After that your government provides you with a monthly check to help support your your retirement. Sorry to end this with such a buzz-kill, but it is recommended to start saving some of one’s working sales revenue.
If you are one of the millions of Americans that count on Social Security for retirement, this is a great article for you to read. Many people believe that Social Security will not be around after 10 or 15 more years, while others have much faith in the government that they will figure out a way to keep it going. Have you thought about this? What is your opinion on the current situation of the US government and the Social Security program? Do you think relying on Social Security is a solid plan for retirement? Is this your only plan for retirement?
Transfer the legacy startup shortfall to the general government budget. What does this mean? The original recipients of Social Security paid little or (virtually) nothing into the system, but began collecting benefits in 1940 (tax receipts began in 1937). This created in initial shortfall in the system. In other words, those original recipients did not pay their fair share.
So, what is the surplus for 2010? Here’s where the problems start. The bad economy and influx of baby boomers means there will be…no surplus in 2010. Payments coming into the program will about equal payments going out. This should also be the case in 2011 and 2012. Assuming the Mayans are wrong and we make it to 2013, things start to get ugly. Many people do not like near me loans. What you will find out is that they are not really searching for payday loan garnish social security but for something else. The program will start running big deficits. It will have roughly a couple of trillion dollars in it but that pool should be used up in five payday loan garnish social security to ten years.
Of all the financial issues surrounding being a senior, the one that tops the list in terms of anger is the fact that, depending on the situation, Social Security retirement benefits are taxable. My experience indicates that some seniors are completely unaware of this fact. I have also had to sit and listen to the ranting of those who are aware. It goes something like this: “I already paid tax on the earnings during my working years. The Social Security withdrawn from my income each pay check was a tax. This sounds like a tax on a tax.” And on and on…
Your spouse, ex-spouse and widow can choose to receive benefits based on your benefits. Your own benefit is never changed, though. Also each of these persons will get either the benefit based on you or his (or her) own working benefit – whichever is larger.
Get as much information as you can before you talk to a lawyer. First, go to her website. Is there helpful information on the website about the process you will go through to get Social Security disability benefits? Or is the website just about the lawyer and her law firm? You want a lawyer who will share helpful information and teach you about the Social Security disability process.
To begin receiving benefits, one has to be at least age 62 and not remarried. If the ex-spouse remarries, then benefits will be calculated and compared to the PIA of the new spouse. If that marriage ends by death or divorce, the ex-spouse may be eligible to PIA based on the prior marriage.
For personalized help, you should consult with a qualified financial professional who has been trained in handling the special area of divorce financial planning such as a CERTIFIED FINANCIAL PLANNER (TM) professional or Certified Divorce Financial Analyst.