have paid into it. Income not subject to FICA taxes, although income tax is due, will not count towards your benefit amount.Social Security was never intended to be the sole source of income for old age/retirement. You should be saving for yourself every paycheck- paying yourself. I state this because during my 38 years with SSA, I frequently had to sit down with an irate visitor and explain this to them. Many have the misconception that their full income is used, even if they earned more than the maximum subject to tax, or figured their taxes to show a Self Employment loss every year to save on Federal tax, but it also meant they paid no FICA taxes for years.Personally, I have faith in the system. It’s the one Federal program I believe in. If nothing is done by Congress, the program may run dangerously low on funds. The baby boomer wave is retiring in large numbers. Congress stuck their heads in the sand.However, I am sure they will take action. Seniors and people approaching retirement are active and they vote. They will take action of some sort to avoid political suicide. Whether it be raising retirement age since people are living longer, or raising the percentage of tax, among other possible options, they’ll do something.Privatization of SSA is not the answer. SSA is overall one of the most efficiently run programs. The operating costs for offices, employees, supplies, training and so on, as a fraction of benefits paid, is less than 1%. Not a good idea to stir the pot and start over on that.So, to answer your question, I can’t give you a dollar amount. No one reasonably can. I can tell you this: it will be there when you need it. Keep an eye on your elected Representatives and Senators and make sure they know you are concerned and that you vote.Thanks for asking me to comment.
How does social security work when retiring at 62? From what I understand, you can work and collect some money at the end of the year.
Yes, you can certainly continue to work while collecting your social security benefits! If you are collecting benefits while you are younger than your full retirement age (somewhere between 66 and 67 at this point) and earn more than $16,920, your benefit will be reduced for now (although it gets paid back later).An example:Let us say you are 63 in 2018 and collecting a social security payment of $1,000 per month ($12,000 per year). You are working at a job that pays you $27,000 over the course of the year. How much will your social security reduction be?Earnings limit (for no reduction) in 2018: $16,920.Your over-the-limit amount = $27,000 - $16,920 = $10,080Your Social security annual benefit will be reduced by half the over-the-limit amount = $10,080/2 = $5,040.If you collected that full $12,000 in social security benefits, you will have to pay back $5,040 - this leaves you with a net benefit = $12,000 - $5,040 = $6,960. (The $5,040 over-payment will be taken out of your next year’s benefits if you did not make provisions this year.)In this scenario, the $5,040 you lost will be returned to you as an increased benefit down the line. Also, if you earned more than $40,920 (rather than $27,000), then all $12,000 of the benefit would be taken back - in this situation, you would be better off not signing up for benefits.Some additional thoughts:If your $27,000 earnings were subject to social security taxes, you may see an increase in your monthly benefit next year. Social Security uses your 35 highest (inflation-adjusted) earning years to calculate your benefit, so continuing to work could give you a boost.You can start taking your benefit and then change your mind, as long as you do it within a year of starting your benefits. If you change your mind, you return whatever benefit you collected and go back to the I-am-not-signed-up-for-Social-Security state. Consider this scenario: you lost your job (or quit to take care of a family member or for health reasons or whatever) and started social security for much needed income, but then you started another job and no longer needed the income boost… you can unroll the decision.